降低机构接入门槛 人民币跨境支付系统迎新规

Core Viewpoint - The People's Bank of China has revised the "Rules for the Renminbi Cross-Border Payment System" to lower the entry barriers for international institutions, reflecting China's strategic commitment to promote the global use of the Renminbi [1][3]. Group 1: Regulatory Changes - The revised draft, open for public feedback until August 3, includes six chapters and thirty-one articles covering general provisions, account management, business processing, settlement mechanisms, risk management, and emergency response [1]. - The new rules allow foreign institutions to apply for direct participation in CIPS by designating qualified direct participants as their fund custodians, removing the previous requirement to use domestic banks [2][3]. Group 2: Operational Details - The draft emphasizes that operational institutions can open clearing accounts with the People's Bank of China for centralized storage of settlement funds, which must be accounted for separately from other funds [2]. - The rules specify that the clearing account cannot be overdrawn and must maintain a zero balance at the end of the day [2]. Group 3: Business Processing - Direct participants, particularly banks, must process payments based on customer instructions or through intermediaries, while financial market infrastructure participants must adhere to their transaction systems and cannot unilaterally expand their service scope [3]. - The revision aims to enhance the competitiveness of the cross-border payment system and reflects a proactive regulatory approach to market demands [3].