Standard Chartered completed its first clearing for Ikea China via the Cross-border Interbank Payment System (CIPS) on Thursday.
The CIPS system, developed and administered by China's central bank, came online on Thursday. As one of the 19 banks which are named as direct participants, the Standard Chartered finished over 200 deals via the system in total on the day, covering many countries and regions in Middle East, Asia, Europe and Oceania.
The system, which provides capital settlement and clearing services for cross-border yuan transactions for financial institutions, will boost the global use of the yuan, or renminbi (RMB), by cutting costs and processing times.
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