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China urged to tap RCEP trade deal for future digital payments system as US sanctions loom

Summary:
[unable to retrieve full-text content]China should consider using digital technology to develop an alternative to the SWIFT financial payments system as a way of insulating itself from being cut off from the US-dominated financial messaging service, according to Liu Xiaochun, deputy dean of the Shanghai New Finance Research Institute.The SWIFT system – the world’s largest electronic payment messaging system – and the US-based Clearing House Interbank Payments System (CHIPS) have afforded Washington broad powers to impose economic…

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[unable to retrieve full-text content]
China should consider using digital technology to develop an alternative to the SWIFT financial payments system as a way of insulating itself from being cut off from the US-dominated financial messaging service, according to Liu Xiaochun, deputy dean of the Shanghai New Finance Research Institute.The SWIFT system – the world’s largest electronic payment messaging system – and the US-based Clearing House Interbank Payments System (CHIPS) have afforded Washington broad powers to impose economic…

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