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China launches international payment system:Dollar vs Yuan
http://news.xinhuanet.com/english/2015-10/08/c_134692103.htmSHANGHAI, Oct. 8 (Xinhua) -- The first phase of China International Payment System (CIPS) was officially launched Thursday in Shanghai, a milestone in the internationalization of the Chinese currency, the renminbi or yuan.
The system, which provides capital settlement and clearing services for cross-border yuan transactions for financial institutions domestically and abroad, will enhance efficiency and increase global use of the Chinese currency by cutting costs and processing times, said Fan Yifei, vice president of the People's Bank of China, the central bank.
Previously, cross-border yuan clearing had to be done either through one of the offshore yuan clearing banks in places like Hong Kong, Singapore and London, or else with the help of a corresponding bank on the Chinese mainland.
