统一监管！央行发布人民币跨境同业融资业务征求意见稿

Core Viewpoint - The People's Bank of China (PBOC) has released a draft notice to support domestic banks in conducting cross-border RMB interbank financing, aiming to develop the offshore RMB market and improve macro-prudential management of cross-border capital flows [1][2]. Summary by Sections Section 1: Unified Regulation and Risk Management - The draft notice introduces unified regulation for RMB cross-border interbank financing, previously scattered across various pilot programs, with differentiated calculation methods for domestic and foreign banks [1] - For domestic banks, the net lending limit is calculated as: Net Capital × Risk Management Factor × Macro-prudential Adjustment Parameter, with initial values set at 0.06 and 1 respectively [1] - A warning will be triggered when the net lending balance reaches 80% of the limit to ensure manageable business scale [1] Section 2: Regulatory Coverage - The draft encompasses all RMB financing activities between domestic banks and foreign institutions (excluding clearing banks) that establish substantive creditor-debtor relationships, but excludes investments in foreign debt instruments [2] Section 3: Business Duration and Entry Requirements - The financing business duration is capped at one year, aligning with domestic interbank business duration requirements [2] - Only domestic banks with strong international settlement capabilities are allowed to participate, including state-owned banks, foreign-owned banks, and joint-venture banks, with specific management and reporting obligations to the PBOC [2] Section 4: Exclusions and Reporting - Rural financial institutions such as rural commercial banks and credit cooperatives are prohibited from engaging in this business due to their limited international settlement and risk management capabilities [2] - All participating banks must report information monthly to the RMB Cross-border Payment Information Management System (RCPMIS) and retain relevant business materials for five years [2] Section 5: Feedback Period - The deadline for feedback on the draft notice is set for September 27, 2025 [3]