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Agricultural Development Bank of China
Economy

RMB cross-border payment maintains 10 pct m-o-m growth

December 14, 2016


Abstract : Transactions via the RMB cross-border payment system have seen steady growth since the system was launched over a year ago and maintained a month-on-month growth of roughly 10 percent in the second half of this year, said Zhang Xin, general manager of Chi

SHANGHAI, Dec. 14 (Xinhua) -- Transactions via the RMB cross-border payment system have seen steady growth since the system was launched over a year ago and maintained a month-on-month growth of roughly 10 percent in the second half of this year, said Zhang Xin, general manager of China International Payment Service Corp., an operator of Cross-Border Interbank Payment System (CIPS) approved by the People's Bank of China (PBOC). 

The PBOC is preparing for the construction of the phase II project of CIPS featuring further improvement in all functions, said Zhang Xin at a media interview with financial market leaders held in Shanghai on Dec. 12.

CIPS is a payment and settlement system built by the PBOC to provide safe, easy and efficient settlement services for global financial institutions in doing RMB cross-border and offshore business.

Currently, CIPS has 28 direct participating banks and 480 indirect participating institutions with its service extending to 78 countries and regions worldwide.

CIPS has actively promoted the implementation of RMB internationalization strategy and the inclusion of RMB in Special Drawing Rights of International Monetary Fund (IMF), and also provided vital support for enhanced and safe mobilization, usage and payment of RMB in cross-border trade.

Moreover, the CIPS has played an important role in facilitating the implementation of China’s Belt and Road Initiative, said Zhang Xin. More than 200 financial institutions in 35 countries and regions along the Belt and Road have participated in CIPS, with their cross-border RMB transactions maintaining an average monthly growth of 28 percent.  (Edited by Li Xiaohui, lixh@xinhua.org)

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Keyword: payment cross-border rmb cips

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