Vision of Fine Finance: New Progress in RMB Internationalization, Exploring Cross-border Payment CIPS System
On May 2 this year, the central bank issued a message saying that the second phase of the RMB cross-border payment system CIPS was fully put into operation, and the direct participants who met the requirements were simultaneously launched. According to the latest data released by the central bank, as of the end of March 2018, CIPS had 31 domestic and foreign direct participants and 695 domestic and foreign indirect participants. The actual business scope has extended to 148 countries and regions. The central bank said that the completion and operation of CIPS is a milestone in the construction of China's financial market infrastructure, marking an important progress in the construction of a modern payment system that takes into account both domestic and international payments. In the future, CIPS will continue to upgrade and improve according to market demand and the requirements of RMB internationalization development, continuously improve service levels, provide important guarantee and support for the global use of the RMB, and actively support cross-border interconnection of financial markets.
Many investors may have seen this news, but they have neglected it. With the increase in the shareholding ratio of Chinese financial institutions to foreign investment, QDLP and QDIE and RQFII, policy measures are increasing, and CIPS is increasing. It is a very important technical support behind these measures. The opening of CIPS Phase II is of great significance. In the end, what is CIPS? Watch the video.