'Milestone' renminbi cross-border interbank payment system launched

China's Cross-Border Interbank Payment System was launched in Shanghai on Thursday, designed as an "expressway" to facilitate the yuan's use in international trade and investment.

The system, or CIPS, is a global clearing platform for real-time settlements in the currency.

It connects China with most offshore yuan centers and countries in Asia, Oceania, Europe and Africa, and supports cross-border goods and services trade settlement, direct investment, fundraising and personal remittances.