Tuesday, September 2, 2014   

Five more to process yuan payments in Shanghai trade zone
(02-18 16:48)

Five third-party payment firms have been approved to handle yuan-denominated cross-border payments in Shanghai's free trade zone, the Shanghai branch of China's central bank said.
The Shanghai Head Office of the People's Bank of China said that Allinpay, 99Bill, China Pay, Dongfang Electronics and Shengpay are now allowed to process cross-border payment in the Chinese currency for cross-border trade in the China (Shanghai) Pilot Free Trade Zone.
The Shanghai trade zone was launched in September to spearhead the yuan's international use and financial liberalization.
Under the program, the five payment firms will each open a cross-border Renminbi account at the Shanghai branch of Industrial and Commercial Bank of China, Bank of China, China Construction Bank, China Merchants Bank and China Minsheng Bank to park provisions for cross-border yuan payment.
The move is the first of a slew of concrete measures expected to come out this week after the PBOC announced in December a 30-point guideline supporting financial liberalization in the Shanghai free trade zone.—Xinhua

   
Other Business breaking news:
Hang Seng dips at midday (09-02 12:11)
Nikkei soars by break (09-02 11:07)
Eurozone manufacturing slows in August (09-02 10:46)
Alipay, Huawei to promote mobile fingerprint payment (09-01 18:19)
Sony founder nephew to head PlayStation unit (09-01 17:27)
Microsoft demanded to explain over monopoly accusations (09-01 17:15)
German machine-tool orders stagnate in July (09-01 16:29)
Novartis Japan admits concealing drug side effects (09-01 16:28)
Heineken says selling Mexican packaging business (09-01 16:27)
European stocks mixed at open (09-01 16:16)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.