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.