Russia and China link financial payment systems
Central Bank of Russia. Photo: TASS.
Some Russian banks have been banned from accessing SWIFT . international payment system Therefore, it is difficult to transfer money abroad.
The system is Central Bank of Russia A development called the Financial Messaging System (SPFS) allows cash flows to continue to flow between domestic banks, but with limitations in terms of time, size, and complexity of transactions. transactions can be performed.
Coordination with China’s CIPS payment system is being considered as a viable option. However, the CIPS system is only processing payments in renminbi.
Chairman of the Finance Committee of Russia’s lower house of parliament Anatoly Aksakov said that linking the two payment systems in Russia and China is essential to eliminate the risks of maintaining transaction activities.
Currently, the two sides are coordinating on this project, with the participation of the central banks of Russia and China, and believe that all plans will be accelerated in the current situation.
In addition, the Russian Ministry of Finance said that Moscow will use the renminbi in foreign exchange reserves after being unable to access the dollar and the euro.
Some Russian banks have also issued cards using China’s UnionPay payment system after Visa or Master cards issued by these banks could not be used abroad.
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