CIPS

CIPS is a cross-border payment system that facilitates international transactions using the Chinese yuan. It provides a network for financial institutions to settle payments directly in yuan, bypassing traditional correspondent banking systems.

Why it’s in the news: It is in the news as it is projected to become the standard settlement method in Mongolia within two years.

Latest on CIPS

• China’s CIPS will become settlement norm in Mongolia within 2 years, Golomt Bank says

Connections

4 entities linked to CIPS across the news graph.