(Yicai Global) May 3 -- China’s central bank has extended the operating hours of its cross-border interbank payment system to 24 hours every working day after the success of a trial run in March.
The system, which has operated 12 hours each working day since launching in 2015, will also run for an extra four hours each week to cater to other time zones and cover the entire global financial market, the People’s Bank of China said yesterday. It will also open overnight trading on its interbank money market to meet the needs of on- and offshore CIPS participants.
The CIPS is a fund clearing and settlement service for on and off-shore businesses trading in yuan, and creates an express channel for the internationalization of the yuan, the bank said, adding that it is an important financial infrastructure which complies with global standards. As of March, the system had 31 direct domestic and international participants, and 695 indirect members covering 148 countries.
The system supports fund settlement in several financial markets and allows real-time and scheduled transactions to facilitate cross-border e-commerce and meet the needs of all participants, it added.
Editor: James Boynton