Emily Jin
Payment systems are the plumbing of international finance. As the U.S. and its allies block Russia from a major part of global financial plumbing, China’s Cross-Border Interbank Payment System (CIPS) has been receiving increasing attention. Many observers have wondered whether CIPS and other Chinese channels could provide a replacement not just for trade with China but also for transactions with other countries. For now, this looks like a stretch. But over the long term, participation in CIPS might be an indicator of China’s growing financial power.
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