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SWIFT, a global provider of financial messaging services, has inked a memorandum of understanding (MOU) with China’s Cross-border Interbank Payment System (CIPS), helping integrate China with the broader global SWIFT community, according to a SWIFT statement.
In particular, the MOU will aim to strengthen China’s overseas payment capabilities via SWIFT’s globally utilized infrastructure. The MOU was jointly signed last week between CIPS and SWIFT executives, including SWIFT’s Chief Executive of the Asia-Pacific region (APAC) and Europe, Middle East, and Africa (EMEA), Alain Raes.
During H2 2015, SWIFT’s global currency tracked had showed a methodic uptick in the utilization of the Chinese RMB ... (read more)