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[BEIJING] China's central bank on Thursday launched the China International Payment System (CIPs), a worldwide payments superhighway for the yuan to facilitate trade settlement and investment dominated in the yuan.
CIPS will replace a patchwork of existing networks that make processing renminbi payments a more cumbersome process.
It will comprise of two phases, the first of which will look to facilitate cross-border yuan business activities and support trade in goods and services. The second will improve clearing efficiency for direct participants in the yuan market, the People's Bank of China said in a statement on its website.