RMB Cross-Border Payment And Settlement System Will Be Settled In Shanghai

Liu Shiyu, vice governor of the people's Bank of China, held in Shanghai the International Symposium on "reform and deepening of the post market reform and mechanism innovation after the crisis" and the 2014 annual CCP12 special session of the general assembly, said that the construction of the RMB cross-border payment and clearing system (CIPS) in China has made significant progress and will be settled in Shanghai.

This is the first time that central bank officials clearly express the information that CIPS will settle in Shanghai.

In his speech, Liu Shiyu said: "I am very pleased to tell you that China's cross-border payment and settlement system has made significant progress, CIPS will settle in Shanghai."

The construction of CIPS is accompanied by RMB.

The process and the security needs of cross-border payments arise.

In 2012, the central bank decided to organize the development of an independent RMB cross-border payment and settlement system, further integrate the existing RMB cross-border payment and settlement channels and resources, improve the efficiency of cross-border liquidation, meet the needs of RMB business development in major time zones, enhance the security of pactions, and create a fair market competition environment.

and

The goal of the cross border payment system is to ensure safety, stability and efficiency, and support the cross border use of RMB in all aspects, including the clearing of cross-border trade and investment of RMB, the settlement of cross-border monetary funds in domestic financial markets, and the simultaneous payment and payment of Renminbi and other currencies.

For the RMB in the process of internationalization, the industry's expectation for its future is that in the future, it will not only be used more frequently in trade, but also will be more frequent in domestic and overseas investment demand.

According to the latest SWIFT data, the RMB ranks seventh in the world's main payment currencies, occupying 1.64% of the global payment rate.

In addition, the use of RMB to mainland China and Hongkong to pay global financial institutions increased by 35%, indicating that the renminbi as a payment currency has reached wide support worldwide.

It is understood that

The main functions include connecting direct participants inside and outside the country, handling cross-border payment business such as RMB trade and investment, meeting the needs of the development of cross-border RMB business, adopting international standard of message, supporting the pmission of message messages including Chinese and English, covering RMB settlement needs in main time zones (Asia, Africa, Europe and America), providing general and special line two access modes, and participants can choose their own.