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Business/Finance See other Business/Finance Articles Title: China's mega international payment system is ready, will launch this year - report The China International Payment System (CIPS) is due to kick off this year, bringing the yuan a step closer to becoming a global trading currency, as the new system will make payment transfers just as easy as in dollars and euro. The launch is expected in September or October, depending on how tests go, a source told Reuters. Another person with direct knowledge of the matter said the goal is to start the first phase before December, Reuters reported. "The CIPS is ready now and China has selected 20 banks to do the testing, among which 13 banks are Chinese banks and the rest are subsidiaries of foreign banks," one of the sources told the agency. READ MORE: Russia to launch alternative to SWIFT bank transaction system in spring 2015 CIPS will use the same coding system as other international payment systems, which will make transactions more fluid and rapid. The super-network will consolidate and replace the existing multiple clearing houses that process yuan payments, and will rival majors like Visa and MasterCard. The move should help bump the yuan’s presence on the international stage, as the payment system will make it faster and easier to carry out cross-border transactions using the Chinese currency. It’s the fifth most-used currency in international payments, according to the SWIFT network. In December 2014, about 2.17 percent of payments were made in yuan, up from 0.63 percent in 2013. For a while China has been exploring methods to cut dependence on the dollar and other hard currencies in international trade, hoping to settle more deals in yuan. China, the world’s second biggest economy, grew by 7.4 percent in 2014, but has trimmed its 2015 forecast to seven percent, the lowest growth rate in the last 25 years. Despite the slight slowdown, it is still expected to be the fastest growing economy of 2015, according to a poll of economists by Bloomberg. Where to watch Schedule Chinese yuan now top 5 major intl payment currency Ditching US dollar: China, Russia launch financial tools in local currencies Russia launches China UnionPay credit card Poster Comment: buhal mayday China bank is about 70% own by chinese government .Others own by foreign company, which may include some jews bankermore... That is good. But Europeans were not afraid either 1000 years ago, neither were the Americans 100 ago. Central banking is not that bad, private central banking is the problem - and that is largly developed and deployed by jews. Because it comes in a pack with war and slavery. buhal mayday Not too much .20~30 % the most . What do you mean '20-30% the most'? 'Fiat-ness' of yuan or potential to grow? Yuan is a debt currency issued by a central bank, which has reserves of precious metals and foreign currencies, but they are not directly linked to yuan 'printing' (that makes yuan fiat currency). But this bank serves the government ruling the most powerful economy in the world - that makes the possibilites of yuan growing extremely huge - for example it is fifth currency in the world and it's not even free-floating (that usually doubles the currency global share as speculative liquidity is demanded and supply provided as an answer to demand does not devaluate the currency). Downside for the dollar is yuan will cut its share, because Chinese production which would be traded in yuans is now traded mostly in dollars. With market share cut comes devaluation, as fiat currencies' value is based on demand (and supply/demand ballance). All currencies today are fiat except XAU/XAG/etc. (gold/silver/etc. direct derivatives), which most people don't have access to, actually don't even know they exist. Or you mean 20-30 percent jews involved? Of that 'secret ingredient' even half percent is too much. The real question is are there jews involved in Chinese central banking? Rasta Man bye bye $ . see you in museum. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 1.
#1. To: Tatarewicz (#0)
Maybe the world's awakening to the real problem...
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