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People's Bank of China supports banks’ participation in China's payment system

The People's Republic of China Payment System was established by the country's central bank in 2012 to conduct cross-border transactions and clearing operations in yuan

BEIJING, October 21. /TASS/. The People's Bank of China supports the participation of qualified banking institutions from different jurisdictions in China's Cross-Border Interbank Payment System (CIPS), according to Deputy Governor of the People's Bank of China Lu Lei.

"We support the participation of qualified banks from different jurisdictions in CIPS," Chinese information center Cailian quoted the official as saying at the opening ceremony of the Sibos 2024 conference, which will be held in Beijing from October 21 to October 24.

The People's Republic of China Payment System was established by the country's central bank in 2012 to conduct cross-border transactions and clearing operations in yuan. It began operations on October 8, 2015. The main goal of CIPS is to provide safe, effective, convenient and affordable services in the field.

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