Central Banking

Gradual rollout for China's payment system


China's cross-border interbank payment system (Cips) may start working earlier than expected, further promoting the internationalisation of the renminbi by reducing the cost and timeframe for settling transactions.

Yi Gang, head of China's State Administration of Foreign Exchange, told Reuters the administration planned to launch the system this year, even though the People's Bank of China (PBoC) has neither confirmed nor announced a date for the launch.

Details are also scant on how the new inf

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: