Zheng Quan Shi Bao Wang·2025-07-07 03:56Core Viewpoint - The recent surge in cross-border payment stocks is driven by the People's Bank of China's release of a draft for the rules governing the Cross-border Interbank Payment System (CIPS), indicating potential expansion into multi-currency services and enhanced operational flexibility for participating institutions [1][2]. Group 1: Market Reaction - On July 7, cross-border payment stocks experienced significant gains, with Zhongyi Technology hitting a 20% limit up, Huafeng Super Fiber rising over 13%, and Xinyada achieving consecutive limit ups [1]. - Other notable performers included Qingdao Kingking, which also reached the limit up, while Hailian Jinhui and Jingbeifang increased by over 8% [1]. Group 2: Regulatory Developments - The draft rules for CIPS, released on July 4, aim to enhance the system's capabilities, including the potential to handle foreign currency payments, which marks a significant development for CIPS, primarily focused on RMB services [1]. - The new provisions in the draft suggest that CIPS may evolve into a more comprehensive platform, aligning with the Shanghai International Financial Center's action plan to improve cross-border financial services [1][2]. Group 3: Strategic Implications - The draft significantly increases the autonomy and flexibility of operational institutions in managing participants, which is expected to help CIPS adapt to market changes and innovations [2]. - The document outlines the potential for CIPS to expand into multi-currency operations, align with international anti-money laundering standards, and integrate new technologies, thereby enhancing its international credibility and attracting more global participants [2].