June 20, 2017 / 1:37 AM / 7 months ago

Cross-border yuan settlement system to be based in Shanghai soon: PBOC

SHANGHAI (Reuters) - China’s long-planned international payment system for cross-border yuan settlement will “soon” be based in Shanghai, central bank governor Zhou Xiaochuan said on Tuesday without providing further details.

China has been keen to turn the yuan into a global currency, but its efforts have been slowed by capital controls in recent months. The China International Payments System, or CIPS, would replace a patchwork of networks and allow hassle-free yuan payments.

Reporting by Winni Zhou and Andrew Galbraith; Writing by John Ruwitch; Editing by Shri Navaratnam

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