Economy

Answer

Supporting Evidence

The Altyn Bank, a subsidiary of China CITIC Bank, was registered in the Astana International Financial Centre (AIFC) in December 2018. It has since become an indirect participant in the RMB Cross-Border Interbank Payment System (CIPS).

1. http://www.xinhuanet.com/english/2019-09/24/c_138418521.htm

Answered by Danil Bekturganov and Tatyana Sedova, and has been reviewed by Aksana Akhmedova

Answer

Supporting Evidence

In March 2019, Altyn Bank joined the Chinese Cross-Border Interbank Payment System (CIPS). This system is designed for international settlements in yuan, allowing foreign market participants to conduct transactions directly with Chinese partners in this currency. Altyn Bank joined CIPS as an indirect participant. The direct participant providing Altyn Bank's connection to CIPS is the bank's majority shareholder – China CITIC Bank Corporation Ltd.

1. https://forbes.kz/process/reyting_bankov_kazahstana_2019/

Answered by 1 anonymous expert, and has been reviewed by Ani Kintsurashvili

Answer

Supporting Evidence

According to CIPS website, there is a Jordan branch: Link

1. https://www.cips.org/events-networking/branches/jordan

Answered by 1 anonymous expert, and has been reviewed by Aksana Akhmedova

Answer

Supporting Evidence

In Mexico, financial institutions use the China Cross-Border Interbank Payment System (CIPS) clearing and settlement services system. This system was launched in 2015 by the People’s Bank of China (PBOC) to internationalize the use of the yuan. CIPS allows global banks to clear cross-border yuan transactions directly onshore in China, instead of through clearing banks in offshore yuan hubs. Therefore, this indicator deserves a "Yes" response.

1. https://www.cips.com.cn/en/2024-06/27/article_2024062719510110034.html

Answered by 1 anonymous expert, and has been reviewed by Team Fundación Andrés Bello - Centro de Investigación Chino Latinoamericano

Answer

Supporting Evidence

Bangladesh has decided to make a loan repayment of US$ 300 million for a Russian nuclear plant in China's yuan. Since Russian banks are largely banned from SWIFT, Bangladesh used a bank account at a Chinese bank that transferred yuan to Russia through CIPS.

1. https://www.tbsnews.net/economy/dhaka-moscow-agree-settle-rooppur-payments-chinese-yuan-616258
2. https://www.aa.com.tr/en/asia-pacific/bangladesh-to-make-loan-payment-for-russian-nuclear-plant-in-chinas-yuan/2874799

Answered by 1 anonymous expert, and has been reviewed by Filip Noubel

Answer

Supporting Evidence

Settlement instructions by Raiffeisenbank may indicate that Raiffeisen is an indirect participant in CIPS. Therefore, this indicator deserves a "Yes" response.

1. https://www.raiffeisen.at/ooe/rlb/de/meine-bank/investor-relations/standard-settlement-instructions/_jcr_content/root/responsivegrid/contentcontainer/contentbox/downloadlist.download.html/1/Settlement%20Instructions%20for%20Commercial%20Payments.pdf

Answered by 2 anonymous experts, and has been reviewed by Alfred Gerstl

Answer

Supporting Evidence

CIPS regularly reported on Hungary's participation. Therefore, this Indicator deserves a "Yes" response.

1. https://www.cips.com.cn/search/pcRender?pageId=f5261418ddc74f03b27e3590c531102b
2. https://www.bofit.fi/en/monitoring/weekly/2022/vw202214_3/
3. https://asiatimes.com/2022/03/china-media-goads-russia-to-use-cips-over-swift/

Answered by 1 anonymous expert, and has been reviewed by Kristina Kironska

Answer

Supporting Evidence

Romania, Bosnia and Herzegovina, and Iraq were among the new nations that CIPS expanded its coverage to in 2022.

1. https://finance.sina.com.cn/money/bank/yhpl/2022-09-26/doc-imqqsmrp0505974.shtml

Answered by Stefan Vladisavljev and 1 anonymous expert, and has been reviewed by Kristina Kironska

Answer

Supporting Evidence

Danske Bank joined the Cross-border Interbank Payment System (CIPS) as an indirect participant in August 2018, along with seven other financial institutions.

1. https://archive.ph/myvh8

Answered by 2 anonymous experts, and has been reviewed by Kristina Kironska

Answer

Supporting Evidence

One financial institution, namely, Bison Bank is included in CIPS. It is not one of the major finantial institutions but it meets the formal criterion for this indicator. Therefore, ths indicator deserves a "Yes" response.

1. https://www.bportugal.pt/en/page/portuguese-payment-systems-interbank-commission-comissao-interbancaria-para-os-sistemas-de
2. https://bisonbank.com/bison-bank-is-now-part-of-the-cross-border-interbank-payment-system-cips/

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Both countries interested in putting in place low cost, high vitality, clearing arrangements for financial transactions

1. https://news.cgtn.com/news/2022-11-10/China-Pakistan-RMB-Clearing-Arrangement-lower-cost-higher-vitality-1eQQ60EsTVS/index.html

Supplementary Notes

Link

1. https://www.brecorder.com/news/40128263

Answered by Shahzeb Jillani, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

GTB, Enterprise bank, Jaiz Bank, Hasal MFB and ASO Savings are banks that use CIPS. Therefore this indicator deserves a Yes response.

1. https://m.unionpayintl.com/cardholderServ/globalCard/af/global_3/10030512?type=2

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Financial institutions in South Africa use the China Cross-Border Interbank Payment System (CIPS) clearing and settlement services system. UnionPay International and Bank of China, both present in South Africa, make use of the CIPS settlement system. UnionPay is also partnered with First National Bank in South Africa, further enabling the use of CIPS in the country. Therefore, this Indicator deserves an “Yes” response.

1. https://www.bankofchina.com/za/en/aboutus/ab1/
2. https://www.csis.org/analysis/sanctions-swift-and-chinas-cross-border-interbank-payments-system
3. https://www.unionpayintl.com/en/aboutUs/partners/##

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Branches of PRC banks ICBC and China Merchants Bank in Singapore participate in CIPS. DBS, Singapore's largest bank, is part of CIPS.

1. http://www.cips.com.cn/cipsen/7068/7047/8340/index.html
2. http://www.cips.com.cn/cipsen/7059/7064/17428/index.html
3. https://www.dbs.com/NewsPrinter.page?newsId=klc84vtt&locale=en

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

The financial institutions in Taiwan use the SWIFT system instead of CIPS.

1. https://news.cnyes.com/news/id/275339
2. https://www.bankchb.com/frontend/newsDetail.jsp?id=2468
3. https://tw.stock.yahoo.com/news/%E5%9C%8B%E5%85%A7%E9%87%91%E8%9E%8D-%E4%BA%BA%E8%A1%8C%E5%95%9F%E5%8B%95%E4%BA%BA%E6%B0%91%E5%B9%A3%E8%B7%A8%E5%A2%83%E6%94%AF%E4%BB%98%E7%B3%BB%E7%B5%B1-%E5%85%A9%E5%AE%B6%E5%8F%B0%E7%81%A3%E9%87%91%E8%9E%8D%E6%A9%9F%E6%A7%8B%E5%AE%8C%E6%88%90%E5%8C%AF%E6%AC%BE%E7%9B%B4%E6%8E%A5%E6%B8%85%E7%AE%97-034204135.html

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Bocom BBM Bank (result of the purchase of the Brazilian BBM – formerly Banco da Bahia – by the Bank of Communications - BOCOM) became the first financial institution in Latin America to be a full member of CIPS in 2023

1. https://www.bocombbm.com.br/2023/03/29/bocom-bbm-e-a-1a-instituicao-financeira-da-america-latina-a-ser-tornar-membro-pleno-do-cips/

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

As a member state of ASEAN, Vietnam is probably connected in the CIPS system. Another indicator is that Vietnam conducts trade with the PRC in the yuan currency. Therefore, this indicator deserves a "Yes" response.

1. https://www.cips.com.cn/en/participants/participants_announcement/60849/index.html
2. https://carnegieendowment.org/2022/08/22/southeast-asia-s-growing-interest-in-non-dollar-financial-channels-and-renminbi-s-potential-role-pub-87731
3. https://global.chinadaily.com.cn/a/202209/19/WS6327d641a310fd2b29e786b1.html
4. https://www.sohu.com/a/732011416_121687414
5. https://www.reuters.com/article/us-china-yuan-asean-idUSKCN1P51EV/

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

1. https://www.otpbank.ru/about/press-centr/news/0166012/

Supplementary Notes

By mid-2023, around 30 Russian banks had joined the CIPS system (and as local newspapers highlight, banks use it indirectly) (Link). The reason for Russia using this system is a lack of alternatives: after the war in Ukraine started, several major Russian banks were sanctioned and restricted from using the SWIFT system (Link).

1. https://www.kommersant.ru/doc/6002383
2. https://www.forbes.ru/finansy/457717-es-otklucil-ot-swift-sem-rossijskih-bankov

Answered by 1 anonymous expert, and has been reviewed by another 3 anonymous experts.

Answer

Supporting Evidence

This is recorded as having been in use by NZ banks since 2020 at least

1. https://archive.ph/8uZrh
2. https://www.cips.org/regional

Answered by Catherine Churchman, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Payments Network Malaysia Sdn Bhd (PayNet), Malaysia’s national retail payments infrastructure provider and UnionPay International (UPI) announced earlier today that cross-border inter-operable QR Payments between MalaysiaChina have gone live, providing an early impetus to the government’s Visit Malaysia Year 2026.

1. https://paynet.my/press-release/2023/Malaysia-China-Inter-operable-Cross-Border-QR-Payments.pdf

Answered by 2 anonymous experts, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Some banks in Thailand have joined China's Cross-Border Interbank Payment System (CIPS) as indirect members. In practice, payment transactions for indirect members must still route through the SWIFT system to commercial banks that are direct members of CIPS. However, CIPS is gaining attention as a potential competitor to SWIFT due to the continuous growth in both transaction volume and the number of banks joining the system. Its increasing usage highlights its potential to challenge SWIFT's dominance in cross-border financial transactions.

1. https://www.bot.or.th/th/research-and-publications/articles-and-publications/bot-magazine/Phrasiam-65-2/Payment-Systems-65-2.html

Answered by Pravit Rojanaphruk, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

The Industrial and Commercial Bank of China (ICBC) Yangon Branch joined China’s Cross-Border Interbank Payment System (CIPS) in November, 2023.

1. https://www.irrawaddy.com/business/myanmar-branch-of-icbc-joins-chinas-global-trade-payment-system.html

Answered by 1 anonymous expert, and has been reviewed by another 2 anonymous experts.

Answer

Supporting Evidence

Actually, it seems that the CIPS is being used only one Mozambican Bank since 2017: Millenium BIM

1. https://clubofmozambique.com/news/millenium-bim-offers-advantages-in-chinese-currency-transactions/
2. https://www.platformchinaplp.mo/trade_content.shtml?id=2450&lang=en

Answered by Sérgio Chichava, and has been reviewed by Tomé Bambo

Answer

Supporting Evidence

Japan's three major megabanks (Mitsubishi, Mizuho, and Sumitomo Mitsui) have this function. Therefore, this Indicator deserves a "Yes" response.

1. https://www.dir.co.jp/report/column/20220405_010835.html

Answered by Ryohei Suzuki, and has been reviewed by Maiko Ichihara and Yuki Moritarni

Answer

Supporting Evidence

Shinhan Bank, one of South Korean branches of global financial companies and local banks, is currently participated in the CIPS system

1. http://www.koreaittimes.com/news/articleView.html?idxno=56674
2. https://www.mk.co.kr/news/world/view/2019/05/328166/

Answered by Muhammad Zulfikar Rakhmat, and has been reviewed by Yeta Purnama

Answer

Supporting Evidence

Saudi signed agreement with Saudi on CIPS in November 2023

1. https://www.cointribune.com/en/saudi-arabia-and-china-sign-the-end-of-the-petrodollar/

Answered by Muhammad Zulfikar Rakhmat, and has been reviewed by Yeta Purnama

Answer

Supporting Evidence

Citibank is a shareholder of CIPS. Therefore, this Indicator deserves a "Yes" response.

1. https://www.reuters.com/article/china-banks-clearing/factbox-chinas-onshore-yuan-clearing-and-settlement-system-cips-idUSL3N2F115E

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Only Deutsche Bank is a direct participant of CIPS.

1. https://www.cips.com.cn/en/about_us/about_cips/direct_participants_list/index.html

Answered by Angela Stanzel, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

By the end of June 2022, 20 out of the 1307 participating banks of the Cross-Border Inter-Bank Payments System (CIPS) were from the UK.

1. https://www.cityoflondon.gov.uk/assets/Business/london-rmb-issue-14-dec-2022.pdf

Answered by Leo Shaw, and has been reviewed by Sam Dunning and Andrew Yeh

Answer

Supporting Evidence

Australia and New Zealand Banking Group (ANZ) is a shareholder of CIPS and is the sole Australian bank that directly engages with CIPS.

1. https://www.reuters.com/markets/europe/what-is-chinas-onshore-yuan-clearing-settlement-system-cips-2022-02-28/
2. https://www.bankingday.com/anz-affirms-support-for-china-cross-borde-messaging-system

Answered by Leo Shaw, and has been reviewed by Kevin Mooney and Andrew Yeh

Answer

Not Found

Answered by Valeri Chechelashvili, and has been reviewed by Ani Kintsurashvili

Answer

Not Found

Answered by Una Aleksandra Berzina-Cerenkova, and has been reviewed by Ani Kintsurashvili

Answer

Not Found

Supplementary Notes

People’s Bank of China (uses CIPS) On March 25, and the Central Bank of Armenia signed a bilateral local currency swap agreement of RMB 1 billion yuan/AMD 77 billion. Link

1. https://www.caixinglobal.com/upload/PBOC-2020-RMB-International-Report.pdf

Answered by Artak Kyurumyan, and has been reviewed by Ani Kintsurashvili

Answer

Not Found

Answered by 2 anonymous experts, and has been reviewed by Aksana Akhmedova

Answer

Not Found

Supplementary Notes

PSJB Trastbank, the Uzbek Republican Commodity Exchange, and China Zheshang Bank have signed a Memorandum of Understanding. Link

1. http://trustbank.uz/en/press_center/news/psjb-trastbank-uzbek-republican-commodity-exchange-and-china-zheshang-bank-signed-a-memorandum-of-un/

Answered by Farkhod Tolipov, and has been reviewed by Ani Kintsurashvili

Answer

Not Found

Answered by Umedjon Majidi, and has been reviewed by Aksana Akhmedova

Answer

Not Found

Supplementary Notes

No new evidence was found.

Answered by 1 anonymous expert, and has been reviewed by Aksana Akhmedova

Answer

Supporting Evidence

Link The website is checked and Lebanon’s institution is not indicated there.

1. https://www.cips.com.cn/

Answered by 2 anonymous experts, and has been reviewed by Aksana Akhmedova

Answer

Not Found

Answered by 1 anonymous expert, and has been reviewed by Ani Kintsurashvili

Answer

Not Found

Answered by Dulamkhorloo Baatar, and has been reviewed by Ani Kintsurashvili

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon

Answered by Alonso Illueca, and has been reviewed by Team Fundación Andrés Bello - Centro de Investigación Chino Latinoamericano

Answer

Supporting Evidence

In my country there is reference to financial institutions in my country using the China Interbank Cross-Border Payment System (CIPS). There is no observation of the indicator phenomenon.

1. https://www.cips.com.cn/

Answered by 1 anonymous expert, and has been reviewed by Team Fundación Andrés Bello - Centro de Investigación Chino Latinoamericano

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

1. https://www.cips.com.cn/en/participants/participants_announcement/60157/index.html

Supplementary Notes

In Announcement No. 89 of the CIPS it indicates that there are 17 participants from South America. However, the countries or financial/banking institution are not indicated.

Answered by Jack Lo Lau and Jorge Jesús Chávez Ortíz, and has been reviewed by Team Fundación Andrés Bello - Centro de Investigación Chino Latinoamericano

Answer

Supporting Evidence

Information on direct and indirect participants was reviewed on the official website of the China Interbank Cross-Border Interbank Payment System (CIPS). Thus, no information was found on any Venezuelan financial institution that is part of this system. Therefore, there is no observation of the Indicator phenomenon

1. https://www.cips.com.cn/en/participants/participants_announcement/f49fe99b-1.html
2. https://viewpoint.bnpparibas-am.com/the-renminbis-creeping-internationalisation-iv-brics-expansion-and-the-rise-of-africa/
3. https://docfinder.bnpparibas-am.com/api/files/5160C628-8F88-4EFA-9277-AB9FA54E7EC9
4. https://www.france24.com/es/20170909-maduro-sistema-pagos-venezuela
5. https://espanol.cgtn.com/n/2022-07-06/HEdDAA/Crecen-las-expectativas-en-Venezuela-por-adopcion-del-sistema-de-pago-ruso-MIR/index.html
6. https://www.argusmedia.com/en/news/1941803-caracas-exploring-chinese-russian-payment-systems
7. https://www.bcv.org.ve/notas-de-prensa/bancos-centrales-de-venezuela-y-china-firman-convenio-de-cooperacion
8. https://www.bancaynegocios.com/gobierno-de-venezuela-y-pdvsa-ofrecen-pagar-en-yuanes-a-sus-proveedores/

Supplementary Notes

Despite Venezuela is not using CIPS system, there are some key factors that let us think this situation could change in the next future. These reasons could be the following: 1) In 2018, presidents from the Venezuelan Central Bank and the People´s Bank of China signed a cooperation agreement, 2) In 2019, president Nicolás Maduro announced his intention to use new international payments systems to bypass the US financial sanctions against his government, 3) Recently, Venezuela announced the adoption of the Russian "MIR" payments system, and 4) Maduro´s government has the serious intention to promote politics that switch the use of the US dollars by other currencies like Russian rubbles or Chinese Renmimbi.

Answered by 1 anonymous expert, and has been reviewed by Team Fundación Andrés Bello - Centro de Investigación Chino Latinoamericano

Answer

Supporting Evidence

It seems only the China Construction Bank, and its agency in Chile use the system. Banks do not list the CIPS in their open webpages. CCB does express their intention to assist banks to join the CIPS System.

1. http://www.ccb.com/chile/uploadfile/637213/20220802095832438430.pdf

Answered by Sascha Hannig Núñez, and has been reviewed by Team Fundación Andrés Bello - Centro de Investigación Chino Latinoamericano

Answer

Supporting Evidence

There are no records of financial institutions using the clearing and settlement services system of the China Cross-border Interbank Payments System (CIPS).

1. https://www.cips.com.cn/en/about_us/about_cips/direct_participants_list/index.html

Answered by Paúl Mena Mena, and has been reviewed by Team Fundación Andrés Bello - Centro de Investigación Chino Latinoamericano

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon

1. https://www.banrep.gov.co/sites/default/files/reglamentacion/archivos/CEOS_DCIP-78_ASUNTO_4_jun_30_2022.pdf
2. https://bank-codes.es/swift-code/colombia/

Supplementary Notes

Colombia uses only the SWIFT/BIC system

Answered by 1 anonymous expert, and has been reviewed by Team Fundación Andrés Bello - Centro de Investigación Chino Latinoamericano

Answer

Supporting Evidence

no

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Answered by 1 anonymous expert, and has been reviewed by Filip Noubel

Answer

Not Found

Answered by Konstantinas Andrijauskas, and has been reviewed by Vida Mačikėnaitė-Ambutavičienė and Linas Didvalis

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Answered by Rumena Filipova, and has been reviewed by Matej Šimalčík

Answer

Supporting Evidence

I found that a memorandum of cooperation was signed in March 2016 between the People's Bank of China, which oversees the Cross-Border Interbank Payments System (CIPS), and the Belgian central bank, which oversees the Society for Worldwide Interbank Financial Telecommunication (SWIFT). It was unclear, though, if Belgian financial institutions make use of the China Cross-Border Interbank Payment System (CIPS).

1. https://www.ccpit.org/image/1/b4952208bea54d6a9148e498c96c3c3d.pdf

Answered by 1 anonymous expert, and has been reviewed by Richard Turcsányi

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Answered by Matej Šimalčík, and has been reviewed by Richard Turcsányi

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Answered by 1 anonymous expert, and has been reviewed by Richard Turcsányi

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Answered by 1 anonymous expert, and has been reviewed by Richard Turcsányi

Answer

Supporting Evidence

While Irish banks offer RMB transactions, there's no clear confirmation that they specifically use the China Cross-Border Interbank Payment System (CIPS). Bank of China has a branch in Dublin, but its use of CIPS isn't explicitly confirmed.

1. https://www.chinaunicomglobal.com/eu/news-and-events/china-unicom-establishes-new-branch-in-austria.php

Answered by 2 anonymous experts, and has been reviewed by Richard Turcsányi

Answer

Supporting Evidence

There is no observationof the indicator phenomenon.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

There is no observation of the indicator phenomenon.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

There is no observation of the indicator phenomenon.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

At the end of 2023 CIPS had 139 direct participants. In Europe, the system’s direct participants are in London, Frankfurt, Zurich, Paris, Luxembourg, Hungary and Russia

1. https://www.cips.com.cn/en/participants/participants_announcement/60417/index.html

Answered by 1 anonymous expert, and has been reviewed by Mădălina Voinea and Sorin Ionita

Answer

Supporting Evidence

We could find no evidence of Moldovan financial institutions using CIPS

1. https://www.cips.com.cn/

Answered by 1 anonymous expert, and has been reviewed by Mădălina Voinea and Sorin Ionita

Answer

Supporting Evidence

Italy and Italian financial institutions do not use this service.

1. https://www.cips.com.cn/en/participants/participants_announcement/index.html

Answered by 1 anonymous expert, and has been reviewed by Mădălina Voinea and Sorin Ionita

Answer

Supporting Evidence

There is no observation of this Indicator phenomenon.

1. https://www.cips.com.cn/en/participants/participants_announcement/index.html

Answered by 1 anonymous expert, and has been reviewed by Mădălina Voinea and Sorin Ionita

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

1. https://asiatimes.com/2022/03/china-media-goads-russia-to-use-cips-over-swift/

Answered by 1 anonymous expert, and has been reviewed by Mădălina Voinea and Sorin Ionita

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Answered by Hernan Alberro, and has been reviewed by another 1 anonymous expert.

Answer

Not Found

Answered by Hernan Alberro, and has been reviewed by Javier Melendez

Answer

Not Found

Answered by Hernan Alberro, and has been reviewed by another 1 anonymous expert.

Answer

Not Found

Answered by Hernan Alberro, and has been reviewed by Julieta Heduvan

Answer

Supporting Evidence

Afghanistan uses the SWIFT service system, though it is currently struggling to do so due to sanctions on the Taliban.

1. NO LINK

Answered by Rahimullah Kakar, and has been reviewed by Niva Yau

Answer

Supporting Evidence

Turkmenistan utilizes SWIFT for transactions with China but has shown positive signs of increasing RMB usage for credit transfer payments.

1. NO LINK

Answered by Temur Umarov, and has been reviewed by Niva Yau

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Supplementary Notes

In India the interbank payment systems are: 1. Real Time Cross Settlement (RTGS) 2. National Electronic Fund Transfer (NEFT) 3. Speed Clearing and for international payments, it uses SWIFT

Answered by 1 anonymous expert, and has been reviewed by Dr. Sriparna Pathak

Answer

Not Found

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

There is no evidence that suggests this phenomenon.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Not Found

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Not Found

Answered by 2 anonymous experts, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

There is no obversation of the indicator phenomenon.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Answered by Sriparna Pathak, and has been reviewed by Ambassador Vijay Kant Karna

Answer

Supporting Evidence

Zimbabwe did not feature in either direct or indirect participants of the CIPS

1. https://www.cips.com.cn/en/participants/participants_announcement/index.html

Answered by Ernest Mudzengi and Nancy Kambudzi, and has been reviewed by Andronicus Sikula and Dr. Obert Hodzi

Answer

Supporting Evidence

No such evidence.

Answered by 2 anonymous experts, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Supplementary Notes

Argentina's banks use CIPS ""indirectly"". That is, they use SWIFT directly for international transacitons, but in some cases, the funds go to clearing houses that use CIPS. Link Link Link Link Link

1. https://www.bcra.gob.ar/Pdfs/Noticias/ICBC.pdf
2. https://www.iri.edu.ar/index.php/2023/09/26/31522/
3. https://dangdai.com.ar/2023/04/28/como-se-gesto-el-comercio-con-yuanes-y-sus-detalles/
4. https://www.cera.org.ar/sites/default/files/publicos/2023-05/000%20En%20Contacto%20CHINA%20176_0.pdf
5. https://www.infobae.com/economia/2022/02/13/canje-de-monedas-la-urgencia-financiera-detras-de-los-recientes-acuerdos-con-china/

Answered by Ricardo Ferrer Picado, and has been reviewed by Hernan Alberro

Answer

Supporting Evidence

There is no observation of the indicator phenomenon. However, it is important to note that it is in negotiation.

1. https://www.financlick.es/como-funciona-cips-el-swift-chino-n-319-es
2. https://www.iri.edu.ar/index.php/2023/09/26/31522/
3. https://sputniknews.lat/20230516/que-paises-utilizan-mas-el-yuan-y-que-significa-esto-para-el-dolar-estadounidense-1139515900.html

Answered by Ricardo Ferrer Picado, and has been reviewed by Hernan Alberro

Answer

Supporting Evidence

There is no observation of the indicator phenomenon.

Answered by Eric Lemus, and has been reviewed by Julio Martinez and Alvaro Cruz

Answer

Supporting Evidence

There is no observation of the indicator phenomenon.

1. https://www.bsp.gov.ph/SitePages/PaymentsAndSettlements/PaymentsAndSettlements.aspx;
2. https://www.bsp.gov.ph/Media_And_Research/BS%20Review/BS08_A3.pdf

Supplementary Notes

As of 2023, the Philippines currently uses the Society for Worldwide Interbank Financial Telecommunication (SWIFT) for cross-border payments, and it has not yet joined CIPS.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Uganda financial institutions use SWIFT.

Answered by Agather Atuhaire, and has been reviewed by Abdou Rahim Lema

Answer

Supporting Evidence

There is no observation of the Indicator phenomenon.

Answered by 1 anonymous expert, and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

But Indonesia has signed several other currency agreements with China

1. https://carnegieendowment.org/2022/08/22/southeast-asia-s-growing-interest-in-non-dollar-financial-channels-and-renminbi-s-potential-role-pub-87731

Answered by Muhammad Zulfikar Rakhmat, and has been reviewed by Yeta Purnama

Answer

Supporting Evidence

We are unable to find any source which indicates it

Answered by Muhammad Zulfikar Rakhmat, and has been reviewed by Yeta Purnama

Answer

Supporting Evidence

There is no evidence that Canadian financial institutions use the China Cross-Border Interbank Payment System (CIPS) for clearing and settlement services.

Answered by 1 anonymous expert, and has been reviewed by Terry Glavin

Answer

Supporting Evidence

See: supplementary notes.

1. https://www.phnompenhpost.com/business/nbc-navigating-chinas-cross-border-interbank-payment-system-serey

Supplementary Notes

While CIPS has not yet begun to be utilized in Cambodia, negotiations continue for its introduction.

Answered by Bradley J. Murg, and has been reviewed by another 2 anonymous experts.

Answer

Supporting Evidence

Based on a written interview with a relevant Bank of Israel director in July 2023, Israel is not a member of CIPS, and no Israeli banks or financial institutions are members. However, the director added that banks or financial entities may be able to open accounts with CIPS members and receive correspondence services through them, similar to how foreign banks manage accounts in local banks.

Answered by The Institute for National Security Studies (INSS), and has been reviewed by another 1 anonymous expert.

Answer

Supporting Evidence

Unable to find information, latest available update is here

1. https://www.atlanticcouncil.org/blogs/menasource/china-dedollarization-north-africa/

Answered by 1 anonymous expert, and has been reviewed by Filip Noubel

Answer

Supporting Evidence

There is a Congolese bank (Rawbank) that provides and clears RMB for its Chinese and local customers doing business in China. This suggests that they might be using CIPS. However, we couldn’t find any evidence to support this assessment.

Answered by 1 anonymous expert, and has been reviewed by Andronicus Sikula and Christian Rumu