En/terms Of Payment

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The Cross-border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. CIPS is backed by the People's Bank of China and was launched in 2015 as part of a policy effort to internationalize the use of China’s currency. In 2022, CIPS processed around 96.7 trillion yuan ($14.03 trillion), with about 1427 financial institutions in 109 countries and regions having connected to the system. In 2023, the CIPS processed 6.6133 million transactions, totaling RMB123.06 trillion($17.09 trillion), increasing by 50.29 percent and 27.27 percent y-o-y, respectively. On a daily basis, the system processed 25,900 transactions, totaling RMB482.602 billion($67.028 billion). As of October 2024, CIPS has 160 Direct Participants and 1413 Indirect Participants. Among Indirect Participants, 1051 participants are from Asia (including 560 from Chinese Mainland), 244 from Europe, 53 from Africa, 25 from North America, 20 from Oceania, and 20 from South America. CIPS participants are located in 117 countries and regions around the world. Business covers more than 4,700 banking institutions in 185 countries and regions around the world.

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