The Chinese news agency, Xinhua, reported on Sunday that the branch of Bank of China in New York will allow Chinese companies to receive payments in yuan and not U.S. dollars made from trades on U.S. e-commerce markets this year.
By allowing the payment in yuan using the new functions installed in their e-MPay, the branch executives claim that services will be beneficial for small to medium-sized businesses involved in the trade between China and the U.S. The New York branch is currently developing a technique using subsisting platforms to manage the finances of e-commerce players. The system they are developing will follow the anti-money laundering laws of the U.S. through cyber security applications and artificial intelligence.
The bank has had problems with money laundering in recent years, with fines being settled in their Milan branch after billions of euros were smuggled from Italy to China in 7 years.