China’s cross-border clearing system expands to 189 countries
PBoC deputy governor Lu Lei says Cips processed $12.7 trillion of payments in H1
China’s Cross-Border Interbank Payment System (Cips) is now connected to 189 countries and territories, a deputy governor of the country’s central bank has said.
Speaking at a payments forum on September 16, Lu Lei said the wholesale clearing system for cross-border renminbi payments had processed more than 4 million transactions in the first half of this year. A State Council release published on September 17 quoted Lu as saying that these transactions were worth around 90.2 trillion yuan ($12.7
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