Internationalization of the renminbi Current Affairs, GK & News
The State Bank of India’s (SBI) Shanghai branch has become the first Indian bank to link up with China’s National Advance Payment System (CNAPS). After being a member of the CNAPS, SBI Shanghai can also offer real time transfer of local funds within China by routing them through the PBOC. It eliminates the need of ..
Topics: Clearing • Cross-Border Inter-Bank Payments System • Economy • Finance • Internationalization of the renminbi • Market data • Money • Payment system • Renminbi • Society for Worldwide Interbank Financial Telecommunication • State Bank of India
The Government of India (GoI) has recently signed $75 bn bilateral currency swap agreement with Japan to bring greater stability in foreign exchange and capital markets in the country. The currency swap pact would enable the two major Asian economies to swap their local currencies – either Indian rupee or the Japanese yen against the ..