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China’s home-grown cross-border yuan payments system aims to expand reach by end of 2021

Summary:
[unable to retrieve full-text content]China is quietly growing its home-grown payments system to allow cross-border transactions in yuan as trade and investment with the rest of the world grows and Beijing makes a bigger push to globalise the local currency.Cross-Border Interbank Payment System, run by CIPS and launched by the central bank in 2015 to settle international claims in yuan, will increase the number of direct taking part banks using the system to nearly 80 by the end of this year from the current 71, Xu Zaiyue, chief…

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[unable to retrieve full-text content]
China is quietly growing its home-grown payments system to allow cross-border transactions in yuan as trade and investment with the rest of the world grows and Beijing makes a bigger push to globalise the local currency.Cross-Border Interbank Payment System, run by CIPS and launched by the central bank in 2015 to settle international claims in yuan, will increase the number of direct taking part banks using the system to nearly 80 by the end of this year from the current 71, Xu Zaiyue, chief…

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