Bank of China owns nine of the 18 authorised yuan clearing banks worldwide. Photo: AFP Bank of China owns nine of the 18 authorised yuan clearing banks worldwide. Photo: AFP
Bank of China owns nine of the 18 authorised yuan clearing banks worldwide. Photo: AFP

new | CIPS to break Chinese banks' global monopoly over yuan clearing

Launch of the China International Payment System will see roles of Chinese lenders and Hong Kong in global yuan trading diminish in clearing

Bank of China owns nine of the 18 authorised yuan clearing banks worldwide. Photo: AFP Bank of China owns nine of the 18 authorised yuan clearing banks worldwide. Photo: AFP
Bank of China owns nine of the 18 authorised yuan clearing banks worldwide. Photo: AFP
READ FULL ARTICLE