CIPS expands coverage to 192 countries and regions

The People’s Bank of China has announced that the Cross-Border Interbank Payment System (CIPS) now covers 192 countries and regions. According to Deputy Governor Lu Lei, by the end of June 2026, the system is projected to include 210 direct participants and 1,619 indirect participants, utilizing over 5,200 banking institutions to strengthen global RMB settlement capabilities.

To improve technical interoperability within global payment networks, China will extend the operating hours of its large-value payment system starting October 17, 2026. The service period will increase from ‘5x21+12 hours’ to ‘5x22.5+13.5 hours’.

Additionally, China is focusing on the interoperability of cross-border payment QR codes. Ren Deqi, President of the China Payment and Clearing Association, stated that efforts will be made to expand accessible digital wallets, optimize the acceptance environment for foreign wallets, and improve payment convenience for international visitors to China.