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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.
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
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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US-China trade war

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

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Yuan

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

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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People are seen at a booth promoting China’s Cross-Border Interbank Payment System during a financial exhibition in Beijing. Photo: Getty Images
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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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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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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China’s domestically developed Cross-border Interbank Payment System offers clearing and settlement services for cross-border yuan transactions. Illustration: Shutterstock
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.

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.

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.

A person walks past an installation of the rupee logo and Indian currency coins outside the Reserve Bank of India’s headquarters in Mumbai on April 9. Photo: Reuters
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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Against a backdrop of uncertainty, we are seeing a remarkable acceleration of direct currency settlements, particularly involving the yuan, bolstering the case for the globalisation of the Chinese currency. Photo: dpa
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.

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.

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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Piles of imported iron ore, bauxite and coal are stored at a port in China’s eastern Shandong province. Fortescue is a major supplier of iron ore to China. Photo: AFP
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