Foreign currency services for Chinese companies

In Mainland China a new foreign currency payment system was introduced by the People's Bank of China, the central bank.

According to Su Ning, the deputy governor of the People's Bank of China, the system supports in total 8 currencies including euro, the Japanese yen and the US dollar and its introduction is attributed to the rising demand of trans-bank foreign currency transfers between enterprises.

By the moment the companies that integrated the system include Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Shanghai Pudong Development Bank.

The officials state that the system is destined only for enterprises and is not open to individuals. There is a ban imposed on foreign currency use within the mainland. Thereby, the government approved foreign currency settlement for eight types of payment needs in the capacity of trade insurance payments.