Industrial and Commercial Bank of China becomes Myanmar's first bank to directly participate in the RMB cross-border payment system
Recently, the Yangon Branch of the Industrial and Commercial Bank of China successfully launched the direct participation function of the RMB cross-border payment system (Cross-border Interbank Payment System, referred to as CIPS), becoming the first CIPS direct participating bank in Myanmar. It marks that ICBC is supporting the construction of CIPS global network and helping the development of RMB internationalization to go further.
Since the People's Bank of China first launched CIPS in October 2015, the system has developed into an important financial market infrastructure in China, and its service network has expanded to more than 170 countries and regions around the world, helping to centralize cross-border clearing, shorten clearing path provides safe and efficient fund settlement and clearing services for cross-border RMB transactions of global financial institutions. At present, 11 institutions of ICBC have become CIPS direct participating banks, and more than 100 institutions have become CIPS inter-participating banks through ICBC, effectively promoting RMB cross-border payments. In recent years, the Myanmar government has continuously promoted the development of RMB cross-border payments, and RMB has become the main currency for settlement of China-Myanmar border trade. ICBC Yangon Branch is also the first RMB clearing bank in Myanmar to be approved for China-Myanmar border trade business.
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