Search
 
News

Growth for China’s Fledgling Cross-Border Payments System

CIPS is becoming increasingly convenient for global businesses; some see it eventually competing with SWIFT.

By Bloomberg News | September 23, 2021 at 08:35 AM

China is quietly growing its homegrown payments system to allow cross-border transactions in yuan, as trade and investment with the rest of the world grows and Beijing makes a bigger push to globalize the local currency.

Cross-Border Interbank Payment System, run by CIPS Co. Ltd. and launched by the central bank in 2015 to settle international claims in yuan, will increase the number of direct participating banks using the system to nearly 80 by the end of this year, from the current 71, Xu Zaiyue, CEO of CIPS, said in an interview.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Recommended Stories

Optimizing Cash Requires a Remodel

Optimizing Cash Requires a Remodel

Eric Krell |

As interest rates rise, treasury teams should re-evaluate cash forecasting models to be sure they fully understand the risk associated with a pursuit of higher returns.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2023 ALM Global, LLC. All Rights Reserved.