Iran-China to create new banking mechanism
Tehran: Iranian and Chinese experts have so far held various meetings to discuss developing the new system, reliable sources told the Islamic Republic News Agency (IRNA) in Beijing.
The new system is supposed to start work on November 1 or with some delay.
Meanwhile, Iran- China Chambers of Commerce and Industries in a meeting called for defining a new system in a way that problems of Bank of Kunlun will be solved.
Bank of Kunlun is affiliated with China National Petroleum Corp with limited exposure to the global financial system.