"CIPS," a Chinese clearing money transfer system founded in 2015 that wants to compete with SWIFT, an American-led international money transfer system, is growing rapidly.
... In addition to Dedollarization, gradually abandoning the dollar, using NDB Bank by ignoring the World Bank and IMF, China also led the Global South, abandoning SWIFT system by recommending it. CIPS is on the way
... From 2015 to now there are thousands of banks in this system. No fear America and herbs will boycott or seize the money.
***... "50% Rapid Expansion Value"
... In 2022, CIPS processed about 96.7 trillion yuan ($14.03 trillion) with about 1,427 financial institutions in 109 countries and regions connected to the system.
... In 2023, CIPS processed 6.6133 million transactions, totaling a total value of 123.06 trillion yuan ($17.09 trillion), up 50.29 percent and 27.27 percent compared to the previous year, respectively. Each day, the transaction system processed 25,900 items, with a total value of 482.602 trillion yuan (67.028 billion).
... As of March 2024 CIPS had 140 direct participants, mostly from mainland China, with 1,371 additional indirect participants (563 from the mainland, 455 from the rest of Asia, 237 from Europe, 50 from Africa, 28 from North America, 20 from Oceania and 18 from South America, located in 114 jurisdictions worldwide). True Business covers over 4,500 financial institutions in 182 countries and regions worldwide.
Author: Saikat Bhattacharya
