Bank of China to enable payment in yuan on U.S. e-commerce platforms: Xinhua

BEIJING (Reuters) – Bank of China’s New York branch will enable Chinese firms to receive payment in yuan rather than dollars from their sales on U.S. e-commerce platforms this year, the official Xinhua news agency reported on Sunday.

Pledging to introduce more services for small and medium-sized enterprises engaged in cross-border trade between the United States and China, executives from the branch said payment in yuan would be possible by tapping new functions of e-MPay, a cross-border payment system launched by the branch in 2016.

The branch is developing a system using an existing platform to “facilitate trade finance for e-commerce players,” said Xu Chen, president and chief executive officer of Bank of China USA, Xinhua reported, without providing further details.

The system will adhere to U.S. anti-money laundering rules through artificial intelligence and cyber security technologies, Xu added.

A unit of fellow state-owned bank Industrial and Commercial Bank of China (ICBC) last year settled money laundering charges in the United States.

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