Bank of China to enable payment in yuan on U.S. e-commerce platforms

Section:

By Tom Daly
Reuters
Sunday, January 13, 2019

BEIJING -- Bank of China's New York branch will enable Chinese firms to receive payment in yuan rather than dollars from their sales on U.S. e-commerce platforms this year, the official Xinhua news agency reported today.

Pledging to introduce more services for small and medium-sized enterprises engaged in cross-border trade between the United States and China, executives from the branch said payment in yuan would be possible by tapping new functions of e-MPay, a cross-border payment system launched by the branch in 2016.

... Dispatch continues below ...



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The branch is developing a system using an existing platform to "facilitate trade finance for e-commerce players," said Xu Chen, president and chief executive officer of Bank of China USA, Xinhua reported, without providing further details. ...

... For the remainder of the report:

https://www.reuters.com/article/us-china-banking-usa/bank-of-china-to-en...

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