China plans to launch own international payment system

Read on the website Vestnik Kavkaza

China plans to launch its own international payment system later this year, the country's prime minister, Li Keqiang, said.

"By the end of the year, we will complete the development of China's International Payment System, CIPS", the premier said.

He also noted that China plans to assist in facilitating foreign central banks in the inter-bank foreign exchange market, Gazeta.ru reports.