From Dr. Joseph P. Farrell:

http://gizadeathstar.com/2015/10/china-launches-its-international-financial-clearing-system/

Excerpt:

CHINA LAUNCHES ITS INTERNATIONAL FINANCIAL ...
Posted on October 13, 2015 by Joseph P. Farrell • 12 Comments
CHINA LAUNCHES ITS INTERNATIONAL FINANCIAL ...

Well, now it's official: China has announced and launched its international financial clearing system, CIPS, the China International Payment System, according to this TASS article shared by Mr. L.B.:

China launches CIPS international payment system

As the article notes, the system is designed to be a deliberate alternative to the SWIFT system based in Brussels. But more importantly, this will be a yuan-based system:

BEIJING, October 8. /TASS/.The China International Payment System (CIPS) officially began its operations on Thursday, a statement posted on the country’s State Council website has said.

Fan Yifei, deputy governor of the central bank, the People's Bank of China, told a ceremony in Shanghai that the establishment of CIPS "will allow increasing efficiency of cross-border settlement in yuans and encourage the yuan’s use globally."

The new payment system is also expected to help improve the support of the real economy and the strategy of the Chinese companies’ access to global markets," the central bank official said.

Or to put it country simple, China isn't waiting around to gain admission of the yuan into the SDR(Special Drawing Rights, the international basket of currencies that forms the units of account for the IMF, World Bank, and other international clearing and finance institutions). It is making its play to transform the yuan into a parallel reserve currency now, and hence taking direct aim at the US dollar hegemony.