RMB cross border payment system (CIPS) webinar held in Pakistan

On October 20, Karachi branch of industrial and Commercial Bank of China held a webinar on RMB cross border payment system (CIPS). Said Ali Raza, director of the capital business department of the State Bank of Pakistan, and Xie Guoxiang, business counselor of the Chinese Embassy in Pakistan, attended the event.

The seminar introduced in detail the current global development and future prospects of the RMB cross-border payment system, introduced the significant advantages of the system in convenience and efficiency, and how to provide financial infrastructure services for investment and trade exchanges between the two countries on the basis of further promoting the construction of China Pakistan Economic Corridor.

Raza said that by carrying out RMB clearing and settlement business in Pakistan, the RMB cross-border payment system has provided convenience for enterprises and financial institutions of the two countries and promoted the prosperity and development of trade between China and Pakistan. Xie Guoxiang said that with the strong promotion of Pakistan's financial regulators, the RMB cross-border payment system operated smoothly and made an important contribution to the process of RMB internationalization. It is expected that the bilateral trade scale of RMB settlement between the two countries will continue to expand under the promotion of the construction of China Pakistan Economic Corridor.

International financial executives and technical experts from many enterprises and local banks in Pakistan participated in the seminar and asked questions enthusiastically. After the seminar, the parties will also have further exchanges on specific technical issues. The seminar promoted local banks to further understand the cross-border RMB clearing business, enhanced Pakistan's confidence in using RMB for trade settlement, and accelerated the internationalization of RMB in Pakistan.

(original title: RMB cross border payment system (CIPS) webinar held in Pakistan)