China's Cross-border Interbank Payment System (CIPS) has achieved a record transaction value of 1.22 trillion yuan (approximately $178.5 billion) in a single day, reflecting a growing demand for yuan-based settlements amid rising tensions in the Middle East. Analysts, including Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered, attribute this surge to the yuan's stability, China's efforts to enhance its financial infrastructure, and an increasing number of CIPS participants. The average daily transaction value rose to 920.45 billion yuan in March 2023, up nearly 50% from February's 619.74 billion yuan. The daily transaction volume also increased significantly, from 25,930 to 35,740. As of the end of 2025, CIPS had 1,766 participants, expanding its network to 190 countries and regions, a substantial increase from 1,092 participants at the end of 2020. This growth aligns with China's strategic goal to establish alternative cross-border payment systems, reducing reliance on US dollar channels amid geopolitical concerns.