How China opened the door to creating a direct rival to US payment systems

2026-03-19 - 02:02

China’s recent changes to the rules governing its global payment system could pave the way for turning it into a genuine alternative to Western networks, according to a new report. Beijing now appears to be moving towards building the Cross-border Interbank Payment System (CIPS) into a global platform compliant with multicurrency settlements and other foreign payment channels, said the study led by Ju Jiandong, a chair professor at Tsinghua University’s PBC School of Finance. Beijing recently...