Date:25th,May,2018       Venue:Shanghai,China

Event News
China's central bank: RMB cross-border payment line to facilitate cross-border renminbi business on the first phase of the processing system
Source: | Author:201362231370694 | Publish time: 992 days ago | 573 Views | Share:
Thursday (October 8) Bank of China (PBOC) said that the RMB cross-border payment system (CIPS) the first phase of successful on-line operation. The first function of the system including the facilitation of cross-border renminbi business processes, support cross-border trade in goods and services trade settlement, cross-border direct investment and cross-border financing and cross-border personal remittances and other services.
According to the official website of China's central bank intraday press release said, CIPS system for domestic and foreign financial institutions to finance cross-border and offshore clearing and settlement services, the system is planned in two phases.
For its main features, China's central bank introduced first, CIPS (a) the use of real-time gross settlement handling customer money remittance services and financial institutions; and second, that each direct participant access, centralized clearing operations; third its use of internationally accepted ISO20022 message standards, to facilitate the participants straight through processing of cross-border business.
In addition, CIPS run time covering Europe, Asia, Africa, Oceania and other RMB business major time zones; and provide dedicated access way for domestic direct participant.
Previously well-known foreign media had quoted the sources said, China's central bank has issued RMB cross-border payment system (CIPS) business rules, which has 19 banks to obtain the first direct participant CIPS qualifications.
China's central bank confirmed the latest press releases, CIPS first directly involved agencies, including Industrial and Commercial Bank of China, Agricultural Bank of China and other 19 domestic and foreign banks; moreover synchronized on-line, including indirect participants in Asia, Europe, Oceania, Africa and other regions The 38 domestic banks and 138 foreign banks.
The central bank pointed out, CIPS (a) by the cross-border inter-bank clearing (Shanghai) Co., Ltd. is responsible for operations, future CIPS operators will also strengthen communication and cooperation with other international organizations and financial clearing infrastructure operators and select the appropriate the timing of the restructuring of the Company. Also after the CIPS (a) on the line, the existing cross-border RMB clearing pattern will continue to play a role based on market demand.
China's central bank also said that as an important financial infrastructure, CIPS compliance with "the principles of financial market infrastructures" and other international regulatory requirements, to promote the internationalization of the RMB will play an important supporting role.
Earlier Society for Worldwide Interbank Financial Telecommunication (SWIFT) pointed out that in August the renminbi beyond yen, becoming the fourth largest global payment currency. Over the past three years, the renminbi has been the currency of payment beyond the seven kinds of rankings, now second only to the dollar, the euro and sterling.