DAR ES SALAAM, Sept. 4 -- CHINAS Cross-Border Interbank Payment System (CIPS) is steadily gaining ground and has the potential to become a major pillar of a more multipolar global payments architecture.

By providing dedicated infrastructure for clearing and settling cross-border transactions in renminbi (RMB), CIPS can promote currency diversification in global trade and gradually reduce reliance on conventional dollar-based settlement routes. CIPS handled more than RMB175 trillion in 2024, more than three times its 2020 volume, and indications suggest its 2026 performance could potentially more than double the 2024 figure.

As Chinas trading partners seek to diversify their settlement arrangements, China continues expanding CIPS connect...