Swift rejects claims of China Cips rift
May 18, 2015
How China's CIPS will plug into the world
Claims from influential financial blogs that China is setting up its new payment system to bypass the US are overblown.
With the first phase of the newly coined “Cross-border International Payments System” (Cips) set to launch by the end of the year, some prominent financial media have argued the system will represent a disruption to the world order of payments and an end to US dollar hegemony.
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