(Yicai) June 18 -- Cross-Border Interbank Payment System signed agreements with six foreign lenders to become direct participants of the Chinese payment system offering clearing and settlement services in yuan, China Central Television News said.

CIPS inked deals with Standard Bank, African Export-Import Bank, First Abu Dhabi Bank, Eldik Bank, and United Overseas Bank at the three-day China International Finance Exhibition 2025 that opened in Shanghai today, CCTV News reported on the same day. In addition, an online inauguration ceremony was held for Bangkok Bank joining in Thailand.

CIPS will cover offshore yuan centers in Africa, the Middle East, Central Asia, and Singapore through foreign direct participants for the first time, further facilitating cross-border yuan use.

On the same day, CIPS launched its international yuan-denominated letter of credit service, one of the most commonly used settlement methods in global trade. Cross-Border Interbank Payment System introduces the new service to support market entities conducting international trade settlements in yuan.

The People's Bank of China launched CIPS for cross-border yuan transactions on Oct. 8, 2015. Its services include cross-border trade settlements, cross-border capital account settlements, and cross-border payment and settlement services for financial institutions and individuals.

CIPS had processed over CNY675 trillion (USD94 trillion) in various payment transactions as of May 31, according to data released by Xinhua News Agency. With 1,683 participants, CIPS-related services reach over 180 countries and regions through a network of more than 4,900 legal entity financial institutions, leveraging direct and indirect participants, forming a global network backbone supported by Chinese banks, clearing institutions, and systemically important foreign banks.

The first batch of CIPS direct participants included 19 Chinese and foreign lenders. Before its launch, cross-border yuan clearing primarily relied on the SWIFT messaging system to transmit payment instructions, with actual clearing executed through China's National Advanced Payment System or its High-Value Payment System.

Editor: Martin Kadiev