Disappointing Start for China’s Payment System
Shanghai. Image Credit: M S (Flickr)
China’s international payment system for Yuan went online last week, and has so far failed to meet early market expectations, reports South China Morning Post.
The “soft-launch” version of what has previously been dubbed the China International Payment System, the People’s Bank of China formally christened the system as the Cross-Border Inter-Bank Payment System (CIPS).
It will operate for 11 hours a day out of Shanghai, rather than the 24 hour global system that was hoped for.
Read more here.
