China to launch international payment system

[nizamuddin]

very good

 

[IR-TR]

Good good good. Gives an alternative to one of the last bastions of Western financial dominance. Now let's come up with a ratings agency.

 

[Beidou2020]

CIPS is a MASSIVE step in internationalising the Renminbi.

It reduces time and cost for clearing transactions and overall makes things so much easier than having individual clearing banks.

 

[pigtaker]

good development, now it will be interesting to see whom the self-appointed world leader US can sanction in the future?

 

[Beidou2020]

good development, now it will be interesting to see whom the self-appointed world leader US can sanction in the future?

Exactly.

CIPS will allow countries to go through the renminbi payment clearing system instead of the CHIPS US dollar payment clearing system. US won't be able to monitor transactions that goes through CIPS thus making it extremely difficult to sanction countries.

More countries will trade, investment and finance in renminbi and be cleared by CIPS which will weaken US influence in the financial sphere.

Next up for China will be to make a SWIFT alternative which is the financial messaging service.

 

[Al Bhatti]

Chinese have a Chinese version of almost everything.

 

[pigtaker]

The US basically has two pillars, one is military and another is dollar. Its democracy is just bullshit. How could a country who genocided native indians and employed clossal scale of human slavery to become rich be human rights beacon? Not to mention it sprayed orange agent to kill jungle people at will and dropped atomic bomb to massacre civlians, among other things.

In the past USSR dedicated to ax its arms pillar and failed, now we are trying another approach to chop down its dollar. anyway, we will keep working on it until bring this evil country down.

 

[Beidou2020]

The US basically has two pillars, one is military and another is dollar. Its democracy is just bullshit. How could a country who genocided native indians and employed clossal scale of human slavery to become rich be human rights beacon? Not to mention it sprayed orange agent to kill jungle people at will and dropped atomic bomb to massacre civlians, among other things.

In the past USSR dedicated to ax its arms pillar and failed, now we are trying another approach to chop down its dollar. anyway, we will keep working on it until bring this evil country down.

Chopping off the dollar pillar will bring down its military pillar. It's dollar monopoly feeds its oversized military budget and its inflated economy.

 

[TaiShang]

Exactly.

CIPS will allow countries to go through the renminbi payment clearing system instead of the CHIPS US dollar payment clearing system. US won't be able to monitor transactions that goes through CIPS thus making it extremely difficult to sanction countries.

More countries will trade, investment and finance in renminbi and be cleared by CIPS which will weaken US influence in the financial sphere.

Next up for China will be to make a SWIFT alternative which is the financial messaging service.

I think, in that case, sanctions regime and even the threat of it will in fact promote CIPS by pushing those nations toward endorsing the equal and threat-proof system of China.

Financial sanctions will literally be toothless. If this is not anti-hegemonism, I do not know what is.