In addition, it means that enterprises can better hedge exchange rate risks. With a clearing bank in their own country, enterprises can, for example, settle accounts in their own time zone, in German and under German law while  2  Commerzbank. BIS central bankers’ speeches  3  still having a direct link to the Chinese payments system.
In this way, payments can be settled faster and potentially also at lower cost. A direct connection is now also possible through the new China International Payments System (CIPS). Participating banks have been able to settle their payments directly with China via this system since 8 October 2015.