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China
zhōng guó
中国
and
yǔ
与
World
shì jiè
世界
·HSK 5

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 & World

Libya 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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