Hot! Disappointing Start for China’s Payment System

Image Credit: M S (Flickr)

Shanghai. Image Credit: M S (Flickr)

China’s international payment system for Yuan went online last week, and has so far failed to meet early market expectations, reports South China Morning Post.

The “soft-launch” version of what has previously been dubbed the China International Payment System, the People’s Bank of China formally christened the system as the Cross-Border Inter-Bank Payment System (CIPS).

It will operate for 11 hours a day out of Shanghai, rather than the 24 hour global system that was hoped for.

Read more here.

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