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New RMB system in the works

Updated: 2012-03-31 08:07
By Wang Xiaotian ( China Daily)

New RMB system in the works

Move to facilitate cross-border yuan clearance, improve trade settlement

China's central bank has decided to develop a new international payment system to facilitate cross-border renminbi clearance among market players, Financial News, a publication run by the People's Bank of China, reported on Friday.

The newspaper said the decision was made after technical feasibility studies with commercial lenders, citing an anonymous source in charge of the business.

New RMB system in the works

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