China has started doing transactions using the the CIPS system backed by the Yuan, an alternative to SWIFT, the HSBC owned and operated mega-giant of financial transaction institutions.
Related More Russian, Chinese Companies Switching to Yuan Transactions – Bank
Some have contended that this move is a decisive blow to the US controlled financial markets, but whether this assertion is valid remains to be seen. CIPS, the Chinese International Payment System, is only an alternative to SWIFT, and by all accounts the Yuan is still tied to the dollar as global reserve currency.
There does seem to be some power play unfolding between the west and east, with the victor potentially retaining control over the debt slavery system.
What impact these moves by China will have on the global economy remains to be seen. Regardless of which group comes out ahead, we always have the power to gain freedom from the money masters, provided the truth is sought after and shared with others.
Related How and Why “The Money Masters” Took Control (Full Documentary)
The odd thing about all this is HSBC (Hong Kong and Shanghai Banking Corporation) owns SWIFT in the first place (as we proved from Bloomberg data in 2013), so who’s fooling who? -AK
https://www.rt.com/business/318103-china-payment-system-yuan/
China launches global yuan payment system
Published time: 9 Oct, 2015 10:37
China’s Central Bank has started a global payment system which provides cross-border transactions in yuan. The China International Payment System (CIPS) intends to internationalize the yuan and challenge the US dollar’s dominance.
“The establishment of CIPS is an important milestone in yuan internationalization, providing the infrastructure that will connect global yuan users through one single system,” Helen Wong, greater China chief executive at HSBC, was cited as saying by the Financial Times.
CIPS will accept payments in cross-border trade, direct investments, financing and personal remittances. The system is open for operations 11 hours a day. The first CIPS transaction was completed by Standard Chartered Bank for Sweden’s IKEA.
Nineteen banks have been authorized to use CIPS; eight of them are Chinese subsidiaries of foreign banks, including Citi, Deutsche Bank, HSBC and ANZ.
Prior to launching CIPS international, transfers in Chinese currency could be carried out mostly through offshore clearing banks in Hong Kong, Singapore or London. While the procedure was slow and costly, the new system is expected to significantly reduce the cost and time for money transfers.
China is also trying to reduce its reliance on the global transaction services organization SWIFT.
Beijing has been trying to bolster its currency’s presence internationally. The yuan was the fourth most-used currency for cross-border payments in August, with more than 100 countries using it for transactions.
The Chinese currency has overtaken the Japanese yen but is still well behind the US dollar, euro and the pound. Rivaling the dollar in the global financial system has been Beijing’s ambition for the yuan since 2010. The country has already opened clearing hubs in London and Frankfurt.
China is pushing hard for the inclusion of the yuan in the International Monetary Fund (IMF) currency basket. While the IMF said the yuan still does not meet the criteria of a freely usable currency, the head of the organization Christine Lagarde said it’s “not a question of if, it’s a question of when.”
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