China media goads Russia to use CIPS over SWIFT — Jeff Pao

Russia can use China’s Cross-border Interbank Payment System (CIPS) for its international trade after its major banks were removed from the US dollar-based SWIFT payment system in response to the Ukraine war, according to Chinese state media reports.

Several Chinese researchers were quoted by Xinhua and the Communist Youth League Central Committee’s website as saying Russia would not be seriously hurt by the Western world’s SWIFT ban as it had developed its own payment system – the System for Transfer of Financial Messages (SPFS) – since the Crimea crisis in 2014.

They said CIPS together with SPFS would continue to grow and become an important global interbank payment system....

De-dollarization.

Asia Times
China media goads Russia to use CIPS over SWIFT
Jeff Pao
https://asiatimes.com/2022/03/china-media-goads-russia-to-use-cips-over-swift/