Under China's 15th Five-Year Plan, the nation is doubling down on a global push for the renminbi (RMB). Central to this effort is the Cross-Border Interbank Payment System (CIPS) 🌐 — the backbone for secure, efficient RMB settlements worldwide.
Launched by the People's Bank of China, CIPS has grown rapidly since 2015. Today it connects over 1,700 participants and more than 5,000 banks across 190 countries and regions. Wherever RMB moves, CIPS follows, challenging legacy networks by cutting costs and slashing settlement times 📉.
In 2024, CIPS processed a record 175 trillion yuan ($24.7 trillion) in cross-border transactions — a 43 percent jump from the previous year and part of a consistent 40 percent annual growth over the past five years. RMB use in goods trade settlements climbed to 27.2 percent in 2024 and has already reached 28.1 percent in the first half of 2025 💹.
Here’s where Hong Kong SAR shines: as Asia’s top offshore RMB hub, the city blends global connectivity with deep market expertise. By integrating CIPS into its financial ecosystem, Hong Kong SAR can amplify RMB’s global reach, attracting more trade finance flows and supporting new digital currency initiatives like the International Digital RMB Operations Center and multilateral CBDC bridge 🔗.
With its robust infrastructure, strategic location, and regulatory alignment with the Chinese mainland, Hong Kong SAR is poised to power the next stage of RMB internationalization — turning the city into a true RMB superhub for investors, traders, and tech innovators alike 🔥.
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Hong Kong SAR can power the next stage of RMB internationalization
cgtn.com
