LINE

Text:AAAPrint
Economy

China to launch 2nd phase of cross-border interbank payment system for RMB

1
2017-06-22 08:52Xinhua Editor: Gu Liping ECNS App Download

The second phase of the Cross-border Interbank Payment System (CIPS) will be launched in Shanghai to promote the global use of the Chinese currency and the Belt and Road Initiative.

The upcoming launch of CIPS Phase II in Shanghai will further boost the building of the international financial center there, China's central bank governor Zhou Xiaochuan said at the two-day Lujiazui Forum 2017 which ended Wednesday. Zhou did not provide further information.

The move came about two years after the announcement of the first phase of the CIPS, a payment and settlement system created by the People's Bank of China (PBOC) to provide safe, easy, and efficient settlement services for global financial institutions in doing RMB cross-border and offshore business.

In October 2015, the central bank announced the official launch of CIPS Phase I, which has greatly increased the efficiency of cross-border clearing and marked major progress in establishing a modern payment system that combines domestic and international RMB payment.

With the expansion of covered areas and the increase of business volume, CIPS has become more prominent as the main channel of cross-border RMB payment, said Zhang Xin with China International Payment Service Corp.

By the end of May, CIPS direct participants in terms of high value payment reached 28 and its indirect participants stood at 574, covering 85 countries and regions.

With the theme "Financial Reform and Steady Development from a Global Perspective," the Lujiazui Forum 2017 drew many heavyweight attendees from home and abroad, including central bank governors, financial regulators and economists.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.