Beijing (HRNW)- Libya has agreed to connect its commercial banks to China’s Cross-Border Interbank Payment System (CIPS), a move aimed at strengthening financial cooperation with China and reducing reliance on the US dollar.
According to media reports, the agreement was reached during a meeting in Beijing between the Governor of the Central Bank of Libya, Naji Mohamed Issa, and the Governor of the People’s Bank of China, Pan Gongsheng.
In a statement published on its website, the Central Bank of Libya said the two sides reviewed the current volume of bilateral trade and discussed measures to expand economic cooperation and accelerate trade growth.
The meeting also emphasized the importance of launching a new phase of strategic partnership between the two central banks. Both sides agreed to integrate Libyan commercial banks into China’s CIPS network to facilitate cross-border financial transactions.
China’s Cross-Border Interbank Payment System (CIPS) was launched by the People’s Bank of China in 2015 to support international transactions conducted in Chinese yuan. The system provides financial infrastructure that can reduce dependence on the US dollar by allowing participating banks to process cross-border payments more directly.
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