China advances cross-border E-commerce payments
The PBOC Shanghai has authorised five third-party payment providers to execute renminbi cross-border payments for electronic commerce.
China approved on February 18 five e-commerce platforms and five commercial banks in Shanghai to facilitate renminbi cross-border trade payment for e-commerce. The move by the People’s Bank of China (PBOC) is intended to encourage cross-border trade and renminbi cross-border payments.
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