China’s Planning Authority Hails Growing Influence of Cross-border Renminbi Payments System

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The National Development and Reform Commission (NDRC) has touted the growing influence of China’s Cross-Border Interbank Payment System (CIPS) in driving international usage of the Chinese renminbi.

At a press conference held on 16 August, NDRC spokesperson Jin Xiandong (金贤东) said that CIPS is seeing a “stable rise” in the volume of its operations and its influence abroad.

Jin said that as the end of July China had established bilateral swap lines with over 20 Belt and Road-affiliated countries. China had also established renminbi settlement arrangements with more than 10 Belt and Road-affiliated nations.