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Yuan-based global payment system ready

A long-awaited China International Payment System that would facilitate international usage of the yuan is ready and may be launched as early as September or October, three sources with direct knowledge of the matter told Reuters. The system, which would be a worldwide payments superhighway for the yuan will replace a patchwork of networks and allow hassle-free renminbi transactions, greatly boosting the internationalization of the Chinese currency. "The CIPS is ready now and China has selected 20 banks to do the testing, among which 13 banks are Chinese banks and the rest are subsidiaries of foreign banks," said a senior banking source who is involved in the matter.