长江证券发布研报称，打造自主可控的国际结算系统将是应对可能的西方金融制裁的必然举措。Building an independent and controllable international settlement system will be an inevitable measure to deal with possible Western financial sanctions.
The 16th BRICS Summit of Leaders will be held in Kazan, Russia from the 22nd to the 24th of this month.
This is the first summit after the expansion of BRICS. Against the backdrop of a complex international situation, how BRICS countries will contribute to promoting equal and orderly multipolarization of the world, and inclusive economic globalization is of great interest at this summit.
CICC's research report states that building an independent and controllable international settlement system will be an inevitable measure to deal with possible Western financial sanctions.
According to the data from the People's Bank of China, in 2023, the Cross-border Interbank Payment System (CIPS) processed 6.6133 million transactions with a total amount of 123.06 trillion yuan. In July 2024, based on amount statistics, the renminbi maintained its position as the world's fourth largest most active currency in global payment currencies rankings.
The rapid growth in cross-border payment amounts may bring new opportunities for BRICS payment systems.
Chinese cross-border payment enterprises may benefit from the increasing market share of the renminbi in international trade settlements, ushering in greater development space.
Recently, according to a report from RT in Russia Today, BRICS countries will establish a new financial system similar to the SWIFT international fund clearing system.
The BRICS countries' payment system is expected to break the monopoly position of the USA's SWIFT international settlement system, providing an alternative solution for other countries and financial institutions.
Hong Kong-listed companies involved in cross-border payment:
Bank of China Hong Kong (02388): Becoming the first overseas RMB clearing bank approved to directly access the Cross-Border Interbank Payment System (CIPS). The headquarters of the RMB cross-border payment system is located in Shanghai. On October 8, 2015, the RMB cross-border payment system (Phase I) was successfully launched and is running. The first batch of direct participating institutions include Industrial and Commercial Bank of China (01398), HSBC Bank (China), and 19 other domestic and foreign-funded banks.
