China Launches Yuan-Based International Payment System

MOSCOW (Sputnik) – China launched the first phase of its China International Payment System (CIPS) in Shanghai on Thursday, allowing cross-border transactions in the Chinese national currency, the yuan.

CIPS’ first phase provides clearing and settlement services, according to the People’s Bank of China announcement. Its launch is said to remove hurdles to the yuan’s internationalization by reducing transaction costs and processing times. Continue reading

China’s Yuan Joins Top Five Payment Currencies

China’s currency has been outrunning both the Canadian and Australian dollars since November, according to a SWIFT statement. Some experts say the yuan could eventually overtake the American dollar share in international markets.

MOSCOW, January 28 (Sputnik) — The Chinese yuan has become the world’s fifth most used payment currency, data from the SWIFT banking transaction network showed Wednesday. Continue reading