CIPS expansion and RMB-payment internationalisation continued
The Cross-Border Interbank Payment System (CIPS) was further expanded through 2024–2025, with new participating banks across the BRI corridor and continued growth of RMB cross-border settlement volumes. Practical relevance for foreign workers: easier outbound remittance of RMB salaries through expanded correspondent-bank coverage, though SAFE's annual US$50,000-per-individual currency-conversion cap remains in force.
Who it affects: Foreign workers receiving RMB-denominated salaries; international remittance flows.
State Council of the People's Republic of China ↗ · verified 2026-04-19