Chinese e-commerce sites in US can take yuan
Print Edition
Bank of China’s New York branch will enable Chinese firms to receive payment in yuan rather than dollars from their sales on US e-commerce platforms this year.
Pledging to introduce more services for small and medium-sized enterprises engaged in cross-border trade between the United States and China, the branch said payment in yuan would be possible by tapping new functions of e-MPay, a cross-border system it launched in 2016.
It 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 US.
The system will meet US anti-money laundering rules through artificial intelligence and cyber security. He gave no details. Bank of China has run into problems with overseas anti-money laundering laws in the past. In 2017, it agreed to pay a 600,000 euro (US$688,000) fine to settle a case involving its Milan branch.
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