SWIFT Opens China Unit to Promote Cross-Border Yuan Settlement
Liao Shumin
/SOURCE : yicai
SWIFT Opens China Unit to Promote Cross-Border Yuan Settlement

(Yicai Global) Aug. 7 -- SWIFT, a leading global interbank messaging service provider, has set up a wholly owned unit in Beijing to further the internationalization of China's currency and support links between financial institutions.

Huanqiu Rongxun Network Technology China was registered in Beijing's Xicheng district in June, according to the Beijing Municipal Bureau of Financial Work's website. The move will allow the Society for Worldwide Interbank Financial Telecommunication to invoice in yuan as well as the US dollar and Euro.

The subsidiary will provide products and services that enable business contracts to comply with Chinese laws and be calculated and paid for in yuan, said Alain Raes, SWIFT's chief executive for Europe, the Middle East, Africa and the Asia-Pacific region.

SWIFT is a neutral organization for interbank financial cooperation and has a global financial network covering over 220 countries. As of the end of last year, the Brussels-based society had nearly 600 corporate users in China in the financial infrastructure, banking, securities and assets management sectors.

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Keywords: SWIFT China