Biz China starts interbank clearing house in Shanghai, PBOC Says 2009-Nov-28 15:38:31
The People's Bank of China, the central bank, set up an interbank market clearing house in Shanghai today to help improve financial innovations in currency and bond trading.
The clearing house will help "improve the efficiency of clearing, reduce costs and provide technical support for innovations of financial products," said Governor Zhou Xiaochuan, according to a statement on the website of the central bank today.
The clearing system will also "help prevent systematic financial risks and maintain stability of the financial system," Zhou said.