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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