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Central Bank Official Confirms Shanghai-based RMB CIPS

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2014-09-30 14:10:36 来源:大连商品交易所网站 

  At the international symposium on “Post-crisis Reform Deepening and Mechanism Innovation of OTC Market” and 2014 Special General Assembly of CCP12 held in Shanghai on September 25, Liu Shiyu, Vice President of the People's Bank of China, said that significant progress has been made in the development of RMB Cross-border Inter-bank Payment System (CIPS), which will settle in Shanghai. It was the first time for a central bank official to clearly articulate the information publicly that CIPS will be based in Shanghai.

  The development of CIPS emerged with the process of internationalization of RMB and the demand for the safety of cross-border payment. In 2012, the Central Bank decided to organize the development of independent renminbi cross-border payment and clearing system, further integrate the existing RMB cross-border payment and settlement channels and resources, improve the efficiency of cross-border clearing to meet the demand for the development of the RMB businesses in major time zones, enhance the security of transactions, and create a fair market competition environment.

  With the introduction of the policies related to the cross-border RMB businesses and the ever growing cross-border RMB businesses, there have been increasingly high requirements for the payment, settlement and other financial infrastructures. It is obviously impossible to implement the reform and opening up in the financial industry without the follow-up development of related infrastructures. The RMB CIPS is aimed at ensuring safety, stability and efficiency and meeting the demands of all sectors for the cross-border use of RMB, including the RMB clearing in cross-border trade and investment, the cross-border currency clearing for the domestic financial market, as well as the synchronized receipt and payment business of RMB and other currencies.

(责任编辑:HF047)

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