PBoC subsidiary sets up joint venture with Swift
New initiative could be involved in internationalising renminbi and developing digital currency
A People’s Bank of China subsidiary has set up a joint venture with the payments consortium Swift, a statement from China’s official credit registry said.
The company is jointly owned by Swift and China National Clearing Centre, a subsidiary of the People’s Bank of China (PBoC). Minority shareholders include China’s Cross-border Interbank Payment System (CIPS), Payment & Clearing Association of China, and the PBoC Digital Currency Research Institute. They are all supervised by the PBoC.
The
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