BIS head Carstens: China’s clearing and settlement service is no substitute for global Swift system

02:59

BIS head Carstens: China’s clearing and settlement service is no substitute for global Swift system

Chinese yuan playing ‘complementary’ role in interbank settlement, but CIPS won’t rival Swift, says global central bank boss

  • China’s clearing and settlement service is no substitute for the global payment system Swift, says Agustin Carstens of Bank of International Settlements
  • Digital central bank currencies will enhance efficiency but must be developed with care, while cryptocurrency is ‘not money’ and must be regulated, he says

BIS head Carstens: China’s clearing and settlement service is no substitute for global Swift system

02:59

BIS head Carstens: China’s clearing and settlement service is no substitute for global Swift system

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