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CIPS is Formally Launched and Operated
Source: Fair News        Time:2015-11-11 [ BACK ]

CIPS is Formally Launched and Operated

    China International Payment System (CIPS) (Phase I) was successfully launched and operated on October 8th, 2015. CIPS provides capital clearing and settlement services for cross-border RMB transactions for financial institutions domestically and abroad, which is an important financial infrastructure. This is a milestone in the infrastructure construction of China financial market, signifying significant progress in the construction of the modern payment system combining RMB domestic payment and international payment. 

    As said by Vice President of the People’s Bank of China on the CIPS (phase I) launch ceremony, the construction and operation of CIPS would enhance efficiency of cross-border RMB settlement and increase global use of RMB, and would play a significant role in shoring up China’s real economy and promoting the “Going Out” strategy. 

    It is understood that this system includes two phases as planned. Phase I mainly adopts real-time gross settlement, providing capital clearing and settlement services for cross-border trades, investment, financing and other cross-border RMB business. Phase II will apply mixed liquidity-saving settlement to improve efficiency of capital clearing and settlement for cross-border RMB and offshore fund. 19 Chinese and foreign banks directly participate in the phase I. In addition, there are indirect participants including 38 domestic banks and 138 overseas banks from Asia, Europe, Oceania and Africa.