China launches long-awaited cross-border payments platform
PBoC announces launch of China International Payment System, marking big step towards renminbi internationalisation
China's central bank has launched the China International Payment System (Cips), a cross-border renminbi clearing and settlement platform, marking a major step towards renminbi internationalisation.
At least two banks – Standard Chartered and the Industrial and Commercial Bank of China's (ICBC) Singapore unit – have already carried out transactions on the system.
In a statement on its website, the People's Bank of China (PBoC) described Cips as an "important financial infrastructure" and
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