Back Cross-Border Inter-Bank Payments System German Sistema de Pago Interbancario y Transfronterizo Spanish China International Payments System French 人民元国際決済システム Japanese CIPS Dutch CIPS Russian Cross-Border Inter-Bank Payments System Ukrainian 人民幣跨境支付系統 Chinese
 | This article contains text that is written in a promotional tone. (May 2023) |
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| Company type | Cooperative |
|---|---|
| Industry | Telecommunications |
| Founded | 2015 |
| Headquarters | Shanghai, China |
| Products | Financial telecommunication |
| Website | cips.com.cn/en |
| Part of a series on financial services |
| Banking |
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The Cross-border Interbank Payment System (CIPS) 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 ($14.03 trillion), with about 1427 financial institutions in 109 countries and regions having connected to the system.[1][2]
As of March 2024, CIPS had 140 direct participants, mostly from mainland China. It counted 1371 additional indirect participants (563 from the mainland, 455 from the rest of Asia, 237 from Europe, 50 from Africa, 28 from North America, 20 from Oceania, and 18 from South America, located in 114 jurisdictions around the world). The actual business covers[clarification needed] more than 4,500 banking institutions in 182 countries and regions around the world.[3]
- ^ "Factbox: What is China's onshore yuan clearing and settlement system CIPS?". Reuters. 28 February 2022. Retrieved 3 March 2022.
- ^ "What is China's Swift equivalent and what are its origins?". South China Morning Post. 28 February 2022. Retrieved 3 March 2022.
- ^ "CIPS Participants Announcement No. 95". www.cips.com.cn. Retrieved 7 April 2024.
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