China’s International Payments System Ready to Go / Sputnik International

http://sputniknews.com/asia/20150309/1019252311.html

1017484483

The launch of the China International Payment System (CIPS) will open the way for the yuan to go international and increase its global usage by cutting transaction costs and processing times.

“The CIPS is ready now and China has selected 20 banks to do the testing, among which 13 banks are Chinese banks and the rest are subsidiaries of foreign banks,” said a senior banking source who is involved in the matter.

“The official launch will be in September or October, depending on the results of the testing and preparation,” the source added.

A second source said authorities want to launch the first phase of CIPS before December.

The launch of CIPS will enable companies outside China to clear yuan transactions with their Chinese counterparts directly, reducing the number of stages a payment has to go through.

The People’s Bank of China was not immediately available for comment.

This entry was posted in Financial/economic information, Illuminati/Terrorism/Corruption, Political and tagged , , , , , , , , , . Bookmark the permalink.

One Response to China’s International Payments System Ready to Go / Sputnik International

  1. paleohippy says:

    I hope they have an anti-sabotage feature in the software because the CIA will be on this like a chicken on a junebug.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s