The Chinese Yuan Cross border Payment System (CIPS) has signed contracts with six foreign institutions

According to CCTV News, the Cross border Bank Enterprise Cooperation Special Event of the Chinese Yuan Cross border Payment System (CIPS) was held in Shanghai. CIPS held a direct participant signing ceremony with six foreign institutions and a direct participant launch ceremony with Bangkok Bank in Thailand. Among them, Standard Bank, African Export Import Bank, Abu Dhabi First Bank, EldikBank of Kyrgyzstan, and Dahua Bank have become direct participants in CIPS, marking the first time that CIPS overseas foreign direct participants have covered offshore RMB centers in Africa, the Middle East, Central Asia, and Singapore, which will further facilitate cross-border RMB use.