LibyaLìbǐyà利比亚to joinjiā rù加入ChinaZhōngguó中国cross-border payment systemkuà jìng zhīfù xìtǒng跨境支付系统，to acceleratejiā sù加速to advance / to push forwardtuī jìn推进de-dollarizationqù měiyuán huà去美元化processjìn chéng进程。
Libya
Lìbǐyà
利比亚
to join
jiā rù
加入
China
Zhōngguó
中国
cross-border payment system
kuà jìng zhīfù xìtǒng
跨境支付系统
to accelerate
jiā sù
加速
to advance / to push forward
tuī jìn
推进
de-dollarization
qù měiyuán huà
去美元化
process
jìn chéng
进程
Libya
Lìbǐyà
利比亚
central bank
zhōngyāng yínháng
中央银行
and / with
yǔ
与
the People's Bank of China
Zhōngguó Rénmín Yínháng
中国人民银行
on
yú
于
July 19
7 yuè 19 rì
7月19日
to sign
qiān shǔ
签署
agreement
xié yì
协议
will
jiāng
将
Libya
Lìbǐyà
利比亚
commercial banks
shāngyè yínháng
商业银行
to connect to
jiē rù
接入
China
Zhōngguó
中国
Cross-Border Interbank Payment System (CIPS)
kuà jìng yínháng jiān zhīfù xìtǒng
跨境银行间支付系统
this move
cǐ jǔ
此举
will
jiāng
将
allow / enable
shǐ
使
both countries
liǎng guó
两国
to be able to
dé yǐ
得以
directly
zhíjiē
直接
using
yǐ
以
Chinese yuan / renminbi
rénmínbì
人民币
to conduct
jìnxíng
进行
financial
jīn róng
金融
settlement / transactions
jié suàn
结算
to reduce
jiǎn shǎo
减少
toward / on
duì
对
the US dollar
měiyuán
美元
(possessive particle)
de
的
dependence / reliance
yīlài
依赖
July 19, 2026 at 8:00 AM
July 19
7 yuè 19 rì
7月19日
Libya
Lìbǐyà
利比亚
central bank
zhōngyāng yínháng
中央银行
governor
háng zhǎng
行长
Naji Issa (Governor of the Central Bank of Libya)
Nàjí Yīsà
纳吉·伊萨
and
yǔ
与
the People's Bank of China
Zhōngguó Rénmín Yínháng
中国人民银行
governor
háng zhǎng
行长
Pan Gongsheng (Governor of the People's Bank of China)
Pān Gōngshèng
潘功胜
in
zài
在
Beijing
Běijīng
北京
held
jǔxíng
举行
talks / meeting
huìtán
会谈
both sides
shuāng fāng
双方
reached
dá chéng
达成
agreement
xié yì
协议
will
jiāng
将
(disposal marker)
bǎ
把
Libya
Lìbǐyà
利比亚
commercial banks
shāngyè yínháng
商业银行
to connect to
jiē rù
接入
China
Zhōngguó
中国
(possessive particle)
de
的
Cross-Border Interbank Payment System (CIPS)
kuà jìng yínháng jiān zhīfù xìtǒng
跨境银行间支付系统
this move
cǐ jǔ
此举
will
jiāng
将
enable
shǐ
使
both countries
liǎng guó
两国
financial institutions
jīn róng jī gòu
金融机构
to be able to
dé yǐ
得以
directly
zhíjiē
直接
using
yǐ
以
Chinese yuan
rénmínbì
人民币
to conduct
jìnxíng
进行
cross-border
kuà jìng
跨境
transfer
zhuǎnzhàng
转账
and
hé
和
settlement
jié suàn
结算
the agreement
xié yì
协议
also
hái
还
includes
bāokuò
包括
allowing
yǔnxǔ
允许
Libya
Lìbǐyà
利比亚
through
tōngguò
通过
China
Zhōngguó
中国
bond market
zhàiquàn shìchǎng
债券市场
to conduct
jìnxíng
进行
diversified
duōyuánhuà
多元化
investment
tóuzī
投资
as well as
yǐjí
以及
directly
zhíjiē
直接
through
tōngguò
通过
Chinese banks
Zhōngguó Yínháng
中国银行
to open
kāi lì
开立
letters of credit
xìnyòng zhèng
信用证
both sides
shuāng fāng
双方
also
hái
还
regarding
jiù
就
to promote
cùjìn
促进
small and medium-sized
zhōng xiǎo
中小
traders
màoyì shāng
贸易商
between
zhī jiān
之间
(possessive particle)
de
的
direct
zhíjiē
直接
transactions
jiāoyì
交易
reached
dá chéng
达成
consensus
gòng shí
共识
both countries
liǎng guó
两国
plan to
jìhuà
计划
in
yú
于
early 2027
2027 nián chū
2027年初
to hold
jǔbàn
举办
Libya-China
Lìbǐyà—Zhōngguó
利比亚—中国
banking industry
yínháng yè
银行业
forum
lùntán
论坛
in order to
yǐ
以
further
jìn yī bù
进一步
to deepen
shēnhuà
深化
financial institutions
jīn róng jī gòu
金融机构
between
jiān
间
(possessive particle)
de
的
cooperation
hézuò
合作
this
cǐ cì
此次
agreement
xié yì
协议
(passive marker)
bèi
被
regarded as
shì wéi
视为
Libya
Lìbǐyà
利比亚
advancing
tuī jìn
推进
de-dollarization
qù měiyuán huà
去美元化
policy
zhèng cè
政策
(possessive particle)
de
的
important
zhòng yào
重要
measure / step
jǔ cuò
举措
also
yě
也
is
shì
是
China
Zhōngguó
中国
yuan / renminbi
rénmínbì
人民币
internationalization
guójìhuà
国际化
strategy
zhànlüè
战略
(possessive particle)
de
的
new
xīn
新
development / progress
jìn zhǎn
进展
News in English
China & WorldLibya Joins China Cross-Border Payment System, Reducing Reliance on the US Dollar
The central banks of Libya and China signed an agreement on July 19 to connect Libyan commercial banks to the Cross-Border Interbank Payment System. The move will enable direct yuan-based financial settlements between the two countries, reducing dependence on the US dollar.
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