PBOC Says SWIFT Venture Aims to Iron Out Cross-Border Payment Issues

China’s central bank has said that its joint venture with SWIFT aims to improve the stability of domestic connections with the global cross-border financial messaging system, and ensure data security and compliance with domestic regulations.

The statement (link in Chinese), which the People’s Bank of China (PBOC) released Tuesday, helps put to rest some of the speculation that had arisen about the purpose of the venture, Finance Gateway Information Services Co. Ltd., since it was set up in January, particularly about its potential for promoting the use of the PBOC’s digital currency across borders. Tuesday’s statement made no mention of this.