Cross-Border Interbank Payment System
Financial markets payment system
Cross-Border Interbank Payment System
The Cross-border Interbank Payment System (CIPS; Chinese: 跨境银行间支付清算有限责任公司) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. CIPS is backed by the People's Bank of China and was launched in 2015 as part of a policy effort to internationalize the use of China's currency. In 2022, CIPS processed around 96.7 trillion yuan (US$14.03 trillion), with about 1427 financial institutions in 109 countries and regions having connected to the system. In 2023, the CIPS processed 6.6133 million transactions, totaling RMB123.06 trillion (US$17.09 trillion), increasing by 50.29 percent and 27.27 percent y-o-y, respectively. On a daily basis, the system processed 25,900 transactions, totaling RMB482.602 billion (US$67.028 billion). In 2024, the CIPS processed 8.2169 million transactions, totaling RMB175.49 trillion (US$24.47 trillion), increasing by 24.25 percent and 42.60 percent y-o-y, respectively. On a daily...
Read on Wikipedia · Image Iain Hector, CC BY 3.0
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