China launched its international payment system. This is a great step towards increasing the use of the yuan in the world, and a way to protect the US who have access to the system SWIFT, which is the primary system used by banks for information about International Settlements.
China wants the yuan to become the new global competitor to the US dollar. Since August the renminbi is the fourth most used currency in the world after beating the Japanese yen, but payments worldwide with the yuan remains only 2.8%, which is much lower than the US dollar, British pound and the euro.
According to the chief economist of China's central bank, Ma Jun, simplification and replacement of the clearing system, will increase the use of the Chinese currency in the world. "Once the framework for the settlement of cross-border payments in yuan completed, it will inevitably stimulate a greater demand for the currency market participants" - Jun added.