人民币跨境同业融资新规征求意见，离岸市场流动性有“新保障”

Core Viewpoint - The People's Bank of China (PBOC) has drafted a notice to support domestic banks in conducting RMB cross-border interbank financing, aiming to enhance the offshore RMB market and ensure stable liquidity provision [1][2]. Group 1: Policy Objectives - The notice reflects a clear direction towards balancing high-quality development with high-level security, allowing banks to meet market demands while promoting the use of RMB across borders [1][2]. - It aims to provide stable liquidity to the offshore market, which is crucial for the internationalization of the RMB, as evidenced by RMB becoming the largest settlement currency for China's external payments and the second-largest trade financing currency globally [2]. Group 2: Management Framework - The new regulations will unify the management of RMB cross-border interbank financing, addressing previous issues of unclear rules and lack of transparency in the management of outbound financing [3][4]. - The notice covers various types of RMB cross-border interbank financing, shifting from a product-specific rule-making approach to a more comprehensive framework that emphasizes substantive debt relationships [4]. Group 3: Risk Management - The notice links the net outbound balance of banks to their Tier 1 capital, promoting a principle of "doing business according to capital capacity," which encourages a risk-neutral mindset among financial institutions [5]. - A counter-cyclical adjustment mechanism will be introduced to manage cross-border capital flows, allowing the PBOC to adjust parameters to stabilize RMB liquidity provision to offshore markets [6].