France: Bank of France, PBOC to implement CNY payment system

Thursday 3 July 2014 00:24 CET | News

The Bank of France and Peoples Bank of China (PBOC) have closed a memorandum of understanding in order to implement CNY payments system in Paris, reports.

The deal pushes the CNYcurrency a step forward in terms of cross-border transactions. The payment system will be based on a clearing bank designated by the PBOC.

In March 2014, Chinese authorities granted CNY 80 billion of quotas to French financial institutions that enable direct investment in the Chinese domestic financial market.

Hong Kong, London and Singapore also have quotas of Renminbi Qualified Foreign Institutional Investors, or RQFII.

Check out our Cross-border Ecommerce Research section here for more info on specific ecommerce facts & figures, preferred payment methods, risk and fraud, as well as ecommerce legislation & regulation in France, China and other countries.

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Keywords: Bank of France, PBOC, clearing, payment system, CNY, financial institution, quota, cross-border payments
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce