China and SWIFT launch a common business

They funded the Finance Gateway Information Service Limited with 10 million Euro. The Chinese government and the SWIFT already work together, implement the yuan into the global trading system. The new company likely will manage the bridge between the legacy monetary system and the digital yuan.

china swift

The Chinese monetary system is unique. The country has the yuan and the renminbi, which both are official currency, but different uses. With the starting of the digital yuan, the system will be three-sided, with three official currencies.