China Launches Alternative to SWIFT ‘Quietly and Without Fanfare’

China has launched its own cross-border settlement system, Renminbi Digital, as an alternative to the international payment system SWIFT. This was reported by TASS co-chairman of the Russian-Chinese Friendship, Peace and Development Committee Boris Titov. ‘Quite quietly and without fanfare, China has launched the Renminbi Digital cross-border settlement system – its own alternative to SWIFT,’ explained Titov. According to him, this alternative is not in the direct sense, as it involves calculations in digital yuan. But it is quite suitable for those who trade with China and want to bypass the dollar system.