ANZ), which is set to be launched by the end of the year, is predicted to break the Chinese bank's global dominance over yuan clearing, and see Hong Kong's yuan clearing bank fade out. However, The China International Payment System (CIPS's Raymond Yeung said that the transition may not be that smooth, as "we cannot predict the adoption rate for CIPS", and its success will depend on its compatibility with the other global systems. The idea of the new process is to make the yuan more democratic and to increase foreign bank participation, which will be able to settle onshore with the automated system at all hours.
The China International Payment System (CIPS), which is set to be launched by the end of the year, is predicted to break the Chinese bank's global dominance over yuan clearing, and see Hong Kong's yuan clearing bank fade out. However, ANZ's Raymond Yeung said that the transition may not be that smooth, as "we cannot predict the adoption rate for CIPS", and its success will depend on its compatibility with the other global systems. The idea of the new process is to make the yuan more democratic and to increase foreign bank participation, which will be able to settle onshore with the automated system at all hours.