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Cross-border Interbank Payment System (CIPS)

Cross-border Interbank Payment System (CIPS)
The latest news and top stories on Cross-border Interbank Payment System. A prominent Shanghai based financial market infrastructure, the Cross-border Interbank Payment System (CIPS) is dedicated to offering clearing and settlement services for cross-border yuan transactions. Authorised by the People’s Bank of China, its main areas of focus include facilitating international RMB payments, supporting trade investment and individual remittances. CIPS is recognised for its pivotal role in internationalising the yuan, reducing reliance on other currencies and payment systems, and supporting initiatives like the Belt and Road.
Industrial Bank in the Hengqin financial district in Zhuhai, southern Guangdong province. The bank has launched mBridge payment services for cross-border transactions with Macau and Hong Kong. Photo: K.Y. Cheng
Yuan

Fresh mBridge progress boosts cross-border digital yuan push

China’s Project mBridge, the multilateral central bank digital currency platform, is moving closer to broader commercial adoption.

Banking & finance

China’s CIPS to become settlement norm in Mongolia within 2 years: Golomt Bank

Banking & finance

Yuan: global ambitions

Gold in Hong Kong

Hong Kong inaugurates trial operation of gold clearing and settlement system

Chief Executive John Lee announces ‘milestone’ for city’s gold trading ecosystem at Hong Kong FIC & Bond Connect Summit.

Gold bars and coins at a precious metals dealership. Photo: DPA
Banking & finance

Shanghai needed as finance hub, as Hong Kong ‘not enough’: proposal

Mainland hub is needed to ‘fully meet the special needs’ of Chinese firms expanding abroad, institute leader says in closed-door meeting.

Yuan

As Beijing raises Shanghai’s offshore yuan profile, where will Hong Kong fit in?

Geopolitical tensions add fuel to long-standing debate about China’s need for multiple offshore yuan centres – a role that suits Shanghai well.

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Yuan

China accelerates digital yuan push as 26 banks join new cross-border platform

The platform will make it easier to make cross-border e-CNY payments, with banks operating in Brazil, Qatar and Thailand among others already signed up.

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People walk past a sign promoting the digital yuan, or e-CNY, at an expo in Beijing. Photo: Xinhua
Yuan

‘Increasingly influential’ use of China’s currency puts euro on notice

The US dollar is still dominant, but a slump in Europe may see China’s currency gain strength and reach the No 2 spot in global settlements.

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Yuan

Editorial | Why China’s yuan is gaining appeal

More countries find yuan financing attractive. Even without full convertibility, the Chinese currency offers something invaluable.

China economy

Opinion | For the US dollar, a subtler shift than a ‘petroyuan’ order is underfoot

Talk of a dollar collapse or ‘petroyuan’ order arriving amid the Iran war misses the mark. The larger shift is subtler and no less consequential.

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China’s President Xi Jinping shakes hands with Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, in Beijing on April 14. Photo: cnsphoto via Reuters
US-China trade war

Why the biggest threat to US dollar dominance may well be Washington itself

Economic sanctions, access to US-led banking systems are powerful tools, but overuse reduces their effectiveness over time, Congress told.

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China has been patiently chipping away at the US dollar’s global dominance, and Washington may even be doing it a favour. Photo: dpa
Yuan

Yuan’s ‘golden window’ is open, former PBOC governor says as US dollar ebbs

Zhou Xiaochuan, who laid the foundation for China’s currency to go global, says Beijing can capitalise on changes in the international monetary landscape.

Yuan

Conflict catalyst: China’s yuan settlements hit record amid Middle East tensions

Single-day transactions via China’s Cross-border Interbank Payment System surge past 1 trillion yuan as Beijing’s moves to expand the yuan-payment network show signs of paying off.

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Yuan

China’s yuan may be going global faster than Western data suggests, analysts say

Many yuan transactions are now routed through China’s own global payment system, which often does not show up in traditional data sets, analysts say.

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The Chinese yuan may be used more widely in cross-border payments than conventional data suggests, analysts say. Photo: AFP
Banking & finance

How China opened the door to creating a direct rival to US payment systems

Beijing has removed several key restrictions on its payment system, allowing it to expand beyond yuan settlements, economist says.

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China has been promoting its own cross-border payment system as it seeks to hedge against potential weaponisation of the US financial system. Photo: AFP
Banking & finance

China adviser sees bright future for yuan payment system in emerging economies

Former ICBC chairman Chen Siqing says alternatives needed due to risk of financial weaponisation in US dollar-centric world.

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US-China trade war

Why China’s academics turned to de-dollarisation amid trade war, global shocks

Global instability has also pushed a once-niche academic debate into Chinese policy circles.

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Yuan

China expands digital-yuan push to Singapore and Asean trade routes

PBOC pledges to integrate e-CNY into the New International Land-Sea Trade Corridor, boost adoption in Southeast Asia via China’s CIPS payment network.

A customer makes a payment using China’s digital currency, or e-CNY, at a store in Beijing. Photo: Getty Images
Brics

Opinion | Brics is slowly but surely chipping away at US dollar dominance

US dollar supremacy isn’t going away any time soon. But through scaling up of initiatives and good governance, Brics can usher in a multipolar monetary order.

Banking & finance

Opinion | Why Asia-Pacific is rewriting terms of trade from dollar to yuan

It is both a pragmatic response to deepening regional trade integration and, more profoundly, a strategic drive for fiscal independence.

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Yuan

China’s push to globalise yuan

China is trying to boost use of the yuan in international trade in order to pare the US dollar’s dominance of the global economy.

China’s push to globalise yuan
Australia

Editorial | Record Chinese yuan loan to Australian miner makes good sense

The sizeable foreign loan is a landmark in Beijing’s efforts to internationalise the yuan as an alternative to the US dollar.

A mine worker inspects conveyer belts transporting iron ore at the Fortescue Solomon iron ore mine, in the Sheila Valley, around 400km south of Port Hedland, in the Pilbara region of Western Australia. Photo: Reuters
Banking & finance

China’s push to promote its currency accelerates with landmark Fortescue loan

The 14.2 billion yuan (US$1.98 billion) deal is the largest ever offshore yuan syndicated loan to a non-Chinese company.

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