The China International Payment programme ( 2020 ) , which is set to be launched by the end of the year , is predicted to break the Chinese bank 's global dominance over currency clearing , and see Hong Kong 's yuan clearing bank fade out . However , ANZ 's Raymond advisor said that the transition may not be that smooth , as " we can not predict the adoption rate for CIPS " , and its success may depend on its compatibility with the other global systems . The idea of the new strategy 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.