HSBC Hong Kong joins China's alternative to Swift global payments system, a move that could enhance financial cooperation between Beijing and Hong Kong. The decision comes as China seeks to reduce its reliance on the US-dominated Society for Worldwide Interbank Financial Telecommunication (Swift) system. This development may have implications for global trade and finance.

Source: https://www.ft.com/content/2c96f54c-f831-495b-85ca-4defaf5432f0