China Partners With Swift to Boost Global Use of Yuan & Cut Reliance on US Dollar

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The People’s Bank of China has agreed a partnership with the global interbank settlement organization SWIFT, as part of an effort to internationalize the yuan and develop a digital Chinese currency. The new entity, Finance Gateway Information Service, was registered in Beijing on January 16 with €10 million ($12 million) as incorporation capital, according to the National Enterprise Credit Information Publicity System, the Chinese government’s enterprise credit information agency.

Source: rt.com

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