Gradual rollout for China's payment system
The country’s cross-border interbank payment system (Cips) will further contribute to the internationalisation of the renminbi
China's cross-border interbank payment system (Cips) may start working earlier than expected, further promoting the internationalisation of the renminbi by reducing the cost and timeframe for settling transactions.
Yi Gang, head of China's State Administration of Foreign Exchange, told Reuters the administration planned to launch the system this year, even though the People's Bank of China (PBoC) has neither confirmed nor announced a date for the launch.
Details are also scant on how the new
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