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Archive of posts published in the category: Society for Worldwide Interbank Financial Telecommunications
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…