China’s yuan gains appeal as CIPS expandsCIPS expands
An editorial from the South China Morning Post said China’s yuan is attracting more use as Beijing pushes alternatives to the dollar-dominated financial system.
It cited the Cross-Border Interbank Payment System, or CIPS, as taking a larger share of transactions as an alternative to Swift, which matters because payment networks shape how countries settle trade and manage sanctions risk.
- China launched CIPS in 2015 to support the yuan’s international use.
- More than 100 countries now use the yuan in at least some cross-border transactions.
- Payment messaging networks do not move money themselves, but they make international transfers possible.
