First renminbi payment under new Shanghai pilot completed
Shanghai HA International Trading Company made the first ever cross-border payment under the People’s Bank of China’s test program for simplifying payments into China. The requirements to be part of the pilot are high.
On June 15, the first cross-border renminbi payment following the new guidelines set by the People’s Bank of China (PBOC) Shanghai’s Simplified renminbi Cross-Border Payment Pilot Scheme (SRCP) was completed. Shanghai HA International Trading Company Ltd, a subsidiary of Huettenes-Albertus a German manufacturer of foundry chemical products, made the renminbi-denominated import trade payment to its German parent company.
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