Dongguan C.Y. RedApple Industrial Limited , https://www.redapplebags.com
On October 8, 2015, the RMB cross-border payment system (hereinafter referred to as “CIPSâ€) (Phase I) was successfully put into operation. CIPS provides capital clearing and settlement services for RMB cross-border and offshore business of domestic and foreign financial institutions, and is an important financial infrastructure.
According to the "Securities Daily" reporter, the system is built in two phases according to plan. The first phase mainly uses real-time full settlement method to provide clearing and settlement services for cross-border trade, cross-border investment and financing, and other cross-border RMB businesses. It will adopt a more liquidity-based mixed settlement method to improve the liquidation and settlement efficiency of RMB cross-border and offshore funds. Among them, the first batch of direct participation institutions include 19 domestic and foreign banks. In addition, indirect participants on the same line include 38 domestic banks and 138 overseas banks in Asia, Europe, Oceania and Africa.
Huo Xiaohua, a researcher in the financial industry of China Investment Consulting, said in an interview with the Securities Daily that the existing cross-border clearing model of the RMB includes the clearing bank model and the agent bank model. CIPS will integrate cross-border RMB settlement business and improve participation. The efficiency of cross-border RMB transactions between the agent bank and the clearing bank.
The relevant person in charge of the RMB cross-border payment system stated that CIPS (Phase I) operates in accordance with Beijing time, with the statutory working day of the People's Republic of China as the system working day, and the year-end final date is the last statutory working day of the People's Republic of China. The CIPS daily operation sequence is divided into four stages: business preparation, daytime processing, business deadline and day-end processing. The time for processing the payment service during the day is 9:00-20:00. In the future, CIPS running time can be further extended according to market demand. .
The data shows that after the renminbi cross-border payment system was launched at 9:00 on the 8th, 336 transactions were completed in only 45 points, involving an amount of 676 million yuan. It is worth noting that the first business of the payment system was initiated by the Bank of China Sydney Branch.
Huo Xiaohua believes that the successful launch of the RMB cross-border payment system has an irreplaceable role in promoting China's foreign trade development. Cross-border RMB payment can effectively avoid exchange rate risks and reduce the risks in the process of import and export. Secondly, after the cross-border payment of RMB goes online, the import and export business of foreign trade enterprises will not have to use foreign currency for settlement, which will reduce the exchange fee while reducing the progress. The cost of exporting traders.
“The completion and operation of CIPS is another milestone in the construction of China's financial market infrastructure. It marks an important progress in the construction of a modern payment system that combines domestic payment of RMB and international payment. As an important financial infrastructure, CIPS promotes the internationalization of RMB. The process will also play an important supporting role." The relevant person in charge of the RMB cross-border payment system said.
Huo Xiaohua said that CIPS integrates the bank's decentralized overseas payment business, which will make the cross-border business of the renminbi more secure and efficient, and at the same time create favorable conditions for the overseas use of the renminbi, which will further enhance the international status of the renminbi.
Abstract This is another milestone in the construction of China's financial market infrastructure. It marks an important progress in the construction of a modern payment system that combines domestic payment of RMB and international payment. On October 8, 2015, the RMB cross-border payment system (hereinafter referred to as “. ..
This is another milestone in the construction of China's financial market infrastructure, marking the important progress in the construction of a modern payment system that combines domestic payment of RMB and international payment.