Chinese banks are urged to increase its use of the country’s own financial messaging network for cross-border transactions in the mainland, Hong Kong and Macau, reports Reuters. Greater use of the Cross-Border Interbank Payment System (CIPS) instead of the SWIFT system would cut exposure of China’s global payments data to the United States, the Bank of China International (BOCI) said in a report co-authored by a former foreign exchange regulator. Launched in 2015 to help internationalise the yuan, CIPS said it processed $19.4b (CNY135.7b) a day in 2019, with...