Free Trial

CIPS To Expand Cross Border Payments

CHINA PRESS

China’s Cross-border Interbank Payment System (CIPS) will expand its “circle of friends” for engaging in cross border yuan payments, according to a statement from the organisation. For next steps, CIPS will improve its user-centred approach, and continue to enrich the functionality of products and services. CIPS said 42 overseas direct users have been added so far in 2023, bringing total users to 1,481 across 182 countries and regions. Yicai news outlet noted CIPS remained open during the Mid-Autumn Festival and National Day holidays for the first time this year, and in H1 domestic and foreign users made 24.5 trillion yuan of cross-border yuan receipts and payments, up 20% y/y.

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.