Is CIPS Ready?

*Is CIPS Ready?*

As of **April 18, 2025**, there are no **new official announcements** from China regarding major updates to its international transfer systems like **CIPS (Cross-Border Interbank Payment System)** or the **digital yuan (e-CNY)** infrastructure. However, here are the latest developments and context based on recent reports:

### 1. **Unverified Claims About ASEAN/Middle East Expansion**

   - A Nigerian outlet (*Proshare*) reported that China linked its digital RMB system to **10 ASEAN nations and 6 Middle Eastern countries**, potentially bypassing SWIFT for **38% of global trade**. However, this claim lacks reliable sourcing and is likely exaggerated or premature .  

   - Fact-checking by *Ledger Insights* found no official confirmation, though China’s **mBridge** project (a multi-CBDC platform) includes limited ASEAN/Middle Eastern participants (e.g., Thailand, UAE) and observers (e.g., Indonesia, Saudi Arabia). Scaling to the reported levels would require years of integration .

### 2. **Recent mBridge Progress**

   - Launched as a **minimum viable product in June 2024**, mBridge enables near-instant cross-border settlements using CBDCs (including e-CNY). Pilot transactions (e.g., Hong Kong to Abu Dhabi) took **7 seconds** with **98% lower fees** .  

   - The **Bank for International Settlements (BIS) withdrew oversight in November 2024**, citing concerns over potential involvement of sanctioned countries. Current active members include **Thailand and the UAE**, with observers like Malaysia and Egypt .

### 3. **Digital Yuan (e-CNY) Updates**

   - The e-CNY remains **domestically focused**, with adoption lagging behind Alipay/WeChat Pay. However, cross-border pilots (e.g., oil trades with Thailand) and integration into Belt and Road infrastructure (e.g., China-Laos Railway) signal gradual internationalization .  

   - **No new major announcements** in 2025, but cumulative e-CNY transactions reached **$7.3 trillion**, with **180 million wallets** created .

### 4. **Geopolitical Context**

   - The U.S.-China trade tensions escalated in **April 2025** with reciprocal tariffs, but this did not directly impact CIPS or e-CNY announcements .  

   - China continues promoting **RMB-denominated trade** (e.g., ASEAN trade hit **5.8 trillion yuan in 2024**), but dollar dominance persists .

### **I do not know about Jordan’s involvement. Appreciate if we get some updates, in case you have some information!**