China’s CIPS Transaction Volume Expands Bypassing SWIFT Network

China’s Cross-Border Interbank Payment System (CIPS) reported reaching over $7 trillion in monthly transaction volume, backed by direct partnerships with foreign banks across the Middle East and Africa. The network expanded to include over 1,600 indirect and 200 direct participant institutions looking for alternatives to SWIFT. This supports your thesis that weaponizing access to SWIFT forces targeted and neutral nations alike to build and adopt parallel financial communications systems.