China's International Payment System (CIPS) to Accelerate Yuan as Global Currency

Finance and Trade
10/03/2015 15:39

China will be launching the China International Payment System (CIPS) as early as September or October this year. The CIPS system would allow hassle-free transactions, enabling foreign companies to conduct financial transactions with Chinese companies directly. CIPS could have a positive impact on China's international transactions and will place the yuan on an equal position with other world currencies in terms of risk reduction, operating hours and maximizing liquidity.