The IMF has endorsed the renminbi as a freely usable currency, recognising China’s increased importance in the global financial market. The renminbi’s journey to attaining this status was never straightforward.
Although Australian banks are introducing their own tech solutions, start-up digital players are making inroads with the help of a new government-backed incubator.
Banks have been experimenting with Ripple’s technology, which could make payments far more efficient, but a recent report questions whether it can handle larger volumes.
StanChart and Baoxin Group; HSBC and Saint-Gobain; and Citi and Roche have announced new cash programmes relating to pooling and netting in the Shanghai free trade zone following central bank clarifications.