Analysis: China's CIPS cannot rescue Russian banks from SWIFT ban

Alternative settlement system lacks scope of Western counterpart

20220303 SWIFT logo

More than half the world’s cross-border, large payment transactions relied on SWIFT in 2021. © Reuters

PENG QINQIN, DENISE JIA and KELSEY CHENG, Caixin

Can China's homegrown mechanism or some other alternative enable Russia to cushion the impact of being cut off from the world's biggest interbank payment messaging system?

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