国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Markets

New cross-border interbank payment system a milestone in yuan internationalization

(Xinhua) Updated: 2015-10-08 17:23

The first phase of the Cross-border Interbank Payment System (CIPS) was launched on Thursday in Shanghai, promoting the global use of the Chinese currency.

"CIPS is an important milestone in the internationalization of the yuan," said Fan Yifei, deputy governor of the People's Bank of China, the central bank.

The system, which provides capital settlement and clearing services for cross-border yuan transactions for financial institutions, will boost the global use of the yuan, or renminbi (yuan), by cutting costs and processing times, he said.

Previously, cross-border yuan clearing had to be done either through one of the offshore yuan clearing banks, such as those in Hong Kong, Singapore or London, or with the help of a corresponding bank on the Chinese mainland.

CIPS will play a significant role in shoring up China's real economy and promote domestic enterprises "going abroad", said Fan.

The worldwide "payment superhighway", will accelerate the internationalization of the yuan, said Hu Xiaolian, president of the Export-Import Bank of China.

Developed and administered by the central bank, CIPS will run from 9 am to 8 pm Beijing time.

Nineteen banks have been named direct participants of CIPS, including four major Chinese banks, and HSBC Bank (China), Citibank China and Standard Chartered China, all of which are allowed to open accounts with CIPS and receive services directly.

In addition, 38 Chinese banks and 138 foreign financial institutions have been approved as indirect participants. They are entitled to CIPS services indirectly through one or more of the direct participants.

Liao Yijian, president and CEO of HSBC Bank (China) said CIPS will encourage the cross-border use of yuan as the system was now less complicated.

CIPS will put the yuan on an even footing with other global currencies in areas such as operating hours, risk reduction and liquidity optimization, said Zeng Gang, professor with the Finance Institute of the Chinese Academy of Social Sciences.

In November 2014, the yuan became one of the world's top five payment currencies overtaking the Canadian and Australian dollars, according to global transaction services organization SWIFT.

As of Sept. 30, 2014, cross-border yuan settlement had exceeded 4.8 trillion yuan ($750 billion), up from 3.58 billion yuan in 2009.

The central bank designated 10 official yuan clearing banks last year, bringing the total to 14 globally.

"This is only the first step and we have more to do," said Central Bank Deputy Governor Fan Yifei.

He said CIPS phase two will offer participants more flexibility.

Hot Topics

Editor's Picks
...
图木舒克市| 日照市| 博爱县| 淮阳县| 罗山县| 汾西县| 尼木县| 临邑县| 津南区| 大渡口区| 南昌市| 阿坝| 洪湖市| 阿拉尔市| 林州市| 玉树县| 成武县| 辽阳市| 清新县| 河曲县| 宜春市| 阆中市| 东乌| 安溪县| 崇州市| 正宁县| 铁力市| 宜昌市| 锦屏县| 西和县| 育儿| 东海县| 丹江口市| 治多县| 裕民县| 广宗县| 托克托县| 新乡市| 潮州市| 潮安县| 荔浦县|