Cross-Border Interbank Payment System
국경 간 위안화 지급 시스템
A renminbi-denominated cross-border clearing and settlement system launched by the People's Bank of China in October 2015. It enables participating financial institutions to settle international payments directly in yuan without converting through the dollar, operating on a two-tier structure of direct and indirect participants. Originally designed to internationalize the renminbi, CIPS gained strategic urgency as de-dollarization infrastructure after Russia's 2022 expulsion from SWIFT; by 2024 it processed ¥175 trillion (approx. $24.5 trillion) in annual transactions.
Sources
- Wikipedia (EN) launch date (8 October 2015), two-tier participant structure, transaction volumes through 2025, ownership structure including PBOC and foreign banks, relationship to SWIFT and ISO 20022 standards
- fxcintel.com 2024 annual volume ¥175.49tn ($24.45tn), 43% YoY growth, participant geography breakdown, reliance on SWIFT for ~80% of messages, CIPS as complement not rival to SWIFT
- tokyofoundation.org CIPS as part of renminbi internationalization strategy, context of Asian financial crisis and Washington Consensus skepticism, Russian SWIFT expulsion accelerating CIPS development, limitations vs. SWIFT scale