CIPS processes 29.49 trillion yuan worth of transactions in Q2

The Cross-border Interbank Payment System, or CIPS, processed 1.62 million transactions worth 29.49 trillion yuan ($4.06 trillion) in the second quarter of the year, up 60.4 percent and 29.04 percent year-on-year, respectively, the People's Bank of China said on Friday.

On average, CIPS, which specializes in renminbi cross-border payment clearing, processed 26,100 transactions worth 475.57 billion yuan on a daily basis in the second quarter, the PBOC said in a report on Friday.