The People’s Bank of China has finished drawing up regulations for the China International Payment System, which will be launched in early October and aims to facilitate the yuan’s internationalization, Reuters reported, citing unnamed banking industry sources. The system will allow international firms doing business with Chinese firms to settle payments more quickly, with 11 Chinese banks and eight Chinese branches of foreign banks among the first batch of banks to participate at launch, including HSBC, Citigroup and Standard Chartered. The system should help increase global use of China’s currency by cutting transaction costs and processing times.