The China Foreign Exchange Payment System (CFXPS) was launched on April 28, 2008. With the Clearing Processing Center at its core, the system is accessed centrally by single legal entities such as direct participants, and inter-bank foreign currency fund settlement is conducted by agent settlement banks. The CNCC is responsible for receiving, storing, sorting, and forwarding foreign currency payment instructions. After conducting real-time clearing of participants' payment instructions on a transaction-by-transaction basis, it submits settlement instructions to settlement banks for settlement by currency and in batches.

Settlement banks are commercial banks designated or authorized by the People's Bank of China (PBOC). They open foreign currency settlement accounts for direct participants and are responsible for the foreign currency fund settlement between direct participants.

Currently, it offers payment services for 8 currencies: HKD, GBP, EUR, JPY, CAD, AUD, CHF, and USD. This meets the domestic demand for multi-currency payments and improves settlement efficiency and information security.