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

Panama declared a state of emergency on Saturday to coordinate relief efforts and assist communities affected by a powerful earthquake that struck the country Friday.

The 7.6-magnitude earthquake struck Panama at 12:56 local time Friday, with its epicenter about 39 km northwest of Tonosi in Los Santos province, damaging homes, schools, health facilities, roads and public buildings across several parts of the country.

The quake has left 27 people injured as of present, according to Panama's National Civil Protection System.

Presidency Minister Juan Carlos Orillac told a press conference at the presidential palace that the declaration would ensure government agencies remain on standby and have the resources needed to assist those affected.

Orillac said President Jose Raul Mulino had ordered the creation of a commission to coordinate relief operations, manage resources and address the needs of affected communities.

The government has also set up donation collection centers, including one at Omar Park in Panama City, while provincial government offices will serve as additional collection points, he said.

Panamanian authorities continue to assess the damage and coordinate emergency response efforts.

Panama declares state of emergency after powerful quake