China launches cross-border payments platform

Two banks announce successful transactions on China International Payment System

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The China International Payment System (CIPS), a cross-border renminbi clearing and settlement platform, went live on October 8, marking a major step towards renminbi internationalisation.

At least two banks, Standard Chartered and the Industrial and Commercial Bank of China's (ICBC) Singapore unit, have already carried out transactions on the system.

In a statement on its website, the People's Bank of China described CIPS as an "important financial infrastructure" and "milestone" that will

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