The cross-border payment system is the "artery" for the operation of global monetary funds, and an important support for promoting international trade, investment and financing, and maintaining financial stability. The "15th Five Year Plan" proposes to establish an independent and controllable RMB cross-border payment system. Currently, China has basically established a multi-channel and widely covered RMB cross-border payment system. Experts believe that on this basis, the construction of the RMB cross-border payment system further highlights its "independent and controllable" nature, which has important strategic significance for ensuring financial security, supporting RMB internationalization, and enhancing international financial discourse power. The multi-channel and widely covered RMB cross-border payment system has basically built the import and export collection and payment of enterprises, and foreign investors have invested in China's stock and bond markets through the "Shanghai Hong Kong Stock Connect", "Bond Connect" and other channels... Similar cross-border RMB business occurs all the time, and permeates all aspects of international economic activities. The occurrence of these businesses cannot be separated from the Renminbi Cross border Payment System (CIPS). Driven by the expansion of China's financial market opening up and the wave of Chinese enterprises' going global, cross-border finance continues to evolve into new demands and trends, and CIPS plays an important role in it. ”Zeng Su, Managing Director of HSBC China Global Payment Solutions, stated in an interview with Shanghai Securities News that CIPS is an important part of the cross-border RMB services provided by HSBC. HSBC China and HSBC Hong Kong became direct participants in CIPS in 2015 and 2024, respectively. Zeng Su deeply felt the "cost reduction and efficiency improvement" brought by CIPS to financial institutions and enterprises. She mentioned that CIPS has reduced intermediary banks, lowered transaction fees for cross-border RMB settlements, and provided clearer settlement pathways with higher efficiency. Moreover, after becoming a direct participant in CIPS, HSBC has extended the deadline for cross-border RMB payments to 23:59 every day, significantly enhancing the experience of RMB payments for customers in any global market. CIPS is a wholesale payment system organized and constructed by the People's Bank of China, specializing in RMB cross-border payment settlement business. It plays the role of the "main channel" in the current RMB cross-border payment system. As of the end of September 2025, CIPS has connected with over 1700 domestic and foreign participants, and its business has reached more than 5000 corporate banking institutions in 189 countries and regions across six continents worldwide. In 2024, CIPS processed cross-border RMB business worth 175 trillion yuan, a year-on-year increase of 43%, and an average annual growth rate of 40.3% since the 14th Five Year Plan. The increasingly perfect CIPS channel is only one aspect of the current construction of the RMB cross-border payment system. Recently, Pan Gongsheng, the Governor of the People's Bank of China, was commissioned by the State Council to report to the Standing Committee of the National People's Congress on the financial work since November 2024. In terms of financial reform and opening up to the outside world, Pan Gongsheng stated that a multi-channel and widely covered RMB cross-border payment system has been basically established. The role of the RMB cross-border payment system as the main channel is becoming increasingly prominent, with commercial banks effectively supplementing their internal cross-border payment systems. Non bank payment institutions have a global cross-border retail payment network, and multilateral central bank digital currency bridges continue to operate. The fast payment systems in mainland China and Hong Kong are interconnected, and QR code payments are interconnected with 9 countries including Japan and South Korea. ”Pan Gongsheng stated in the report. Currently, the global demand for efficient and low-cost cross-border payments is becoming increasingly urgent, but many pain points in the existing system remain key constraints. The reporter learned from various sources in the industry that cross-border payments have long faced problems such as "high cost, low efficiency, low transparency, and limited access scope". The core reasons behind this are the long cross-border payment chain, high compliance costs, and insufficient trust between entities. Regulatory authorities and commercial banks in various countries need to invest a lot of resources to cope with these issues. In addition, the ongoing geopolitical game has further increased the uncertainty of cross-border payments. 'Autonomous and controllable' has become the key to solving the problem. Wang Yong, a professor at the Zhengzhou Training Institute of the People's Bank of China and director of the Research Center for RMB Internationalization and Convertibility, told the Shanghai Stock Exchange reporter that building an "independent and controllable" RMB cross-border payment system has important strategic significance for ensuring financial security, supporting RMB internationalization, and enhancing international financial discourse power. Against the backdrop of geopolitical and economic risks impacting the global payment system, a "self controlled" RMB cross-border payment system will inject new vitality into the internationalization of the RMB. Wang Yong stated that it provides an efficient and reliable clearing "highway" for the renminbi to exercise its functions as a pricing, settlement, and reserve currency globally, and is the key infrastructure that determines whether the renminbi can truly become a "world currency". The industry believes that there is still considerable room for imagination regarding the independence and internationalization of the current RMB cross-border payment system. Pang Ming, a specially appointed senior researcher at the National Institute of Finance and Development, told a reporter from the Shanghai Stock Exchange that as of now, the proportion of RMB in global foreign exchange reserves is still far lower than that of the US dollar and the euro; The scale of offshore RMB fund pool is still far lower than the global liquidity of the US dollar, which to some extent restricts the willingness of non Chinese institutions to use it; Global commodities are still mainly priced in US dollars, and the proportion of RMB settlement in trade has not yet promoted the formation of comprehensive pricing power. Pang Ming stated that the growth space of the RMB itself in terms of currency reserve status, liquidity, and pricing power also puts forward higher requirements for the construction of the RMB cross-border payment system. Multi dimensional co construction of an "independent and controllable" RMB cross-border payment system. The construction of an independent and controllable RMB cross-border payment system is related to the overall promotion of RMB internationalization. How should we focus specifically on this? In Wang Yong's view, the key breakthroughs and priorities for the next step of construction should mainly revolve around expanding network coverage, optimizing institutional rules, exploring technological frontiers, and strengthening scenario applications. Expanding network coverage and participating entities is the core of enhancing the global influence of the RMB cross-border payment system; Optimizing institutional rules is the cornerstone of the stable operation of the system; Exploring cutting-edge technologies is the key to supporting system resilience and achieving 'autonomous controllability'; Strengthening the application of scenarios is the only way to build a vibrant ecosystem for cross-border use of RMB. The further development of CIPS has been placed in an important position. Associate Professor Li Nan from the Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University told Shanghai Securities News reporters that as CIPS gradually radiates to a wider range of international trade fields, the advantages of the independent and controllable RMB cross-border payment system will be further highlighted. CIPS is expected to become a globally trusted payment system dedicated to serving the real economy and international trade in goods and services. The development of digital currency is highly anticipated. Pang Ming suggested actively and prudently promoting the construction of currency bridge projects, strengthening multilateral and bilateral cooperation in central bank digital currencies, and leveraging the positive role of legal digital currencies in cross-border payments. The Institute of International Monetary Studies at Renmin University of China has published a paper stating that the application of central bank digital currency (CBDC) not only improves the efficiency and security of RMB cross-border payments, but also effectively avoids the threat of sanctions caused by geopolitical conflicts, attracting more countries and enterprises to choose RMB settlement in cross-border trade. As the CBDC system expands its cross-border payment application scenarios and CIPS gradually covers more countries and regions, the global usage network of the RMB continues to expand. A sound offshore RMB market ecosystem is the cornerstone of the RMB cross-border payment system. Zeng Su suggested further promoting the development of the offshore RMB market by developing RMB denominated investment tools such as stocks, bonds, and derivatives in major offshore markets, providing rich investment and value preservation tools for overseas investors holding RMB. At the same time, continuously improving the convenience of using RMB for cross-border trade, financing, and investment, enhancing the confidence of market participants, and promoting the use of RMB. (New Society)