The China National Clearing Center (CNCC, Chinese: 中国人民银行清算总中心, lit.
[5]: 26 The CNCC only operates infrastructures for domestic payments, whether denominated in renminbi (RMB) or in foreign currencies.
It thus complements other payments infrastructures that handle foreign exchange and offshore RMB payments, including China UnionPay, CFETS and CIPS; and those that support China's securities and derivatives markets, including CSDC, CCDC and the Shanghai Clearing House.
[4]: 44-45 IBPS started operations in August 2010 and mainly handles instant payment transactions via the internet.
[8]: 6 The CDFCPS, sometimes abbreviated as FCPS,[7] was created in 2008 by the People's Bank of China as a dedicated RTGS system to handle domestic transactions that are entirely denominated in foreign currencies.
[8]: 5 Domestic foreign-exchange (FX) transactions involving the RMB, by contrast, are not settled on CFXPS but can use the China Foreign Exchange Trade System (CFETS) as clearing house, which in turn uses the HVPS to settle the transactions' RMB legs.