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Archive of posts published in the category: International Payment System
Oct
19

China SWIFTly away from global banking system

China has launched its China International Payment System (CIPS), which is intended eventually to provide cross-border transactions denominated in its own currency, the Yuan or Renmimbi.[1] Why couldn’t China, and international Renmimbi users, simply rely on the already existing and well-established telecommunication system…