People's Daily Online Japanese Edition June 23, 2025, 14:17

A special event regarding cross-border cooperation among banks and enterprises in the Renminbi Cross-Border Payment System (CIPS) was recently held in Shanghai. CIPS held a contract signing ceremony with six overseas financial institutions and began the direct participant system connection ceremony with Bangkok Bank of Thailand.

This time, Standard Bank of South Africa, the African Export-Import Bank, First Abu Dhabi Bank of the United Arab Emirates (UAE), Eljig Bank of Kyrgyzstan, and United Overseas Bank of Singapore became direct participants in the system. This marks the first time that CIPS's overseas direct participants will cover offshore Renminbi centers in Africa, the Middle East, Central Asia, and Singapore, which is expected to facilitate the cross-border use of Renminbi even further.

CIPS serves as the "highway" for Renminbi cross-border payments, playing a role in shortening transaction times and mitigating transaction risks. It carries significant importance to the enhancement of the international status of the Renminbi and has already become the "main route" for Renminbi cross-border payments.

As of the end of May this year, the CIPS system had 174 direct participants (institutions directly connected to the system) and 1,509 indirect participants (institutions conducting business through direct participants), covering more than 4,900 institutions, including corporations and banks, in 187 countries and regions around the world. (Edited by KS)

"People's Daily Japanese Version" June 23, 2025