Reference Message Network reported on June 4 that according to a report from the website of Russia's Satellite News Agency on June 4, the press office of the Central Bank of Kyrgyzstan stated that Kyrgyzstan is considering the possibility of connecting state-owned banks to China's Cross-Border Interbank Payment System (CIPS).

It was reported that the Governor of the Central Bank of Kyrgyzstan, Melis Turungbayev, held talks with Chinese officials in Beijing on June 3. The meeting was held under the framework of deepening financial and economic cooperation between Kyrgyzstan and China.

It was reported that the press office of the Central Bank of Kyrgyzstan stated: "The main topics of the talks were the development of cross-border payment infrastructure and strengthening settlements and banking ties between the two countries. During the talks, both sides emphasized the strategic significance of establishing direct and stable channels of interaction between financial institutions of the two countries, especially promoting the connection of state-owned banks in Kyrgyzstan to CIPS, as well as opening correspondent accounts for Kyrgyz banks at authorized banks in China."

It was reported that CIPS is a cross-border interbank payment system developed by the People's Bank of China for cross-border RMB settlement. It is considered an alternative solution to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system.

Original article: https://www.toutiao.com/article/7511936605955949096/

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