“China's cross-border interbank payments system, established as a yuan-based alternative to the interbank Swift network, has launched with 11 domestic banks and eight foreign institutions onboard.
The CIPS platform will be used to support cross-border goods and services trade settlement, direct investment, as well as financing and individual fund transfers, with the aim of boosting yuan liquidity globally. CIPS uses global payment standards and enables same day clearing across Asia, Oceania, Europe and other time zones through extended operating hours.”
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