China launches CIPS clearing platform and banks quick to enact business

Region:

Asia-Pacific

Jonathan Bell

Editor-in-chief

China has today officially launched its new global clearing platform for real time renminbi (RMB) settlement, known as the Cross Border Interbank Payment System (CIPS), and some of the big international banks have been quick to enact business under the platform for their trade customers. Perhaps most notably, Standard Chartered has successfully completed an RMB clearing transaction from China to Luxembourg for IKEA.

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