China encourages renminbi settlement in new models of foreign trade

BEIJING, June 20 (Xinhua) -- China's central bank has ramped up support for renminbi settlement in new forms and models of foreign trade to better serve the real economy and facilitate trade and investment.

In a recent circular, the People's Bank of China improved policies for cross-border renminbi business in e-commerce and other new models of foreign trade. The business scope of payment institutions will be expanded from goods and services trade to current accounts, and risk prevention and control will be strengthened with clear requirements for authenticity verification and anti-money laundering work, among other issues.