China launches SWIFT analogue

Today it became known that the Central Bank of China launched an analogue of SWIFT, the international payment system, which was called the CIPS (Chinese International Payment System), reports the China Daily. According to the Central Bank of China, the payment system will help reduce the cost of transactions in RMB, as well as reduce the processing time of payments.



At the beginning, 11 Chinese and 8 foreign banks will be connected to CIPS. After it can be considered and the option of expanding the system.



The system itself was prepared for a long time, and its launch was scheduled for 2014. But due to a number of problems, including purely technical ones, the government decided to postpone the launch to 2015.

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The yuan is now one of the most used currencies in the world, entering the top five on this indicator.