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China launches international payment system

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Oct 08, 2015 (LBO) – China's central bank on Thursday launched the first phase of the China International Payment System in a bid to open their currency to the rest of the world.
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With the new system businesses will facilitate cross boarder yuan transactions while increasing the efficiency and its global usage, China Central Bank said.
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New system enables participants outside China to clear yuan transactions with their Chinese counterparts directly. Earlier, cross-border yuan clearing had to be done through one of the offshore yuan clearing banks or through the corresponding bank in China.


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