为人民币离岸市场提供稳定流动性 央行优化人民币跨境同业融资业务管理

Core Viewpoint - The People's Bank of China (PBOC) has released a draft notice to unify the framework for cross-border interbank financing in RMB, aiming to stabilize liquidity expectations in the offshore RMB market [1][2]. Summary by Sections Policy Transparency and Rules - The draft notice aims to enhance the transparency and regulatory framework of cross-border interbank financing policies, which includes various forms of RMB funding between domestic banks and foreign institutions [1][2]. - It supports domestic banks in autonomously conducting business within a net lending limit, thereby reducing concerns over ambiguous business rules and encouraging banks to expand their operations [2]. Balancing Development and Safety - The notice emphasizes macro-prudential management of cross-border capital flows to ensure the orderly outflow of onshore RMB while meeting reasonable cross-border RMB usage demands [3]. - It shifts from a piecemeal rule-making approach to a unified management framework for RMB cross-border interbank financing, addressing previous issues of unclear rules and lack of comprehensive management [3][4]. Risk Management and Adjustment Mechanisms - The notice introduces a counter-cyclical adjustment mechanism, with initial risk management factors set at 0.06 and macro-prudential adjustment parameters at 1, allowing the PBOC to adjust these parameters as needed [3]. - It establishes a unified upper limit for net lending in RMB cross-border interbank financing, enabling the PBOC to manage liquidity provision to offshore markets effectively [4].