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Bank of Tokyo-Mitsubishi unit connects to yuan payment network

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Bank of Tokyo-Mitsubishi unit connects to yuan payment network

Bank ofTokyo-Mitsubishi UFJ Ltd. unit Bank of Tokyo-Mitsubishi UFJ (China) Ltd. commencedservices with China's international yuan payment system.

The Japanese megabank said July 11 that Bank ofTokyo-Mitsubishi UFJ (China) connected to the Cross-Border Interbank Payment System,a settlement system launched by the People's Bank of China to enhance theglobalization of the yuan.

The system aims to make it easier to secure directsettlements with China and will operate in longer hours than traditionalsettlement systems to cover European and African time zones.

Through the system, the megabank's Chinese unit will offersettlement services related to trade remittances and capital transactions, aswell as cross-border bond and securities transactions.

Bank of Tokyo-Mitsubishi is a unit of