🇨🇳China seeks to reduce dependence on SWIFT, but there is still a long way to go.

The CIPS, cross-border payment system in yuan, offers faster settlement than SWIFT, but relies on it for 80% of international transactions. The growth reflects ambitions for the internationalization of the yuan, but SWIFT remains globally dominant. Investors should monitor the development as a long-term trend, with no immediate direct impact on crypto markets.

Source: NS3

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