AndronETalksNews
AndronETalksNews
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CIPS or the Cross-Border Interbank Payment System, seen as the Chinese equivalent of the globally-used SWIFT, or Society for Worldwide Interbank Financial Telecommunication, has become a buzz word in the domestic capital market and related industries.
Shares of Chinese CIPS-related firms, covering payment, finance and tech industries, surged 20 to 30 percent in trading over the past two days, following a Western move to ban certain Russian banks from SWIFT. This follows Moscow’s decision to attack Ukraine.
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