China es­tab­lishes yuan-rou­ble pay­ment sys­tem

Business Standard - - WORLD -

China has es­tab­lished a pay­ment ver­sus pay­ment (PVP) sys­tem for Chi­nese yuan and Rus­sian rou­ble trans­ac­tions in a move to re­duce risks and im­prove the ef­fi­ciency of its for­eign ex­change trans­ac­tions. The PVP sys­tem for yuan and rou­ble trans­ac­tions was launched on Mon­day af­ter re­ceiv­ing ap­proval from China’s cen­tral bank, ac­cord­ing to a state­ment by the coun­try’s for­eign ex­change trad­ing sys­tem. It marks the first time a PVP sys­tem has been es­tab­lished for trad­ing the yuan and for­eign cur­ren­cies, said the state­ment, which was posted on Wed­nes­day on the web­site of the China For­eign Ex­change Trade Sys­tem (CFETS).

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.