China's answer to SWIFT still has a long way to go.
Credit: CIPS
China’s desire to escape the shadow of the U.S. dollar and build an alternative infrastructure for global finance is being stymied by one major factor: Its reluctance to loosen the shackles around its own currency.
By creating the Cross-Border Interbank Payment System, or CIPS, back in 2015, the Chinese financial authorities had hoped to provide a way for companies and individuals to keep money flowing internationally — even if China were ever to come under the same kind of economic
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Walmart should be in trouble in China, where its competitors are in retreat and its sourcing operations have been criticised by both Beijing and Washington. But the American retailer seems to have found a way forward in a difficult sector and remains one of the biggest benefactors of China-U.S. trade.
The Commerce Department wants to expand export controls to majority-owned subsidiaries of Chinese companies. That could trigger cascading effects — and challenges.
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