Organized by the people’s bank of China for the construction of the cross-border payment system (CIPS) issue of running in Shanghai, for domestic and overseas financial institutions renminbi cross-border and offshoring fund settlement and settlement services, is an important financial infrastructure.
Van a fly a deputy governor of the people’s bank of China said at the launch in CIPS issue online, CIPS system running is beneficial to improve the efficiency of cross-border yuan settlement, promote the use of RMB in the global scope, to better support the real economy development and the strategy of “going out” implementation, will certainly have a profound impact.
With cross-border yuan trade settlement pilot began in 2009, the internationalisation of the renminbi journey since then. The yuan has become China’s second largest cross-border payment currency and the world’s fourth largest pay money. The inevitable requirement to speed up the construction of the cross-border payment system, improve the global clearing services system. Participated in CIPS system planning, design, and the early construction of the export-import bank of China President hu vividly metaphor, the internationalisation of the renminbi will this the “highway” in CIPS, into a period of running.
“Before the cross-border yuan settlement as well as through the clearing bank for Hong Kong and Singapore, also can use the agent bank of China, but the remittance code differences and the language barrier serious slow down the speed of these two kinds of operations.” Citic bank international financial expert liu wei said. According to the Chinese academy of social sciences financial bank director Ceng Gang introduction, payment and settlement system is the bank capital flow channel and the hub, along with the advancement of RMB internationalization, must solve the problems of the docking and payment and settlement, so as to facilitate cross-border yuan trade and capital flows. International currency status of the dollar, without one of the clearing house interbank payment system (New York) strong support.
The reporter understands from the people’s bank of China, the first phase of CIPS used in real time in full settlement way to handle customer remittance remittances and financial institutions; According to the Beijing time run to China’s legal working days for the system working day, the day when handling payment time is 9 to 20; The direct participants access, central clearing business, shorten the path of liquidation, improve the efficiency of the liquidation; Adopt international standard message, facilitate participants cross-border business straight through processing; To provide direct participants in line access.
The first direct participation in CIPS institutions include industrial and commercial bank, agricultural bank, bank of China, construction bank, bank of communications, China merchants bank, Shanghai pudong development bank, China minsheng bank, industrial bank, ping an bank, huaxia bank, HSBC bank (China), citigroup, standard chartered bank (China) (China), and other 19 family among foreign Banks. In addition, the indirect participants including synchronous launch in Asia, Europe, Oceania, Africa and other regions of 38 138 Banks and foreign Banks in China.