Since October of 2015, the RMB cross-border payment system referred to as CIPS has been a successful operation, perfect function, the business volume continued to rise, increasing the number of participants, the convenience and efficiency of capital settlement has been widely recognized by the participants. On March 26, 2018, the cross-border payment system of the RMB (phase two) was put into operation and attracted wide attention in the industry again.
CIPS is an important financial infrastructure to meet the needs of the development of China's cross-border trade situation, and to support the development of the real economy and the implementation of the "going global" strategy to promote the internationalization of RMB. It was started by the people's Bank of China in early 2012.
Construction in two phases: the first phase mainly adopts CIPS to implement full settlement, cross-border trade, cross-border investment and financing and other cross-border RMB business to provide clearing and settlement services; two will adopt a more mixed settlement to save liquidity, improve the RMB clearing, cross-border and offshore funds settlement efficiency.