BEIJING (Reuters): The Chinese mainland should prepare for potential US sanctions by increasing use of its own financial messaging network for cross-border transactions in the mainland and the Hong Kong and Macao special administrative regions, according to a report from the investment banking unit of Bank of China.
Greater use of the Cross-Border Interbank Payment System (CIPS) instead of the Belgium-based SWIFT system would reduce exposure of the mainland’s global payments data to the United States, BOC International (BOCI) said in the report, which was co-authored by a former foreign exchange regulator.
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