Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 28 (Xinhua) — China’s cross-border interbank payment system CIPS and the United Arab Emirates’ central bank have signed a memorandum of understanding to strengthen cooperation in cross-border payments, the People’s Bank of China (PBOC), which acts as the regulator and administrator of CIPS, said Wednesday.
According to a statement by the PBC published on its official website, the signing of the agreement is expected to improve the payment infrastructure and increase the efficiency of cross-border settlements.
Under the agreement, CIPS and the UAE Central Bank will jointly develop a cross-border payment systems interconnectivity programme to provide foreign exchange clearing services to financial institutions in the Middle East and North Africa.
As noted in the statement, the parties will deepen the exchange of experience in risk management and regulatory compliance, as well as enhance the security and stability of cross-border payment systems. –0–