Core Insights - The recent CIPS cross-border payment system event in Shanghai marked the signing of agreements with six foreign institutions, including Standard Bank and Abu Dhabi First Bank, indicating the first coverage of foreign direct participants in Africa, the Middle East, Central Asia, and Singapore [1][2] - The CIPS system aims to facilitate cross-border RMB usage, providing a "one-stop" service for cross-border RMB clearing, settlement, and payment, thereby reducing costs and improving efficiency for enterprises [1][2] - The launch of CIPS international letter of credit services is significant for optimizing bilateral RMB trade settlements globally, enhancing the role of RMB in international trade [2][3] Company and Industry Developments - The participation of foreign banks like DNB Bank and Eldik Bank in CIPS reflects a commitment to enhancing financial connectivity in the China-ASEAN market and supporting RMB internationalization [2] - The People's Bank of China and other departments have issued a plan to enhance CIPS functionality and global network coverage, promoting the integration of blockchain technology for secure and efficient settlement services [3] - Standard Chartered Bank emphasizes the need for a diversified international currency system, advocating for increased RMB usage in international settlements to match China's role as a major trading nation [3]