Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Chinese, Russian cenbanks to discuss use of national payment systems

2022 05 05T145837Z 2 LYNXNPEI440QY RTROPTP 4 CHINA PBOC MONEY LAUNDERING - Global Banking | Finance

(Reuters) – The Chinese and Russian central banks will discuss the use and promotion of their respective national payment systems in both countries, Beijing’s envoy to Moscow told the TASS news agency in an interview published on Thursday.

“Regarding the promotion and use of the Mir and China UnionPay national payment systems in both countries, this question will be decided by the two sides’ central banks at consultations,” Zhang Hanhui said.

Mir and UnionPay are among the few options left for Russians to make payments abroad since Russian banks were isolated from the global financial system in response to what Moscow calls its “special military operation” in Ukraine.

Visa Inc and MasterCard Inc are among the many Western companies to have suspended operations in Russia.

China has refused to condemn Russia’s actions in Ukraine and has criticized the unprecedented Western sanctions on Moscow. The two countries have bolstered ties in recent years, including announcing a “no limits” partnership in February.

The ambassador said China would make use of a clearing bank for operations in yuan on Russian territory to ensure the sustainable development of national trade, which Russia expects to reach $200 billion by 2024.

He also said that China and Russia were not advocating for the rejection of U.S. dollar and euro settlements in bilateral trade.

(Reporting by Reuters)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post