China to lauch first phase of CIPS in Shanghai

China will start a cross-border payment system for the yuan by the end of the year as it seeks to promote its global use.

中国将在2015年年底前上线人民币跨境支付系统，以推广人民币跨境的使用。

The first phase of the China International Payment System will begin in Shanghai to handle deals in Asia, Oceania and Europe, the People's Bank of China said in its yuan internationalization report published on Thursday. CIPS will run from 9 a.m. to 8 p.m. local time and facilitate cross-border trade settlement, direct investments and other yuan deals, according to the report.

中国人民银行在6月11日公布的《人民币国际化报告》中说，将在上海上线运行人民币跨境支付系统一期，以部分满足亚洲、大洋洲和欧洲等时区人民币业务发展的需要。该报告说，CIPS的运行时间将设定为当地时间上午9点到晚上8点，主要服务于跨境贸易结算、跨境直接投资和其他跨境人民币结算业务。

China is drumming up efforts to boost the yuan's global use as it seeks to have it added to the International Monetary Fund's Special Drawing Rights basket of currencies that already includes the dollar, euro, yen and pound. The PBOC has appointed yuan-clearing lenders in 11 cities including Seoul, Sydney, Kuala Lumpur and Bangkok in the past year.

随着中国试图将人民币纳入国际货币基金组织的特别提款权货币篮子，中国正在竭力扩大人民币的跨境使用。IMF的SDR货币篮子已包含美元、欧元、日元和英镑。过去一年中，中国人民银行已在首尔、悉尼、吉隆坡和曼谷等11个城市指定了人民币业务清算行。

"The launch of CIPS is a vital step for the yuan's internationalization," said Tommy Xie, an economist at Oversea-Chinese Banking Corp. in Singapore. "The system will increase the efficiency and reduce the costs for banks that settle the yuan, as it will erase the time and technical barriers among banks across the world."

新加坡华侨银行的经济学家谢东明说："CIPS上线是人民币国际化的重要一步。该系统将让开展人民币结算业务的银行得以提高效率、降低成本，因为它将扫清全球银行间的时间和技术障碍。"

China will "actively encourage" foreign central banks to include yuan-denominated assets in their foreign-exchange reserves and it may scrap limits on how much onshore yuan bonds they can buy, PBOC said in the report.

中国人民银行在报告中说，中国将"积极支持"境外央行类机构将人民币资产纳入其外汇储备，而且正研究取消境外央行类机构投资境内银行间债券市场的额度限制。

The IMF's mission to China said in preliminary findings released on May 26 that the yuan is no longer undervalued, and that it will work with Chinese authorities toward its inclusion in the SDR in an October review. The currency has become Asia's most-active for payments to China and Hong Kong, according to the Society for Worldwide Interbank Financial Telecommunications.

IMF代表团在5月26日公布的初步调查结果中说，人民币不再被低估，且该机构将与中国当局合作，努力在10月的审议中将人民币纳入SDR。环球银行间金融通信协会说，人民币已成为亚太地区其他经济体与中国内地和香港结算支付的最活跃手段。