November 7, 2019 / 2:04 AM / 12 days ago

Blockchain solves trade authentication, financing issues: Shanghai regulators

FILE PHOTO: A Chinese national flag flies at the headquarters of the People's Bank of China, the country's central bank, in Beijing, China, January 19, 2016. REUTERS/Kim Kyung-Hoon

SHANGHAI (Reuters) - The use of blockchain technology solves the issue of information asymmetry in trade finance and the core problem of providing proof of trade authenticity, the Shanghai headquarters of the People’s Bank of China (PBOC) and the city’s commerce commission said in a statement on Thursday.

Blockchain technology effectively reduces financing risks for financial institutions, and lowers financing costs for importers and exporters, the statement said.

(This story refiles to clarify sourcing was from joint statement)

Reporting by Winni Zhou and Andrew Galbraith; Editing by Muralikumar Anantharaman

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