An exhibition board introduces CIPS. [Photo/VCG]

The Cross-border Interbank Payment System or CIPS will introduce its yuan-denominated international letter of credit service during the upcoming Lujiazui Forum in Shanghai — with related events held from June 18 to 20.

The launch will be held at a dedicated event promoting cross-border cooperation between banks and enterprises at the Shanghai World Expo Exhibition and Convention Center.

The event will be part of the 2025 China International Finance Exhibition, which will be held in Shanghai this year to coincide with the Lujiazui Forum.

The new service seeks to improve access to cross-border financial services and support the recently announced action plan to further streamline those services in Shanghai.

As of May 2024, CIPS had 174 direct participants and 1,509 indirect participants — covering over 4,900 banking entities in 187 countries and regions. It serves as the primary channel for cross-border yuan payments and clearing.

Nearly 30 overseas financial institutions — including global banks like Standard Chartered Bank and HSBC, alongside multilateral and regional banks — are expected to participate in the event.

Over 30 overseas branches of major Chinese banks will also be present, representing nearly 40 countries and regions.

The event will include signing ceremonies, new business launches, themed sessions, roadshows and dialogues. The yuan-denominated international L/C service aims to provide efficient cross-border financial services, in line with international standards.

Source: Jiefang Daily