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China central bank says new SWIFT JV will set up localized data warehouse

BEIJING (Reuters) - China's central bank said on Tuesday that the newly established joint venture with the Belgium-based SWIFT financial messaging service will set up a localized data warehouse to monitor and analyse cross-border payment messaging.

Due to unstable connectivity reported by some small Chinese banks affecting cross-border transactions, the new entity Finance Gateway Information Services Co will build a localized network to ensure a more stable, resilient and secure connection to the main SWIFT network, the central bank added.

(Reporting by Cheng Leng, Stella Qiu and Ryan Woo; Editing by Andrew Heavens)