Gradual rollout for China's payment system

As yet no details of how Cips will include existing offshore infrastructure

payment-hand-cheque

China's cross-border interbank payment system (Cips) may start working earlier than expected, further promoting the internationalisation of the renminbi by reducing the cost and timeframe for settling transactions. Yi Gang, head of China's State Administration of Foreign Exchange, told Reuters the administration planned to launch the system this year, even though the People's Bank of China (PBoC) has neither confirmed nor announced a date for the launch. Details are also scant on how the new