China’s cross-border interbank payments system, established as a yuan-based alternative to the interbank Swift network, has launched with 11 domestic banks and eight foreign institutions onboard. chinadb Deutsche Bank today announced that it has been selected as a direct participating bank in China’s newly launched Cross-Border Interbank Payment System (‘CIPS’), as part of the first batch of approved participants. Initiated by the People’s Bank of China (PBoC) and run by the CIPS Clearing Company, CIPS provides an independent cross-border payment and clearing system connecting both onshore and offshore clearing ... (full story)