The Phase 2 of RMB Cross-border Interbank Payment System (CIPS) was launched for pilot operation in ten domestic and foreign banks simultaneously on March 26th, 2018. As such, the operating hours of CIPS basically cover the working hours in every time zone around the globe, supporting the payments and financial market operations worldwide and meeting the demands of RMB users around the world.

The CIPS is an important financial infrastructure developed in line with the needs of China’s cross-border trade development, RMB internationalization, development of real economy and implementation of the “go global” strategy. Since the successful launch of Phase 1 on October 8th, 2015, the CPIS has improved functions and expanded business volumes and participant base. The convenience and efficiency in fund settlement has gained wide recognition from its participants. In the next step, the PBC will continue to facilitate the improvement of CIPS functions and provide the necessary supporting arrangements.