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2 clusters · 2 sources · 28 days · First seen · Last updated

Expansion of China's CIPS payment system

Overview

China’s Cross-Border Interbank Payment System (CIPS) has undergone significant regional and global expansion. In July 2026, Mongolia’s Golomt Bank connected directly to CIPS, resulting in 96% of its yuan payments shifting from SWIFT to the system. Meanwhile, Kazakhstan announced plans for full CIPS integration by November, including potential pilot programs linking digital currencies.

By late August 2026, the People’s Bank of China reported that CIPS coverage had expanded to 192 countries and regions. The system is projected to include 210 direct and 1,619 indirect participants. To support this growth, China is extending the operating hours of its large-value payment system and focusing on QR-code interoperability to improve international payment convenience.

Entities

Cross-Border Interbank Payment System · China Payment and Clearing Association · People's Bank of China · People’s Bank of China · Lu Lei

Timeline

  1. 15 days ago

    [BUSINESS] 2 sources
    CIPS expands coverage to 192 countries and regions

    China's Cross-Border Interbank Payment System (CIPS) now covers 192 countries, with plans to expand participant numbers and extend large-value payment system operating hours by late 2026.

  2. about 1 month ago

    [BUSINESS] 2 sources
    China's CIPS expands to Mongolia and Kazakhstan

    Golomt Bank in Mongolia shifts most yuan payments to China’s CIPS, and Kazakhstan plans to launch CIPS integration by November, boosting regional yuan‑settlement and reducing reliance on SWIFT.

Sources

ithome.com · udaipurkiran.com