In an effort to diversify payment systems and strengthen the role of the yuan in the global economy, the British bank HSBC Holdings has taken a significant step by joining the Chinese cross-border interbank payment system CIPS. This decision, as reported by the bank, is designed to meet the growing demand of customers for solutions that simplify trade and economic transactions in yuan. HSBC's inclusion in CIPS comes amid growing concern among world leaders about the dollar's dominance in international settlements and its use in the context of foreign policy. Dissatisfaction with Western dominance is pushing countries and companies to look for alternatives, including the use of the yuan. CIPS has already attracted attention after Russian banks were excluded from SWIFT. The increasing use of the yuan in contracts for resources ranging from oil to nickel is also evidence of the growing importance of the Chinese currency. Despite the slowdown in the Chinese economy, HSBC continues to expand its presence in the country. The bank recently agreed to purchase part of its partner's stake in a joint Chinese fund.
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