Cross-Border Interbank Payment System (CIPS) is seen as a possible alternative to the US-dominated global settlement system comprising of Swift and Clearing House Interbank Payments System. Photo: Reuters
Cross-Border Interbank Payment System (CIPS) is seen as a possible alternative to the US-dominated global settlement system comprising of Swift and Clearing House Interbank Payments System. Photo: Reuters

China’s home-grown cross-border yuan payments system aims to expand reach by end of 2021

  • China’s Cross-Border Interbank Payment System will increase the number of direct taking part banks using the system to nearly 80 by the end of this year
  • CIPS is also seen as a possible alternative to the US-dominated global settlement system comprising of Swift and Clearing House Interbank Payments System

Topic |   Banking & finance
Cross-Border Interbank Payment System (CIPS) is seen as a possible alternative to the US-dominated global settlement system comprising of Swift and Clearing House Interbank Payments System. Photo: Reuters
Cross-Border Interbank Payment System (CIPS) is seen as a possible alternative to the US-dominated global settlement system comprising of Swift and Clearing House Interbank Payments System. Photo: Reuters
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