China daily: a city in China has launched a system for cross-border settlements in yuan
The Chinese city of Yiwu has launched its own global payment platform Yiwu Pay for mutual settlements with foreign partners in yuan, reports China daily.
The system developed by Zhejiang China Commodities City Group Co is designed to simplify cross-border payments for more than 900 thousand enterprises in the city. It will also facilitate the integration of about 2.1 million Chinese micro, small and medium enterprises into the global supply chain, linking them to the global market through digital payments.
With a leading risk control system, Yiwu Pay can monitor every link of the transaction process in real time, ensuring the security of funds for market operators and helping enterprises adapt to changes in the global industrial structure.
With Yiwu Pay, the client's money will be credited to the account quickly and can be cashed in yuan. The system supports various payment applications and methods, such as Apple Pay, Alipay and UnionPay.
In December 2021, Zhejiang Yite Network Technology Co received a cross-border payment in yuan from a Saudi Arabian customer via Yiwu Pay. This was the first cross-border transaction in yuan conducted using the system. It played an important role in the development of trade between China and Arab countries and stimulated the internationalization of the yuan.
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