Cross-Border Interbank Payment System (CIPS)
Cross-Border Interbank Payment System (CIPS)
The Cross-Border Interbank Payment System is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi payments and trade. Backed by the People's Bank of China, China launched the CIPS in 2015 to internationalize RMB use.
The Company Statement
May 26, 2023
About 30 Russian banks have already connected to the national Chinese bank transfer system CIPS (Cross-Border Interbank Payment System), which allows you to make payments in yuan.
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