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MNI BRIEF: PBOC To Upgrade Yuan CIPS For Global Use - Pan

MNI (Singapore)
(MNI) Beijing

The People’s Bank of China will broaden coverage of its Cross-Border Interbank Payment System (CIPS) as it seeks to further facilitate cross-border trade and investment and to support Shanghai’s development as a centre for yuan financial asset allocation, PBOC governor Pan Gongsheng said on Wednesday.

The PBOC will assist Shanghai’s drive to become an international financial hub with greater financial openness, and help it deepen a pilot program for the digital yuan, and to develop the key high-tech and green sectors, Pan said in a meeting with city officials. (See MNI INTERVIEW2: China To Internationalise Yuan At Steady Pace)

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