China announces global payment of RMB, the dollar will face collapse?

Some say that the yuan’s cross-border payment system (CIPS) is as important to China as the “two-bullet one”, which was the “bomb” of the financial world. As cross-border RMB business for domestic and overseas participants fund clearing and settlement services, CIPS and running, let China’s financial sector is no longer limited by the United States, but also pushed the “renminbi” to every corner of the world. Now, this “big power” has achieved another “self-improvement” in the higher requirements of global financial markets.


The second phase of the RMB cross-border payment system was put into production.
The second phase of the RMB cross-border payment system was formally put into operation on May 2. Compared with CIPS (phase I), CIPS (phase ii) extended the external service time to 5 * 24 hours +4 hours, which means that CIPS will realize the coverage of financial markets in different time zones around the world. CIPS (phase ii) also introduces the timing net settlement mechanism to meet the different needs of users. From this perspective, the people of cross-border e-commerce will be the biggest beneficiaries. At the same time, the system also clarified the access conditions of different types of participants, so as to prepare the system and business for the introduction of more foreign users.
Considering that the night time after the adjustment of CIPS (phase ii) will be the operating time of the financial markets in Europe and the us, the inter-bank money market will also open the night plate to meet the mobile needs of users inside and outside the country. Due to the continuous improvement of system functions, the number of participants has been increasing continuously during the trial operation period. As of the end of March 2018, CIPS has a total of 31 domestic and external direct participants, and 695 internal and external indirect participants. The actual business scope has also been extended to 148 countries and regions.
Out of control: CIPS hits SWIFT.
Perhaps most people still have a little knowledge of CIPS today; Instead, it mentions SWIFT, which is familiar to many Chinese companies with import and export business. As the international financial trading system, SWIFT is the “number” of Banks in the earth village, leaving SWIFT, and enterprises in the international business are waiting for “black households”. As the dollar now plays a DE facto world currency, in the world today more than 90% of all international transactions are denominated in dollars, settlement and payment, so almost global capital flows, trading under the SWIFT system, at the same time trading information have also been the monitor of the United States.