China International Payment System (CIPS)

(Reuters) - China's long-awaited international payment system to process cross-border yuan transactions is ready and may be launched as early as September or October, three sources with direct knowledge of the matter told Reuters.

The launch of the China International Payment System (CIPS) will remove one of the biggest hurdles to internationalizing the yuan and should increase global usage of the Chinese currency by cutting transaction costs and processing times.

China's international payments system ready, could launch by year-end .

The majority of international interbank messages use the SWIFT network.