The China International Payment System set to launch this year has become a scaled-back version of its former self that will only be used for cross-border yuan-denominated trade deals, rather than also including capital transactions, Reuters reported, citing two unnamed sources. The move could delay billions of dollars worth of transactions that would have gone through the system, which will now offer at most a network for settling yuan-based trade-related deals complimentary to a current patchwork of Chinese clearing banks dotted around the world. The official launch of the system is reportedly planned for September or October.
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