CIPS Surpasses $7 Trillion Monthly as China Expands Yuan Payments Beyond SWIFT

De-dollarization is becoming increasingly important for governments looking to reduce their dependence on the dollar. This trend has accelerated due to several geopolitical events, including Iran's exclusion from SWIFT and sanctions imposed on Russia.

The Cross-Border Interbank Payment System (CIPS) has emerged as a major alternative to the traditional dollar-based financial system. Launched in 2015, CIPS facilitates international yuan payments and settlements, with volumes growing significantly over the years.

According to official data from the People's Bank of China, CIPS processed approximately $7 trillion in monthly transactions by 2025. The network now connects 210 direct participants and 1,619 indirect participants, including banks and financial institutions across multiple markets.