IATA to allow digital RMB in settlement system

China is an extremely important market for the International Air Transport Association, and the IATA will continue to strengthen its presence in the Chinese and North Asian markets, a senior official of the association said in Beijing this week.

The IATA represents some 300 airlines shouldering 83 percent of global air traffic. It just celebrated the 30th anniversary of the establishment of its China office in Beijing, where it is also the regional headquarters for the North Asia region, and the association highlighted its commitment to supporting the development of China's aviation industry.

The association said it would offer digital currencies in the settlement system that it operates for the aviation industry, and the first digital currency to be offered will be digital renminbi — expected to be available in China's billing and settlement system by the end of this year.