SHANGHAI - China started Thursday its much anticipated International Payments System, or CIPS, to allow cross-border international trade operations from and to China in its own currency, the yuan.
According to the Chinese official news agency Xinhua, CIPS - which allows financial institutions to provide cross-border services clarification and payments in the Chinese currency- will spur greater international use of the yuan.
This has been excerpted from a news item by Latin American Herald Tribune and is available in its entirety at: http://www.laht.com/article.asp?ArticleId=2397833&CategoryId=12396