China launches global yuan payment system

[Bavaria]

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."

Source: RT

Copy to Bukanyagandi Dotworld MK254 kui MALCOM LUMUMBA Iconoclastes Nyani Ngabu

 

[MALCOM LUMUMBA]

It will take time to challenge the dollar diplomacy; but China can.

U.S.A still has a significant advantage in the world Economy because it controls a large portion of energy reserves and market.

Its all about Petro-dollar with the SAUDIS..The Exxon Mobil,.The Chevron,..The Royal Dutch Shell,...etc They all use dollar as a means of international transaction.

Russia and China had no much say during the 90's; because they had much of money but it was in dollar.

GazProm started with a hard blow this year,..Its all about the Yuan and Rubble...If it continues like this then the Dollar will lose much of its grip in strategic parts of ASIA and LATIN AMERICA.

NOW I understand why China is buying and hoarding so much GOLD,.....

 

[Bavaria]

It will take time to challenge the dollar diplomacy; but China can.

U.S.A still has a significant advantage in the world Economy because it controls a large portion of energy reserves and market.

Its all about Petro-dollar with the SAUDIS..The Exxon Mobil,.The Chevron,..The Royal Dutch Shell,...etc They all use dollar as a means of international transaction.

Russia and China had no much say during the 90's; because they had much of money but it was in dollar.

GazProm started with a hard blow this year,..Its all about the Yuan and Rubble...If it continues like this then the Dollar will lose much of its grip in strategic parts of ASIA and LATIN AMERICA.

NOW I understand why China is buying and hoarding so much GOLD,.....

BRIC countries have decided to end the use of US dollar when they are trading.

They have their own currencies.

 

[MALCOM LUMUMBA]

BRIC countries have decided to end the use of US dollar when they are trading.

They have their own currencies.

That's exactly my point,..
The BRICS can challenge the dollar diplomacy;but they need to strengthen their currencies.
China is buying too much of Gold as one of the initiative to tackle the problem.

Trust me,
The dollar is vulnerable than you think.

 

[Bavaria]

That's exactly my point,..
The BRICS can challenge the dollar diplomacy;but they need to strengthen their currencies.
China is buying too much of Gold as one of the initiative to tackle the problem.

Trust me,
The dollar is vulnerable than you think.

Without Saudi Arabia helping it float, Dollar would have been a history now.

 

[Nyani Ngabu]

The almighty dollar baby

.

Haters keep hatin'.

Daydreamers keep daydreamin'.

 

[MK254]

Sasa mbona mnachangia kama kwamba mnasubiria kwa hamu dollar kuanguka, kwani what did USA do to some of you individuals such that you hypocritically pretend to hate everything from the Yankees.

 

[Nyani Ngabu]

Sasa mbona mnachangia kama kwamba mnasubiria kwa hamu dollar kuanguka, kwani what did USA do to some of you individuals such that you hypocritically pretend to hate everything from the Yankees.

I think they love the USA.

They are closeted fans.

 

[HIMARS]

Mi nashindwa elewa kwanini watu wamshabikia China... huyu jamaa anaimaliza Afrika, Wachina sio watu wazuri kamwe....
Ila maidhani US yeye kakaa tu na kuangalia

 

[chuma cha reli]

Sasa mbona mnachangia kama kwamba mnasubiria kwa hamu dollar kuanguka, kwani what did USA do to some of you individuals such that you hypocritically pretend to hate everything from the Yankees.

Embe lililoiva ndilo linalopigwa mawe...

 

[MALCOM LUMUMBA]

Sasa mbona mnachangia kama kwamba mnasubiria kwa hamu dollar kuanguka, kwani what did USA do to some of you individuals such that you hypocritically pretend to hate everything from the Yankees.

Mbona hata wewe you hypocritically hate almost every muslim; under the veneer of multiple ID's wao wamekufanyia nini???
Dotworld Nonda Bukyanagandi

 

[Kingmairo]

Sasa mbona mnachangia kama kwamba mnasubiria kwa hamu dollar kuanguka, kwani what did USA do to some of you individuals such that you hypocritically pretend to hate everything from the Yankees.

Mateso yote ya mwafrika chanzo kikuu ni USA kupitia foreign policy yake.

 

[kui]

It will take time to challenge the dollar diplomacy; but China can,.....

They've been trying for quite some time now...

 

[kui]

Seems like everyone's trying to overtake the US of A,.....China, economically, Russia militarily, with now the show of power in Syria.
Dogo wa Korea ya juu nae anakuja juu.

"PYONGYANG, North Korea (AP) - North Korean leader Kim Jong Un declared Saturday that his country was ready to stand up to any threat posed by the United States as he spoke at a lavish military parade to mark the 70th anniversary of the North's ruling party and trumpet his third-generation leadership....

Kim declares N. Korea ready to stand up to any US threat

 

[HIMARS]

Hii yote ni sababu ya Obama, sababu ni mzembe zembe nchi imemshinda... Putin kaingia vitani Syria Obama aliogopa....
Wacha Trump aingie muone kama China atasimama

 

[Nyani Ngabu]

Hii yote ni sababu ya Obama, sababu ni mzembe zembe nchi imemshinda... Putin kaingia vitani Syria Obama aliogopa....
Wacha Trump aingie muone kama China atasimama

Obama is such a weakling.

No wonder why some think he is gay.

 

[Nyani Ngabu]

Mateso yote ya mwafrika chanzo kikuu ni USA kupitia foreign policy yake.

Hmm....huu sasa uzushi!

Watoto kusomea sakafuni na wajawazito kulala sakafuni hospitalini kunahusiana kivipi na sera ya nje ya Marekani?

Acheni kuwapa ushuru viongozi wenu wabovu kwa kisingizio cha sera za Marekani.

 

[HIMARS]

Ila pia sababu habari imeandikwa na Mrusi siiamini

 

[Bavaria]

Sasa mbona mnachangia kama kwamba mnasubiria kwa hamu dollar kuanguka, kwani what did USA do to some of you individuals such that you hypocritically pretend to hate everything from the Yankees.

Do we have universal laws to love USA?

Should we keep praising USA forever?

Shouldn't China and other emerging economies work out for the best of their economies?

Unataka kila kitu kitoke US milele?

 

[Bavaria]

Mateso yote ya mwafrika chanzo kikuu ni USA kupitia foreign policy yake.

Middle East wangekuwa na akili wangejua shida wanazopata zinatoka wapi.

USA kavuruga dunia hii.