Third-party RMB cross-border payment scheme kicks off in Shanghai FTZ
The People’s Bank of China (PBoC) Shanghai head office has kicked off a pilot scheme for cross-border renminbi payment from third-party payment institutions in the Shanghai Free Trade Zone. The pilot comes with detailed regulations on cross-border RMB payment business — the first specific rules for the financial industry since the FTZ was established late last year, writes Carrie Hong.
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