China has received some criticism and skepticism over its cross-border payments initiative, spearheaded as CIPS — the Cross-Border Inter-Bank Payments System.
Analysts point out that the payments system operates just 11 hours a day and only out of Shanghai. At present, the system does not include connections to the U.S., and fees associated with payments using CIPS are unclear. This makes China’s international payments play a bit unconvincing to some.