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The operator of China’s interbank trading system has joined the R3 blockchain consortium.

The China Foreign Exchange Trade System (CFETS), founded in the early 1990s, functions directly under the auspices of the People’s Bank of China, the country’s central bank. As such, it functions as the platform for interbank trading between Chinese banks and those based abroad.

As part of the consortium, CFETS officials will work with other financial institutions worldwide on blockchain development initiatives.

Zaiyue Xu, executive vice president of CFETS, said in a statement:

“CFETS is committed to establishing technical standards and improving the ecosystem of China interbank market, and we have noticed that blockchain is an emerging technology with great promise to reshape the market.”

CFETS is the latest Chinese financial institution to join the R3 consortium this year. In May, Ping An Insurance Group became a member, followed by China Merchants Bank in September.

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