China is prepared to support the connection of Kyrgyz banks to the CIPS system

The Chinese side is prepared to support Kyrgyz banks interested in joining the CIPS domestic cross-border interbank payment system. This was announced by Liu Jiangping, China’s Ambassador to Kyrgyzstan, at a briefing following the state visit of Chinese President Xi Jinping and his participation in the SCO summit.

According to her, the opportunity to join is open to any bank that meets the established requirements.

“We are ready to support other banks as well, should they wish to join CIPS. Any bank’s application may be considered provided it complies with the system’s requirements and rules. We welcome such participation — the door is open,” said the ambassador.

CIPS is a Chinese cross-border interbank payment system designed to facilitate and clear international settlements in yuan. Connecting to the system enables banks to expand their infrastructure for direct cross-border payments in Chinese currency.