China's CIPS Adds 11 Foreign Banks as Direct Participants at Xiamen Trade Fair
CIPS signed 11 foreign banks as direct participants at CIFIT, expanding its reach to six new countries and launching a cross-border letter of guarantee service.
China's Cross-Border Interbank Payment System (CIPS) has added 11 foreign banks as direct participants, a move announced on Tuesday at a bank-enterprise collaboration event held alongside the 26th China International Fair for Investment and Trade (CIFIT) in Xiamen, Fujian Province.
The new agreements extend CIPS's direct participant network to 133 countries and regions, with its business now covering 192 countries and regions and reaching approximately 5,300 banking institutions. The expansion adds six new countries to the system's reach, including Rwanda, Türkiye and Uzbekistan.
CIPS provides clearing and settlement services for cross-border yuan payments and trade. Mziwandile Mavuso, head of intraday liquidity management at South Africa's FirstRand Bank — one of Africa's largest financial institutions — said direct participation allows banks to offer faster and more transparent yuan payment services while reducing reliance on multiple intermediaries.
The event also marked the launch of CIPS's cross-border letter of guarantee service, a standardized messaging tool covering issuance, amendment, claims and refusal notices. The service aims to simplify guarantee arrangements across borders for lenders and corporate clients, adding to the range of yuan applications in international payments.
The signing ceremony was held for the first time as part of CIFIT, a trade fair organized by China's Ministry of Commerce. The fair attracted delegations from 129 countries and regions, with 60 setting up exhibition areas. Since its inception in 1997, CIFIT has served as a platform for boosting investment and facilitating global development.