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

Reuters  |  BEIJING 

(Reuters) - Bank of China's branch will enable Chinese firms to receive payment in yuan rather than dollars from their sales on U.S. platforms this year, the official agency reported on Sunday.

Pledging to introduce more services for small and medium-sized enterprises engaged in cross-border trade between the 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 for players," said Xu Chen, of Bank of USA, Xinhua reported, without providing further details.

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

Bank of has run into problems with overseas anti-money laundering regulations in the past. In February 2017, it agreed to pay a 600,000 euro ($688,000) fine to settle a case involving its branch. Prosecutors had alleged more than 4.5 billion euros was smuggled to from between 2006 and 2010.

A unit of Industrial and Commercial (ICBC) last year settled money laundering charges in the

($1 = 0.8721 euros)

(Reporting by Tom Daly; Editing by Christian Schmollinger)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, January 13 2019. 13:44 IST
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