“China National Advanced Payments System (CNAPS)”
The China National Advanced Payments System (CNAPS) is national payment protocol launched by the People’s Bank of China, as a part of a wider plan to increase the global use of the yuan renminbi.
The CNAPS, launched in 2008, allows the Chinese central bank, the People’s Bank of China, to provide real-time settlement services for all payments cleared in mainland China, as well as in all clearing banks in offshore yuan centres, such as Hong Kong. In order to have access to the CNAPS, the banks must have a settlement account at a branch of the Popular Bank of China.
The CNAPS system is complemented by its international counterpart, the CIPS (China International Payments System), launched in 2015 with the aim of boosting international use of yuan.