According to the Japan Economic News reported on the 22nd, a recent survey showed that the yuan cross-border payment system (CIPS 2018), which was completed and operated in 2015, rose 80% per cent from a year earlier to 26 trillion yuan.
As of April 2019, up to 865 banks in 89 countries and territories around the world, including Chinese banks, had joined CIPS.
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According to the report, the dominant SWIFT system accounts for between $5 trillion and $6 trillion a day, making it the DE facto international standard. And 4 of them become usd settlement, forming the situation that SWIFT supports usd dominance.
But a growing number of banks have been incorporated after CIPS’s official operations, with countries such as Russia and Turkey, which have been targeted by the United States for economic sanctions. A total of 23 of Russia’s banks were involved, and the rate of Russian companies using the renminbi in paying for imports from China increased from 9% in 2014 to 15% in 2017.
In addition, Singapore, the United Kingdom, South Korea, Malaysia, the United Arab Emirates, Germany, Thailand, Turkey and other countries have more than 10 banks to participate, the Bank of Japan joined the number of up to 30.
There is a market view that the United States is too strong on issues such as finance and trade, leaving some countries in dire need of “de-dollarization”, so that the Chinese-led CIPS can develop rapidly.
But Japan’s economic news also points out that the yuan’s path to becoming an axis currency is still far away. The renminbi’s share of SWIFT’s capital settlement was just 1.89% per cent as of March 2019, down from the dollar, the euro, the pound and the yen, ranking 5th. The size of the renminbi cross-border payment system remains small compared to SWIFT, which sends and receives more than 30 million financial messages a day.