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China has established the first payment.......>

CHINA
CHINA: China has established the first payment versus payment (PVP) system for
yuan and Russian ruble transactions, China Money reported Wednesday. PVP, which
enables transactions of two currencies to be settled at the same time, reduces
risks of exchange-rate changes due to time differences and enhances the
efficiency of currency trading, the report said. It also noted that through the
yuan-ruble PVP, the transaction settlement period would drop from the previous
one working day to just a few seconds. More than 10 financial institutions are
already conducting PVP trading of the yuan and ruble, it added.

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