First offshore CIPS clearing completed
Jul 18, 2016
CIPS: a platform to assist RMB capital account convertibility, says HSBC
China’s new payment system will bolster capital flows on and offshore, providing a foundation for capital account convertibility, according to a HSBC top Asia cash and payments banker.
The China International Payment System (CIPS) could be online as early as September, and is expected to use the same messaging format as other international payment systems like Swift. The system will help capital account convertibility by providing a smoother mechanism for renminbi flows on and offshore, according to a senior executive at HSBC.
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