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CIPS To Expand Cross Border Payments


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 |
MNI Beijing Bureau |

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