China Expands Yuan Network as CIPS Daily Turnover Reaches 790 Billion Yuan
Updated
Updated · en.bloomingbit.io · Jun 26
China Expands Yuan Network as CIPS Daily Turnover Reaches 790 Billion Yuan
3 articles · Updated · en.bloomingbit.io · Jun 26
Summary
790 billion yuan in daily CIPS turnover over the three months since late February underscored China’s expanding yuan payment network, which is giving Iran and Russia wider channels to conduct trade outside US oversight.
Most proceeds from Iranian oil sales are now paid in yuan, US Treasury data show, while some Strait of Hormuz transit fees were requested in yuan or cryptocurrency—payment routes that are harder for Washington to trace or block.
Since Russia’s 2022 invasion of Ukraine, CIPS daily volume has doubled by mid-2025 and participating institutions have more than doubled; Russian officials say over 90% of China-Russia trade is now settled in yuan and rubles.
The yuan’s share of global trade finance has tripled to 6% in April, still far below the dollar’s roughly 80%, but Beijing is building targeted channels outside the dollar system rather than trying to replace it outright.
Will Africa's new yuan access be a path to prosperity or a new form of economic dependency?
Is this the first real crack in the dollar's global dominance or merely a regional financial experiment?
Africa Launches 19-Nation RMB Clearing Bank: A New Era for China-Africa Trade and Dollar Diversification
Overview
The Renminbi Clearing Bank of Africa, jointly operated by Standard Bank and ICBC, is the first RMB clearing bank named after an entire continent and the first co-run by two commercial banks. It enables Chinese yuan transactions across 19 African countries and connects directly with China’s Cross-Border Interbank Payment System (CIPS). This initiative is a major step in China’s strategy to internationalize its currency and reduce reliance on the U.S. dollar in global trade. By streamlining RMB transactions, the bank supports Africa-China trade, lowers currency conversion costs, and strengthens financial ties between the regions.