(Yicai) Nov. 9 -- The newest version of the Cross-border Interbank Payment System, which offers clearing and settlement services in Chinese yuan, is on display at the China International Import Expo in Shanghai.

The CIPS has added 42 overseas direct participants this year, as it strives to extend the service to more overseas companies, according to the company that runs it.

The CIPS was established by the People's Bank of China in 2015 to provide a more efficient and secure platform for international payments and settlements involving the redback and is seen as a key part of China’s efforts to internationalize the currency.

The system had 1,481 participants as of the end of last month, of which 119 were direct participants and 1,362 were indirect ones, in 111 countries and regions. Its actual business covers more than 4,300 banks in 182 countries and regions.

The company said it intends to continue to expand the system’s cross-border payment circle, upgrade its functions and services, and keep its focus on the user.

At CNY24.5 trillion (USD3.4 trillion), cross-border yuan receipts and payments accounted for 57 percent of all international transactions in the first half, a 20 percent jump from a year earlier, according to the central bank’s data.

Editor: Kim Taylor