China has selected 19 onshore banks - China-based banks - to participate in CIPS. The Chinese units of eight foreign banks, including DBS, HSBC, Standard Chartered and Citi, were among those chosen. Eventually, the aim will be for offshore banks to also participate, resulting in faster clearing of cross-border yuan payments between two countries outside China.
Just hours after China announced the launch of the system, a few banks said they had already cleared transactions using CIPS.
Standard Chartered Bank (China) completed a transaction for Swedish home furnishing giant Ikea that involved a movement of funds from China to Luxembourg.
China has selected 19 onshore banks - China-based banks - to participate in CIPS. The Chinese units of eight foreign banks, including DBS, HSBC, Standard Chartered and Citi, were among those chosen. Eventually, the aim will be for offshore banks to also participate, resulting in faster clearing of cross-border yuan payments between two countries outside China.Just hours after China announced the launch of the system, a few banks said they had already cleared transactions using CIPS.Standard Chartered Bank (China) completed a transaction for Swedish home furnishing giant Ikea that involved a movement of funds from China to Luxembourg.
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