Chen Tian Universe

Jul 6, 2025 · Operations

How China’s Domestic Foreign‑Exchange Payment System (CFXPS) Works

China’s domestic foreign‑exchange payment system (CFXPS) is a nationwide, real‑time, multi‑currency settlement platform that, alongside other major payment systems, enables banks to trade foreign currencies, manage settlement accounts, confirm transactions, and execute PVP settlements through a structured clearing and settlement process.