On Friday, China launched its inter-bank foreign currency payment system to smooth foreign exchange transfers on the Chinese mainland. But the People's Bank of China said the new system is limited to forex transfers for enterprises, and it doesn't cover across-the-board forex transfers.
The multi-currency forex payment system covers eight currencies, including the euro, the Japanese yen, the HK dollar and the US dollar. It will shorten the forex transfer time and increase efficiency.
The central bank said so far, eleven Chinese banks have joined the system. These include the country's big-four state-owned banks, Shanghai Pudong Development Bank and Industrial Bank. It added that more players, including overseas banks, can also take part in the system based on their payment needs.
No comments:
Post a Comment