Why did China build its Cross-Border Interbank Payment System and what does it mean for the dollar?


November 23, 2022, 9:00 AM to 10:00 AM EST
Virtual Event
Nicolas Véron (PIIE), Felix Chang (Ohio State University) and Emily Jin (Center for a New American Security)

Event Summary

In 2015, China launched the Cross-Border Interbank Payment System (CIPS) to clear and settle transactions in renminbi and facilitate the use of the currency in international business. This Financial Statements session will explore the role and significance of CIPS, its potential to compete with globally integrated financial infrastructure—such as SWIFT—and erode the worldwide primacy of the US dollar, and how financial sanctions against Russia might impact it.

Joining this episode of Financial Statements were:


Nicolas Véron
Senior Fellow, Peterson Institute for International Economics (PIIE)


Felix Chang
Visiting Professor of Law, Ohio State University

Emily Jin
Research Assistant, Center for a New American Security



About This Series

Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector.