Monday, July 28, 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

   
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