The official Xinhua news agency reports that the Bank of China’s New York branch will enable Chinese firms to receive payment in Yuan rather than Dollars from their sales on U.S. 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, executives from the branch say payments in Yuan would be possible by tapping into new functions of e-MPay, a cross-border payment system launched by the branch in 2016, reports Reuters.
According to Xu Chen, President and CEO of Bank of China USA says a system using an existing platform will be developed to facilitate trade finance for e-commerce players. The system will adhere to U.S. anti-money laundering rules through artificial intelligence and cybersecurity technologies. In the past, Bank of China has run into problems with overseas anti-money laundering regulations. In February 2017, it agreed to pay a 600,000 euro ($688,000) fine to settle a case involving its Milan branch as prosecutors alleged more than 4.5 billion euros was smuggled to China from Italy between 2006 and 2010.