国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Markets

China's international payment system ready

(Agencies) Updated: 2015-03-10 09:55

China's international payment system ready

A clerk counts Chinese 100 yuan banknotes at a branch of China Construction Bank in Nantong, Jiangsu province December 2, 2014.[Photo/Agencies]

China's long-awaited international payment system to process cross-border yuan transactions is ready, and may be launched as early as September or October, three sources with direct knowledge of the matter told Reuters.

The launch of the China International Payment System (CIPS) will remove one of the biggest hurdles to internationalizing the yuan and should greatly increase global usage of the Chinese currency by cutting transaction costs and processing times.

It will also put the yuan on a more even footing with other major global currencies like the US dollar, as CIPS is expected to use the same messaging format as other international payment systems, making transactions smoother.

CIPS, which would be a worldwide payments superhighway for the yuan, will replace a patchwork of existing networks that make processing renminbi payments a more cumbersome process.

"The CIPS is ready now and China has selected 20 banks to do the testing, among which 13 banks are Chinese banks and the rest are subsidiaries of foreign banks," said a senior banking source who is involved in the matter.

The official launch will be in September or October, depending on the results of the testings and preparation, the source said.

A second source with direct knowledge of the matter said authorities want to launch the first phase of CIPS before December.

"If it's all smooth, (the launch) will be in September or October. If there is a need for a bit more time, we are still confident about (rolling it out) before the year-end," said the source, who declined to be named because he is not authorized to speak to the media.

The system was expected to be launched in 2014 but was delayed by technical problems, with most market participants anticipating it would not come on stream before 2016.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
祁东县| 永州市| 双桥区| 武清区| 潜山县| 安丘市| 建始县| 崇州市| 延川县| 温宿县| 青铜峡市| 秭归县| 五指山市| 麻江县| 芦山县| 安岳县| 嵩明县| 嘉禾县| 胶南市| 四平市| 肥乡县| 沙雅县| 隆子县| 渑池县| 漳平市| 通化市| 博湖县| 井研县| 明溪县| 正镶白旗| 屏东市| 八宿县| 咸丰县| 建瓯市| 阿坝| 旬邑县| 上林县| 阿拉善盟| 耿马| 新丰县| 昌平区|