1. RMB cross-border payment system (CIPS) is a wholesale payment system specializing in RMB cross-border payment and settlement. It aims to further integrate the existing RMB cross-border payment and settlement channels and resources, improve the efficiency of cross-border settlement, meet the development needs of RMB business in major time zones, improve transaction security and build a fair market competition environment.
2.CIPS is an important financial market infrastructure in China and plays an important role in helping RMB internationalization. The system started construction on April 20 12 and 12, and was officially launched on the morning of 10. [1]20 18 On March 26th, CIPS system (Phase II) was successfully put into production. Achieve full coverage of the global financial market in all time zones, support global payment and financial market business, and meet the RMB business needs of global users.
3. The system started construction on April/2nd, 20 15, and was officially launched on the morning of October 8th, 20 15. On March 26th, 20 18, CIPS system (Phase II) was successfully put into production. Achieve full coverage of the global financial market in all time zones, support global payment and financial market business, and meet the RMB business needs of global users. By the end of 20 19, there were 33 direct participants and 903 indirect participants in CIPS system, increasing by 74% and 4 13% respectively, covering 94 countries and regions on 6 continents. CIPS system business actually covers more than 3,000 banking institutions in 167 countries and regions. In 20 19, RMB cross-border payment system handled1880,000 transactions, amounting to 34 trillion yuan. The average daily turnover was 7,537 transactions, amounting to 654.38+035.7 billion yuan.
4. Operation time sequence: CIPS (Phase I) operates according to Beijing time, with China legal working day as the system working day, and the year-end settlement date is the last legal working day in China every year. The daily operation sequence of CIPS (Phase I) is divided into four stages: business preparation, daytime processing, business cut-off and day-end processing, and the time for processing payment business during the daytime is 9:00-20:00.