Under the guidance of Zhongshan Central Branch of the People's Bank of China, the Zhongshan Branch of Bank of Communications recently deployed standard transceivers of the Cross-border Interbank Payment System (CIPS) for three subsidiary enterprises of Perfect (China) Co Ltd.
CIPS is a system developed independently in China to provide capital settlement services for cross-border RMB transactions of domestic and foreign financial institutions. Standard CIPS transceivers deployed between banks and enterprises can help enterprises handle cross-border settlement affairs without going out and ensure cross-border RMB payment channels' safety and controllability.
As of now, banking institutions have deployed standard CIPS transceivers for 4 enterprises in Zhongshan. In the first five months of this year, the settlement amount of cross-border RMB transactions in Zhongshan reached 37.987 billion yuan, ranking sixth in Guangdong Province (excluding Shenzhen), up 53.64% year-on-year.
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