Russia and China find alternatives to SWIFT

To facilitate mutual settlements between Russia and China, a number of Russian banks began to connect to the Chinese CIPS (China International Payments System). This is the Chinese equivalent of the world famous SWIFT system.

SWIFT is an interbank information transfer and payment system. Today more than 10,8 thousand banks and organizations in 200 countries of the world are connected to it.

However, Russia, after deteriorating relations with Western countries in 2014, there were risks of a possible disconnection from the SWIFT system.

Representatives of the system said that they are being pressed by the United States and other Western countries, requiring SWIFT to join anti-Russian sanctions. As a result, the system did not impose sanctions.

But since no one has canceled the risk of disconnecting from SWIFT, the Bank of Russia has created its own financial message transfer system - SPFS. It is to her that the representatives of the Bank of Russia call Chinese banks to facilitate settlement. As an example of successful cooperation, the connection of Russian banks to the Chinese CIPS is demonstrated.

Since China, like Russia, is the target of attacks from the United States, mutual connection to financial reporting systems will allow countries to protect themselves from numerous risks. Moreover, the pace of economic cooperation between our country and the Middle Kingdom is increasing.
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  1. Monster_Fat Offline Monster_Fat
    Monster_Fat (What's the difference) 27 March 2019 13: 16
    Duc, what's the point? Connect to hell, but if they decide to turn off SWIFT from Russian banks, they will simultaneously block payments in dollars, that is, here is China, whose banks have signed an international charter-obligation to follow the rules of the American regulator in trade with the United States and for any trade in dollars , will also block transactions of any Russian banks in dollars. We'll have to pay in yuan, buying them from China at an overvalued rate. (Chinese, again in "navar"). Yes, and yuan can only be settled with the Chinese, in other countries the yuan is not favored, because the yuan is not hard currency. yes