FTZ launches cross-border yuan payment

Launch of service marks milestone for development of zone's functions

The China (Shanghai) Free Trade Pilot Zone launched cross-border yuan payment services on Tuesday under the guidance of the People's Bank of China, marking a milestone in the expansion of the international use of the yuan, said analysts.

Five third-party payment service providers have received approval to handle renminbi-denominated cross-border payments in the zone, the central bank's Shanghai head office said.