Archive · 19 Jul 2026
Libya Joins China's Payment System
Libya has decided to connect its banks to a payment system used in China.
This system, called CIPS, helps countries trade using Chinese money instead of US dollars.
The leaders of Libya's and China's central banks met in Beijing and agreed to do this.
They want to make trading easier and grow their business together.
The system was started by China in 2015.
This change might help Libya and China trade more without using the US dollar.
Libya is connecting its commercial banks to China’s Cross-Border Interbank Payment System (CIPS).
The agreement was announced by the Governors of the Central Bank of Libya and the People’s Bank of China on July 19, 2024.
The move aims to facilitate trade and reduce dependence on the US dollar.
CIPS was launched by the People’s Bank of China in 2015 to facilitate international transfers using the Chinese Yuan.
The two sides discussed strengthening trade relations and increasing the volume of trade between the two countries.
- Who
- Libya and China
- What
- Libya connecting its commercial banks to China’s CIPS
- When
- Announced on July 19, 2024
- Where
- Beijing, China
- Why
- To reduce dependence on the US dollar and facilitate trade
- Countries Involved
- Libya and China
- Payment System
- China’s Cross-Border Interbank Payment System (CIPS)
- Announcement Date
- July 19, 2024
- Meeting Location
- Beijing, China
- CIPS Launch Year
- 2015