The China International Payment System (CIPS) is due to kick off this year, bringing the yuan a step closer to becoming a global trading currency, as the new system will make payment transfers just as easy as in dollars and euro.
The launch is expected in September or October. Another person with direct knowledge of the matter said the goal is to start the first phase before December.
The system is ready and will undergo testing at 20 banks - 13 Chinese and the rest subsidiaries of foreign banks.