News Analysis Financial messaging and international payments leader SWIFT has set up a joint venture with the People’s Bank of China (PBoC)’s digital currency arm. The move offers SWIFT a product to comply with China’s local laws, legitimizes China’s digital yuan to an extent, and removes some risk of the yuan being cut off from the SWIFT system. However, the linkage is unlikely to spur greater international usage of China’s currency, digital or paper—likely one of China’s chief intentions with this joint venture. The Beijing-based joint venture, set up on Jan. 16, is called Finance Gateway Information Services Co. Aside from the Belgium-based SWIFT, other shareholders of the venture include the Cross-border Interbank Payment System (CIPS) and the Payment & Clearing Association of China, both agencies managed by the PBoC. CIPS was originally set up to expand the influence of China’s own payments system and increase internationalization, especially among countries …