央行拟修订人民币跨境支付系统业务规则，进一步健全参与者管理机制

Core Viewpoint - The People's Bank of China has released a draft for the "Rules for Cross-Border Payment System of Renminbi" to solicit public opinions, aiming to enhance the management and operational requirements for CIPS participants [1] Group 1: Background and Necessity of Revision - The revision is necessary to better accommodate the expansion and management requirements of CIPS participants due to the growth of CIPS business and participant scale [1] - The existing rules do not effectively meet the needs for participant expansion and management, necessitating updates to improve the management mechanism [1] - The rules will also ensure that the regulatory documents are forward-looking and scientific, adapting to the ongoing development and functional upgrades of CIPS [1] Group 2: Applicability and Responsibilities - The draft rules apply to CIPS operating institutions, direct participants, and indirect participants, with operating institutions being approved by the People's Bank of China to provide cross-border RMB clearing and settlement services [2] - Operating institutions are required to establish participant management measures, detailing requirements for participant entry and exit, reporting, and risk management [2] - Direct and indirect participants must conduct business according to the management measures set by the operating institutions, which must be reported to the People's Bank of China after thorough evaluation and feedback [2] Group 3: Account Management and Business Processing - Operating institutions may open clearing accounts with the People's Bank of China for centralized storage of settlement funds, with funds belonging to all direct participants and no overdraft allowed [3] - Direct participants must process payments through CIPS based on customer instructions or indirect participants' commissions, while financial market infrastructure participants must organize or participate in fund settlements through CIPS according to their system needs [3] - Unauthorized expansion of service scope, objects, or business scenarios by direct participants is prohibited [3]