On March 26, 2018, CIPS (Phase II) successfully went into trial operation. On launch day the system ran smoothly and business was processed orderly. On top of RTGS in Phase I, CIPS (Phase II) has optimized system functions as well as user experience. Operating hours have been extended, global payment as well as financial market services have been further supported and needs of RMB users worldwide have been better satisfied in CIPS (Phase II).
CIPS Operator has started providing 24-hour service, covering working hours in all time zones including Europe, Africa and the Americas. After night service was initiated on the launch day of CIPS (Phase II), participants have been actively engaged, which more efficiently facilitates funds settlement of enterprises’ foreign economic and trade activities.
Direct participants that went live when CIPS (Phase II) was launched on March 26 included 10 Chinese and foreign-funded banks, i.e. Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Industrial Bank, HSBC Bank (China), Citibank China, Standard Chartered China, and Deutsch Bank China.
Since CIPS (Phase I) went into operation on October 8, 2015, there has been a steady rise in business volume, continuous expansion of participants and constantly stable services. Up to now, the amount of direct participants, starting at 19, has jumped to 31, including two FMIs that are Shanghai Clearing House and China Central Depository & Clearing. The indirect participant number has reached 695 from the initial 176. The 695 indirect participants, of which 62% are overseas indirect participants, are from 87 countries and regions on 6 continents. In practical terms, CIPS functions on a larger scale in 147 countries and regions with 2266 financial institutions participating. CIPS has become the main cross-border RMB settlement and clearing channel.
In the future, following the agenda of PBoC, CIPS Operator will expedite the promotion of CIPS (Phase II), continuously optimize system functions and further facilitate RMB users worldwide.
