FTZ starts cross-border yuan payment services
Five third-party payment service providers received approval to handle renminbi-denominated cross-border payments in the Shanghai Free Trade Zone.
The free trade zone was launched in September to expand international use of the yuan and financial liberalization to support free trade.
Analysts said the launch of the service marks a milestone for development of the zone’s functions under the facilitation of financial services.
Each of the five payment service providers will open a crossborder renminbi account at one of the Shanghai branches of five commercial banks. They are Industrial and Commercial Bank of China Ltd, Bank of China Ltd, China Construction Bank Corp, China Merchants Bank Co Ltd and China Minsheng Banking Corp Ltd.