China’s SWIFT ‘equivalent’ goes viral in capital market

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.