China’s yuan-centred payment network no match yet for US-dominated global financial system, say experts

China’s bid to build a yuan-centred clearing house poses no imminent threat of supplanting the US-dominated global financial system amid few signs that Russia is turning to its ally’s platform to evade Western sanctions, experts said on Wednesday.

China’s Cross-Border Interbank Payment System, or CIPS, has garnered renewed attention this year as a potential alternative for Moscow to settle its international payments and carry out financial transactions.