HKMA and CIPS integration: Long way to go, but there is hope
The HKMA has said that it will continue to integrate its gross settlement system with China’s settlement system CIPS, which will streamline payments and give treasurers access to RMB. But obstacles remain, and no timeframe is set.
The Hong Kong Monetary Authority (HKMA) has said that it will continue to develop its renminbi real-time gross settlement system to match business growth and compliment China’s newly-launched Cross-border Interbank Payment System (CIPS). The improved integration of the two systems should offer treasurers better access to the renminbi for both cross-border and off-shore to off-shore payments but there is no timeline for when Hong Kong’s settlement system will be fully integrated into CIPS.
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