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Thursday, October 8, 2015

EXOGEN UPDATE, 8 OCT

S3A : 

EXOGEN:  THE GLOBAL SWIFT SYSTEM CIRCUMVENT IS OFFICIALLY LIVE AND ACTIVATED BY CHINA

History has just been made today as the NEW

China International Payment System (CIPS) has been activated to circumvent & bypass the global SWIFT System using the YUAN.

This is the OFFICIAL restructuring of the Global Banking & Financial Architecture.

Pay close attention to EM's, BRICS, AIIB and Russia and China's NEXT MOVE!!!!

Global Order is about to be RESTORED
....
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China Launches Yuan-Based International Payment System
 REUTERS/ David Gray/Files   20:14 08.10.2015Get short URL

Up to 19 major banks were named as direct participants in CIPS, with 38 Chinese banks and up to 140 foreign financial institutions named as indirect participants.
MOSCOW (Sputnik) – China launched the first phase of its China International Payment System (CIPS) in Shanghai on Thursday, allowing cross-border transactions in the Chinese national currency, the yuan.

CIPS’ first phase provides clearing and settlement services, according to the People’s Bank of China announcement. Its launch is said to remove hurdles to the yuan’s internationalization by reducing transaction costs and processing times.

Up to 19 major banks were named as direct participants in CIPS, with 38 Chinese banks and up to 140 foreign financial institutions named as indirect participants.

The launch bolsters China’s efforts to join the International Monetary Fund’s (IMF) Special Drawing Rights (SDR) basket. An announcement on the State Council’s website cited SWIFT transaction services data as calling the yuan one of the world’s top five payment currencies last November.

CIPS is vying to overtake SWIFT in the region. Developed and administered by the People’s Bank, the system operates from 9 am to 8 pm Beijing time (01:00-12:00 GMT).
Local media reported that the Beijing-based Industrial and Commercial Bank of China (ICBC), one of the 19 direct CIPS participants, has cleared its first transaction of 35 million yuan ($5.5 million) in Singapore.

Another direct participant, Standard Chartered Bank said it had also cleared its first transaction with the Swedish home furnishing retailer IKEA through CIPS.

Additionally, China has adopted the IMF's Special Data Dissemination Standard (SDDS), a move also seen to further internationalize the yuan

Read more: http://sputniknews.com/business/20151008/1028228289.html#ixzz3o0GKkHSU

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