China Plans to Launch Own International Payment System by 2016

China will continue to loosen restrictions on private capital access to the financial sector, Prime Minister Li Keqiang said.

DALIAN (Sputnik) — China plans to launch its own international payment system later this year, the country’s prime minister, Li Keqiang, said on Thursday.

“By the end of the year, we will complete the development of China’s International Payment System, CIPS”, Premier Li Keqiang said at the annual plenary session of the State Council, China’s cabinet.

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CIPS is expected to replace the use of the SWIFT (Society for Worldwide Interbank Financial Telecommunication) payment system in China, and will provide a network enabling financial institutions across the world to send and receive information about financial transactions to Chinese financial institutions.

Full article: China Plans to Launch Own International Payment System by 2016 (Sputnik News)