CIPS President XZY is set to take over NCD, and his successor may be the head of a local branch of the central bank.

21st Century Business Reporter BIAN Wanli Hangzhou Report

On February 26, the National Clearing House Co., Ltd. (hereinafter referred to as "NCH") updated its website information, with Xuzaiye appointed as the Deputy Secretary of the Party Committee and General Manager of NCH. Previously, Xuzaiye served as the President of the Cross-border Interbank Payment and Clearing Co., Ltd. (CIPS).

It is understood that Xuzaiye served as the Vice President of the National Foreign Exchange Trading Centre before taking the position of CIPS President. In March 2024, Xuzaiye published an article titled "Enhancing the Main Channel Role of High-quality Services in Cross-border RMB Payment and Clearing" and proposed that the cross-border clearing company will continue to adhere to the principle of market-driven and win-win, actively promote the construction of cross-border payment, and focus on improving service quality and level, focusing on improving the availability of cross-border RMB payment and clearing services, and providing more comprehensive and diversified RMB cross-border payment and clearing services for market entities.

After Xuzaiye's appointment, his successor has also been announced.

21st Century Business Reporter learned through multiple interviews that a governor of a local branch of the People's Bank of China may replace Xuzaiye to serve as the President of CIPS.

CIPS is the operating institution of the RMB cross-border payment system, supervised and guided by the People's Bank of China, and is fully responsible for the operation and maintenance, participant services, business expansion, etc. of the CIPS system. The CIPS system provides RMB cross-border payment and clearing services, data processing services, and information technology services for domestic and foreign financial institutions, supporting various businesses such as cross-border trade, investment, and personal remittances.

After nearly ten years of construction and development, CIPS has formed a global network system with China's domestic banks and clearing houses as the backbone and foreign banks with system importance as the support, fully playing the role of the "main channel" of RMB cross-border payment and clearing. As of January 2025, CIPS has 169 direct participants and 1,467 indirect participants, covering 119 countries and regions, and its business covers 185 countries and regions.

From its launch in 2015 to the end of December 2024, CIPS has processed about 600 trillion yuan in various payment transactions. In 2024, CIPS processed 17.5 trillion yuan in cross-border RMB payment transactions, up 43% YoY. In the past three years, the compound annual growth rate of CIPS' business volume and transaction volume was 35% and 30%, respectively.