Story perspectives

China Revamps CIPS for Multicurrency Global Payments

3/20/2026

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Summary

Story summary

China updates global payment system rules to strengthen the Cross-border Interbank Payment System (CIPS) to compete with Western networks.
Ju Jiandong of Tsinghua University reports the changes are effective February and broaden CIPS from yuan-only transactions to multicurrency settlements.
The revisions authorize offshore yuan and other approved business operations within CIPS.
New guidelines will facilitate processing cross-border payments in foreign currencies, including Hong Kong dollars, boosting CIPS's competitiveness.

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Story summary

China updates global payment system rules to strengthen the Cross-border Interbank Payment System (CIPS) to compete with Western networks.
Ju Jiandong of Tsinghua University reports the changes are effective February and broaden CIPS from yuan-only transactions to multicurrency settlements.
The revisions authorize offshore yuan and other approved business operations within CIPS.
New guidelines will facilitate processing cross-border payments in foreign currencies, including Hong Kong dollars, boosting CIPS's competitiveness.