EBay Inc.’s PayPal business said it agreed with the municipal government in Chongqing, China, to set up an international e-commerce hub to help Chinese merchants conduct faster cross-border trade.

      PayPal and the Chongqing government will jointly set up a foreign exchange settlement solution and five centers for verification, investment promotion, national telesales, merchant training and regional business development, Dickson Seow, a Singapore-based spokesman for PayPal, said in an e-mail today. Financial terms weren’t disclosed.

Source from Bloomberg