The 21 richest people in China

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The 21 richest people in China

Post  Sirop14 on Thu Mar 05, 2015 10:50 pm

The 21 richest people in China

China has more billionaires than almost any other country in the world.

In Forbes' 2015 ranking of the world's richest, 213 of the billionaires are from China. That number is second only to the United States, with 536 billionaires.



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Exclusive - China's international payments system ready, could launch by end-2015: sources

Post  Sirop14 on Mon Mar 09, 2015 11:36 am

Exclusive - China's international payments system ready, could launch by end-2015: sources

(Reuters) - China's long-awaited international payment system to process cross-border yuan transactions is ready, and may be launched as early as September or October, three sources with direct knowledge of the matter told Reuters.

The launch of the China International Payment System (CIPS) will remove one of the biggest hurdles to internationalising the yuan and should greatly increase global usage of the Chinese currency by cutting transaction costs and processing times.

It will also put the yuan on a more even footing with other major global currencies like the U.S. dollar, as CIPS is expected to use the same messaging format as other internationalpayment systems, making transactions smoother.

CIPS, which would be a worldwide payments superhighway for the yuan CHN= CNY=CFXS, will replace a patchwork of existing networks that make processing renminbi payments a more cumbersome process.

"The CIPS is ready now and China has selected 20 banks to do the testing, among which 13 banks are Chinese banks and the rest are subsidiaries of foreign banks," said a senior banking source who is involved in the matter.

The official launch will be in September or October, depending on the results of the testings and preparation, the source said.

A second source with direct knowledge of the matter said authorities want to launch the first phase of CIPS before December.

"If it's all smooth, (the launch) will be in September or October. If there is a need for a bit more time, we are still confident about (rolling it out) before the year-end," said the source, who declined to be named because he is not authorised to speak to the media.

The system was expected to be launched in 2014 but was delayed by technical problems, with most market participants anticipating it would not come on stream before 2016.

http://uk.reuters.com/article/2015/03/09/uk-china-yuan-payments-idUKKBN0M50BO20150309?feedType=RSS&feedName=GCA-GoogleNewsUK&google_editors_picks=true

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