China introduces International Payment System to bolster Yuan currency

China on its currency yuan used to increase the global platform is a big step. China awaited China International Payment System (CIPS) has launched the first phase. Global use of the yuan will rise and the other countries bordering with China in yuan instead of paying foreign center will be from China.

People's Bank of China Vice President Fan Waifei said CIPS domestic and foreign financial institutions for transactions in yuan settlement and clearing services will provide the capital. Global use of the Chinese currency and Ifishiansi grow. Previously, cross-border yuan clearing Hong Kong, Singapore and London as overseas yuan clearing banks in China was done through their Corspanding bank.

Fan said that China's real economy of CIPS and domestic businesses to increase trade in other countries have a key role in promoting the strategy. Swift Global Transaction Services Organization in November 2014, according to the Chinese yuan currency payment was included in the world's Top-5. In this case, the Canadian dollar and the Australian dollar overtook yuan. Over the years, its currency, China is taking steps to promote the use of yuan.

Oct 08, 2015


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