( October 8, 2015, 07:15 GMT | Official Statement) -- MLex Summary: China’s Cross-Border Interbank Payment System, or CIPS, designed as an important financial infrastructure that facilitates yuan-denominated cross-border clearing and off-shore business for both domestic and overseas financial institutions, formally began operations today, the People’s Bank of China said in a statement. A total of 19 domestic and foreign-funded banks have been approved to directly participate in operations in the first phase of the CIPS. The new system promotes real-time gross settlement in trade in goods and services, cross-border direct investment, financing and remittance, the central bank said.The statement follows:...
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