A long-awaited China International Payment System (CIPS) that would facilitate international usage of the renminbi is ready and may be launched as early as this autumn, Reuters reported Monday, citing unnamed sources.
The system, which would be a worldwide payments superhighway for the renminbi, will replace a patchwork of networks and allow hassle-free transactions, greatly boosting the internationalization of the Chinese currency.
“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,” a senior banker was quoted as saying.
“The official launch will be in September or October, depending on the results of the testings and preparation.”
Another source said the ultimate deadline is the end of the year.
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