The bank said:

"VTB connected to the China International Payment System (CIPS) and successfully completed testing operations at the end of 2015. VTB has connected to CIPS through its extensive network of correspondent banks in China, which includes the largest local banks. We are monitoring the development and implementation of the next phase of CIPS, which aims to improve the operating efficiency of the payments and we welcome any positive changes in cross-border payments in Chinese yuan, such as an extended cut off time to process payments through CIPS.”

The People’s Bank of China (PBoC), the Chinese central bank, developed CIPS as an independent cross-border payment and clearing system for the Renminbi (RMB). The creation of CIPS highlights the emerging internationalisation of the RMB and the growing level of cross-border RMB business. Focused on integrating the existing RMB cross-border payment and settlement channels, CIPS is designed to improve the efficiency of cross-border clearing to meet the increasing demand for RMB worldwide.