China is quietly growing its homegrown payments system to allow cross-border transactions in yuan, as trade and investment with the rest of the world grows and Beijing makes a bigger push to globalize the local currency.
Cross-Border Interbank Payment System, run by CIPS Co. Ltd. and launched by the central bank in 2015 to settle international claims in yuan, will increase the number of direct participating banks using the system to nearly 80 by the end of this year, from the current 71, Xu Zaiyue, CEO of CIPS, said in an interview.
"The expansion will make it more convenient for global clients to use CIPS services," said Xu. "We hope to provide services all around the globe one day, and especially to facilitate services to overseas participants."
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