CIPS, which has been undergoing testing among 20 banks, will feature clearer communication standards in both Chinese and English, and more importantly perhaps, it will adopt the new ISO 20022 ...
The Diplomat author Mercy Kuo regularly engages subject-matter experts, policy practitioners, and strategic thinkers across the globe for their diverse insights into U.S. Asia policy. This ...
The internationalization of the renminbi is one of the most significant developments in the global financial system in recent years. However, the renminbi’s role as a global payments currency is not ...
China's Cross-Border Interbank Payment System (CIPS) signed direct participant agreements with six foreign institutions in Shanghai on Wednesday, marking the first time that the system's overseas ...
BEIJING, July 30 (Reuters) - Chinese banks may have to rely on the country's homegrown payment system for cross-border transactions if the U.S. imposes sanctions on lenders who serve officials ...
The People's Bank of China (PBC), the central bank, will support qualified banks from different jurisdictions in participating in the Cross-Border Interbank Payment System (CIPS) for the Chinese yuan, ...
Developing nations are reconsidering their reliance on the USD for trade settlement and as a reserve asset due to sanctions and the perceived weaponization of SWIFT. The devaluation of currencies in ...
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