(Trillions of U.S. dollars cleared per year)
Dollar payments cleared through CHIPS, the private U.S. clearing system. 1 series: CHIPS. Latest, 2024: CHIPS 463.3.
CHIPS, run by The Clearing House, carries most large dollar payments between banks, including the dollar leg of international payments. Fedwire, the Fed's own system, carries more again but is mostly domestic. Values are nominal dollars, reported each year by the U.S. to the BIS Committee on Payments and Market Infrastructures, about a year after the year ends.
See also: Laurence Wilse-Samson, "Global Finance: A Money View", chapter 27, The Future of the Dollar System
Classroom exerciseCompute CHIPS's growth from 2015 to 2024 as a ratio, and CIPS's from 2016 to 2025 from the lead chart. Which grew faster, and which is larger in 2024 once you convert CIPS to dollars at about 7.2 yuan per dollar? Why might growth rates mislead you about the dollar's position in cross-border payments? Teach page
Cite asBalance of Power, "Dollar payments cleared through CHIPS, the private U.S. clearing system", data through 2024. Source: CPMI Red Book statistics, systems table, United States, CHIPS, value of all transactions (BIS data portal, WS_CPMI_SYSTEMS, A.US.V.A.US1P.PA.ZZZZ.Z); Balance of Power calculations.
| Date | CHIPS |
|---|---|
| 2017 | 393.2 |
| 2018 | 417.9 |
| 2019 | 417.5 |
| 2020 | 381.9 |
| 2021 | 448.7 |
| 2022 | 469.3 |
| 2023 | 448.7 |
| 2024 | 463.3 |
With: Renminbi payments cleared through China's cross-border system (CIPS)
| Column | Source | Series key | Status | Data through |
|---|---|---|---|---|
chips_m | bis | WS_CPMI_SYSTEMS/A.US.V.A.US1P.PA.ZZZZ.Z | live | 2024 |