NBU becomes the first bank in Uzbekistan to gain direct access to China’s Cross-border Interbank Payment System

On September 9, 2026, during the official visit of the Uzbekistan delegation led by Prime Minister Abdulla Aripov to Hong Kong SAR, the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) signed an agreement with the CIPS system operator to gain direct access to China’s Cross-border Interbank Payment System (CIPS).

The signing took place on the sidelines of the 11th Belt and Road Summit, which brought together representatives from government agencies, leading global financial institutions, and business circles in both countries. As a result, NBU became the first commercial bank in Uzbekistan to gain access to modern infrastructure for direct cross-border yuan settlements.

Direct access to the system, connecting over 1,800 financial institutions across 130 countries and handling transactions exceeding 180.2 trillion yuan in 2025, enables yuan-denominated transactions without relying on intermediary correspondent banks.

This, in turn, ensures faster payments and lower costs for servicing foreign trade contracts while expanding the scope of yuan-denominated operations. The volume of yuan-denominated credit lines attracted by NBU has already exceeded 11.5 billion yuan, equivalent to $1.6 billion.

In the future, its status as a direct participant will enable NBU to serve as a CIPS settlement center for other commercial banks in Uzbekistan, creating a national channel for direct yuan settlements for the domestic banking sector and strengthening the Bank’s role as the country’s principal hub and infrastructure center for cross-border settlements with China.

UzA