FTZ starts cross-bor­der yuan pay­ment ser­vices

China Daily (Canada) - - NEWSCAPSULE -

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.

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