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Settlements in Chinese yuan on the rise
video More countries are making use of China's Cross-Border Interbank Payment System, or CIPS. This comes after Western countries banned a number of Russian banks from using the SWIFT international settlement network in response to Moscow's invasion of Ukraine. Japanese private-sector think tank Daiwa Institute of Research says that in January, some 21,000 settlements were made using CIPS per day on average. That's an increase of 50 percent from before the invasion. More than 100 financial institutions joined the CIPS network in 2022. Teikyo University professor, Tsuyuguchi Yosuke says "Countries that do not stand ... (full story)