Core Insights - The 2025 China International Financial Expo commenced on June 18, showcasing the significance of the Cross-border Interbank Payment System (CIPS) in facilitating cross-border RMB transactions [1] Group 1: CIPS Overview - CIPS serves as the main channel for RMB cross-border payment and settlement, with 174 direct participants and 1,509 indirect participants as of the end of May 2023, covering over 4,900 banking institutions across 187 countries and regions [3] - Recent additions of Standard Bank, African Export-Import Bank, First Abu Dhabi Bank, Eldik Bank from Kyrgyzstan, and UOB as direct participants mark the first coverage of Africa, the Middle East, Central Asia, and Singapore offshore RMB centers by CIPS [3] Group 2: Regional Impact - ASEAN has been China's largest trading partner for five consecutive years, playing a crucial role in promoting RMB internationalization [3] - UOB's participation in CIPS allows it to provide a "one-stop" cross-border RMB clearing, settlement, and payment service to domestic and foreign enterprises and financial institutions [3] Group 3: CIPS Innovations - The launch of CIPS RMB International Letter of Credit service at various banks, including major state-owned banks and foreign banks, signifies a new milestone in facilitating international trade settlements in RMB [4] - This service is the first globally to adopt the latest international messaging standards, covering the entire lifecycle of letter of credit transactions, which is expected to optimize bilateral RMB trade settlements between China and other regions [4]
6家外资机构成为人民币跨境支付系统直接参与者
Guo Ji Jin Rong Bao·2025-06-18 11:21