China's cross-border payment system welcomes 11 foreign banks as new direct participants

China's Cross-Border Interbank Payment System (CIPS) welcomed 11 foreign banks as new direct participants at a bank-enterprise collaboration event in Xiamen of east China's Fujian Province on Tuesday, extending its reach across six new countries, including Rwanda, Türkiye and Uzbekistan.

A signing ceremony for the new participating banks took place on the sidelines of the 26th China International Fair for Investment and Trade (CIFIT), which attracted delegations from 129 countries and regions, with 60 setting up exhibition areas.

The new agreements have further extended the global reach of CIPS -- a payment system that provides clearing and settlement services for cross-border RMB payments and trade -- expanding the network of direct participants in 133 countries and regions, while its business now covers 192 countries and regions, reaching some 5,300 banking institutions.

Mziwandile Mavuso, head of intraday liquidity management at South Africa's FirstRand Bank, one of the largest financial institutions in Africa, said direct participation in the system makes RMB payments smoother and simpler for bank clients.

"Through direct participation in CIPS, banks can offer faster and more transparent RMB payment services, reduce dependencies on multiple intermediaries," said Mziwandile Mavuso, head of intraday liquidity management at FirstRand Bank Ltd.in South Africa.

The event on Tuesday also saw CIPS launch its cross-border letter of guarantee service, a standardized messaging tool covering issuance, amendment, claims and refusal notices, easing guarantee arrangements across borders for lenders and their corporate clients alike and adding to the growing range of RMB applications in international payments.

The banking breakthrough was held for the first time as part of broader CIFIT trade fair, which is organized by the Chinese Ministry of Commerce and has become an important platform for boosting investment and facilitating global development since it was first held in 1997.

China's cross-border payment system welcomes 11 foreign banks as new direct participants

The Democratic Progressive Party (DPP) authorities' attempts to whitewash and distort the history of the Chinese people's War of Resistance against Japanese Aggression constitute a betrayal of history and a desecration of fallen heroes, a Chinese mainland spokesperson said Wednesday.

On Sept. 3, the 81st anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression (1931-1945) and the World Anti-Fascist War, some people in Taiwan have called on compatriots on both sides of the strait to remember the history of the war and oppose the separatist act of "de-sinicization".

Commenting on the remarks, Chen Binhua, spokesman for the State Council Taiwan Affairs Office, said the victory in the War of Resistance Against Japanese Aggression is a great triumph forged by all Chinese people, including compatriots in Taiwan, and it is also a shared historical memory of compatriots on both sides of the Taiwan Strait.

"Forgetting history means betrayal. The DPP authorities' deliberate whitewashing and blatant distortion of the history of the War of Resistance Against Japanese Aggression constitute a betrayal of history and a desecration of the martyrs, paving the way for their betrayal of the nation and a separatist agenda. We believe that more and more Taiwanese compatriots will see through the DPP authorities' false historical narratives and the sinister intentions behind their 'de-sinicization' efforts, safeguard the overall interests of the Chinese nation, adhere to a correct view of history, and join hands with their counterparts on the mainland to carry forward and honor the great spirit of the War of Resistance, jointly strive for the great cause of national reunification, and create a brighter future for national rejuvenation," said Chen.

Mainland spokesman slams DPP's attempts to distort war of resistance history