CIPS: The next generation of financial market infrastructure for RMB internationalisation

Since 2009, the People's Bank of China (PBOC) has released a series of policies to facilitate use of RMB for cross-border trade and investment, as well as to deepen bilateral currency cooperation with other markets. At present, RMB has become China's second largest cross-border payment currency and the world's fifth largest payment currency, according to the SWIFT RMB Tracker. Therefore, to better accommodate growing needs of global RMB liquidity and convertibility, it’s crucial to upgrade relevant infrastructure system. Cross-border Interbank Payment System (CIPS) provides clearing and settlement services for participants in the cross-border RMB business. It is a significant financial market infrastructure in China and has been live since October 2015. Come along to this session to learn about its latest developments and how your institution can be engaged in.