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END OF THE DOLLAR: China Launches GLOBAL Yuan Payment System

from RT:

China’s Central Bank has started a global payment system which provides cross-border transactions in yuan. The China International Payment System (CIPS) intends to internationalize the yuan and challenge the US dollar’s dominance.

“The establishment of CIPS is an important milestone in yuan internationalization, providing the infrastructure that will connect global yuan users through one single system,” Helen Wong, greater China chief executive at HSBC, was cited as saying by the Financial Times.

CIPS will accept payments in cross-border trade, direct investments, financing and personal remittances. The system is open for operations 11 hours a day. The first CIPS transaction was completed by Standard Chartered Bank for Sweden’s IKEA.

Nineteen banks have been authorized to use CIPS; eight of them are Chinese subsidiaries of foreign banks, including Citi, Deutsche Bank, HSBC and ANZ.

READ MORE: ​China’s mega international payment system is ready, will launch this year – report

Prior to launching CIPS international, transfers in Chinese currency could be carried out mostly through offshore clearing banks in Hong Kong, Singapore or London. While the procedure was slow and costly, the new system is expected to significantly reduce the cost and time for money transfers.

China is also trying to reduce its reliance on the global transaction services organization SWIFT.

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4 comments to END OF THE DOLLAR: China Launches GLOBAL Yuan Payment System

  • C.i.

    Rubbish And You Know It

  • joejoe

    You would think if a nation really wanted to have a chance at being a global currency they would at least have a universal design(like the Earth)on it versus a dead ruler or an iconic person from one specific country.

  • Red Flag

    Game changer. It’s starting slow, but as the dollar drops in value, further, the yuan will look real good. Americans will learn quickly to use it, because China owns 60% of the commercial real estate in NYC, has an RMB hub offshore Longview CA, and owns a huge amount of American industry. This a a slow ramp up for tectonic change. Thank heavens, just in time. The Neocons and corporations almost got us. The inept US military & political leadership are so outflanked now that even they can’t hold up the dollar. Bring it on. This is BIG.

  • Christine

    It’s been long coming and it represents something the US never had but the BRICS countries have endeavored for since 2003, when they were known as BRIC: a long term vision for a more equal world.

    While we bomb, bomb, bomb everyone into our own demise and collapse, they actually act to accomplish their goal. Makes it hard not to respect what they have achieved thus far…

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