After more than one year of development, the Foreign Exchange E-payment Settlement System of the State Administration of Foreign Exchange in Shanghai has now been opened.

According to the People's Bank of China Shanghai headquarters, the new system, which realizes seamless and instant connection through SWIFT, helps achieve instant foreign exchange transfers between different banks in Shanghai. Therefore it speeds up the capital turnover between enterprises and banks.

Currently the State Administration of Foreign Exchange Shanghai Branch is running US dollar and HK dollar foreign exchange settlement services in Shanghai. It has had about 40 account settlement members with which it has already exchanged the SWFIT signature.

When the new system is put into use, these members can enjoy the automatic fund transfer service after they send a SWIFT payment direction in the specified format to the State Administration of Foreign Exchange Shanghai Branch.