Important event of the RMB cross-border payment system
Bank-business cooperation signing conference
On June 18, Chinese media reported on a special event related to the RMB cross-border payment system (CIPS). The event held in Shanghai attracted the attention of the global financial community. Notably, the direct signing ceremony with six international financial institutions and the official launch of Bangkok Bank from Thailand became the main highlight. The CIPS system enters a new phase, expanding its international operational scope, promoting the application of the renminbi in cross-border transactions.
Bringing the RMB closer to the global market
Banks such as Standard Bank, African Export-Import Bank, First Abu Dhabi Bank, EldikBank of Kyrgyzstan, and United Overseas Bank have become direct partners of CIPS. This is the first time this system has expanded to Africa, the Middle East, Central Asia, and offshore RMB centers in Singapore. Through these partnerships, it is expected to enhance electronic payment capabilities based on the renminbi, minimize exchange rate risks, and promote cross-border trade.
Impact of the expansion of the CIPS system
The expansion of CIPS's international partnership network contributes to realizing China's renminbi internationalization strategy. These regional intermediary centers will help the cryptocurrency achieve higher liquidity in global payment transactions. This also has strategic significance in reducing dependence on the USD while creating opportunities for the RMB to compete more strongly in strategic economies around the world.
Results of the new global financial strategy
This event clearly demonstrates China's ambition to promote its currency as a dominant means of payment in international transactions. The new alliances open up many opportunities for international businesses to use cryptocurrency for faster and safer transactions. At the same time, it improves interbank connectivity between regions, promoting cross-border capital flows in the new digital era.
Source: https://tintucbitcoin.com/cips-hop-tac-quoc-te-thuc-day-thanh-toan-dien-tu/
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