It was launched in October 2015 and is the sole provider of settlement services for offshore renminbi payments. The People's Bank of China designed CIPS to provide an infrastructural buffer for the expected growth in renminbi transactions and to stem the disadvantages with regard to settlement efficiency vis-à-vis other currencies (particularly the US dollar).
The economy is likely to face various structural changes, including in labor supply and demand conditions following the reduction of excess capacity in the manufacturing sector and surplus labor in rural areas, as well as in the supply and demand conditions for resources. Attention therefore needs to be paid to the risk that these changes will impose constraints on the Chinese economy.