Bank of China owns nine of the 18 authorised yuan clearing banks worldwide. Photo: AFP
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 .