4 ms·
No, Russian banks are also joining CIPS, so there is no need for double Forex. Chinese banking has actually spread around the world a lot more than you'd think
by sudosysgen 5y ago
No, Russian banks are also joining CIPS, so there is no need for double Forex.
Chinese banking has actually spread around the world a lot more than you'd think. They aren't starting from zero.
And also, CIPS software-wise is designed to be a plug-in replacement for SWIFT.
- kasey_junk 5y agoIf I’m a modern treasury that needs to do business in Russia the China corridor requires me to fx to yuan and the fx yuan to ruble. As of now both of those currencies are hard to fx. It’s also hard (relatively) to setup Chinese accounts. I work in the industry and have seen Chinese banking normalize a bit especially in Africa but comparatively it is tiny and hard to manage. Singapore for instance is a more likely spot to setup banking operations for most companies. The issue is that these are long term trends. It will take decades to make China a finance nexus on the order of modem banking centers in the west and that presumes China continues to liberalize their currency and finance regime which is not the current trend.