Tag: cips

Ten banks have entered a pilot programme of Cips phase II, which will allow 24-hour operation and net flow clearance.

A transaction from Hong Kong was the first cross-border renminbi payment cleared offshore using China’s new international payment system.

The deal between the two payments systems could improve corporates' ability to manage renminbi, their relationships with suppliers, and lower the cost of renminbi transactions, market experts claim.

Chongqing launches RMB programme with Singapore; Swift and CIPS to cooperate on cross-border interbank payment system; Singapore drops RTC tax rate to 8%; India and Sri Lanka sign $700m currency swap deal; SGE and HKEx ink MoU; and much more…

HKMA to integrate RMB settlement system with CIPS* Australia and Japan sign currency swap deal* India futures market to deepen * China to build FTZ in Guangxi for trade relationship with Asean * China simplifies corporate bond sale procedures; and much more….

Banks began processing international renminbi payments through China’s new cross-border interbank payment system (Cips) sparking wide acclaim from participants.

China only embarked on the internationalisation of the renminbi as recently as 2009, aiming to match the currency’s status with its position as the world’s second largest economy. The pace of developments since then has been dramatic, with capital account freedoms and other reforms propelling the currency to almost SDR status. But what does this mean for treasurers?

Claims from influential financial blogs that China is setting up its new payment system to bypass the US are overblown.

Delivered to you through a variety of articles, roundtable events, and webcasts all designed to offer simple advice on how to tap new treasury and banking opportunities, ANZ and CT are proud to announce the launch of the "Across Borders" series.

The PBOC issued a report documenting increased renminbi use internationally that contained pushed deadlines, opening hours, and a standardised name for CIPS.

The messaging provider claims concerns raised by influential financial blogs about its relationship with China are factually incorrect.

Surveys show 74% of corporates with renminbi exposures cite CIPS delays as their most important regulatory concern, while others identify deregulation.