Bank of China's Hong Kong operation has launched an RMB interbank payroll service, among other additional services.
The move enables corporate customers to make salary payments in RMB by transferring funds to employee s accounts, no matter where they do their banking. The bank has also initiated its cross-border autopay bill service.
It will only cover merchants in the southern city of Shenzhen in the initial stage, but will eventually extend to other areas in Guangdong Province. Experts say the move will help extend the RMB's off-shore settlement.
(Source: CNTV.cn)
