BRICS Payment System Supports Transactions Across 185 Countries

By Vinod Dsouza – Watcher.Guru

BRICS member China’s new payment system, named Cross-Border Interbank Payments System (CIPS), is taking the financial world by storm. The CIPS payment system now supports international transactions in the Chinese yuan across 185 countries. China has enabled yuan-denominated trades for liquefied natural gas at the Shanghai Oil and Gas Exchange. In addition, the Communist country has allowed the Shenzhen Qianhai Joint Trading Center to handle overseas soybean transactions in the local currency.