Online:
Visits:
Stories:
Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

China Plans to Launch Own International Payment System by 2016

Saturday, October 10, 2015 8:44
% of readers think this story is Fact. Add your two cents.

(Before It's News)

 Chinese investors monitor screens showing stock indexes at a trading house in ShanghaiCHINA PLANS TO LAUNCH OWN INTERNATIONAL PAYMENT SYSTEM BY 2016 © AFP 2015/ PHILIPPE LOPEZ  Up to 19 major banks were named as direct participants in CIPS, with 38 Chinese banks and up to 140 foreign financial institutions named as indirect participants. MOSCOW (Sputnik) – China launched the first phase of its China International Payment System (CIPS) in Shanghai on Thursday, allowing cross-border transactions in the Chinese national currency, the yuan.

CIPS’ first phase provides clearing and settlement services, according to the People’s Bank of China announcement.

Its launch is said to remove hurdles to the yuan’s internationalization by reducing transaction costs and processing times.

Up to 19 major banks were named as direct participants in CIPS, with 38 Chinese banks and up to 140 foreign financial institutions named as indirect participants.

The launch bolsters China’s efforts to join the International Monetary Fund’s (IMF) Special Drawing Rights (SDR) basket. 

An announcement on the State Council’s website cited SWIFT transaction services data as calling the yuan one of the world’s top five payment currencies last November.

http://sputniknews.com/business/20151008/1028228289.html

NESARA- Restore America – Galactic News



Source: http://nesaranews.blogspot.com/2015/10/china-plans-to-launch-own-international.html

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.