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As international monetary tensions intensify, China is accelerating its offensive against the dominance of the dollar. Beijing officially launches a strategic plan to impose its own international payment system. This initiative marks a major turning point in redefining global financial flows, reinforcing China’s ambition for a multipolar economic order. By directly targeting the traditional networks dominated by the West, this maneuver now captures the attention of markets, governments, and major financial institutions.
This plan “aims to develop an independent international payment system” based on the Cross-Border Interbank Payment System (CIPS), a network that already includes over 1,300 financial institutions across 110 countries.
Chinese authorities clarify their objective:
Increase the internationalization of the yuan and support the expansion of Chinese companies abroad.
CIPS is presented as a credible alternative to SWIFT, which has so far dominated the international payments sector.
The major pillars of the plan include:
- Strengthening CIPS to promote direct cross-border settlements in yuan;
- Optimizing multinational financial services, particularly in Shanghai, to facilitate commercial exchanges;
- Supporting Chinese companies internationally by offering financing and payment solutions alternative to the US dollar;
- Reducing dependence on the SWIFT network and thereby decreasing exposure to external financial pressures.
The strategic choice of Shanghai to lead this offensive is no coincidence. The city plays a pivotal role in the Chinese economy and serves as a laboratory for international financial reforms. This deployment is part of a broader dynamic linked to the Belt and Road Initiative (BRI), which aims to weave a yuan-dominated exchange network.
