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China Advances BRICS Payment System to Challenge SWIFT Dominance
China Advances BRICS Payment System to Challenge SWIFT Dominance
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China has formally initiated a strategy to promote its Cross-Border Interbank Payment System (CIPS) as an alternative to SWIFT, targeting reduced reliance on the US dollar. The move, coordinated by the Shanghai municipal government and the People’s Bank of China, leverages the yuan’s role in trade settlements amid escalating US-China trade tensions.
CIPS aims to capitalize on China’s manufacturing and trade clout, positioning the yuan as a viable settlement currency. The development signals a broader BRICS effort to decentralize financial infrastructure from Western systems, though immediate crypto market implications remain indirect.
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