央行印发《人民币跨境支付系统业务规则》

Core Viewpoint - The People's Bank of China has revised the rules governing the Cross-Border Interbank Payment System (CIPS) to enhance management and adapt to the development needs of cross-border RMB business [1][30]. Group 1: General Provisions - The rules aim to standardize CIPS operations, mitigate payment risks, and protect the legal rights of CIPS operators and participants [1][30]. - The rules apply to CIPS operators and participants, with operators defined as corporate entities approved by the People's Bank of China to provide cross-border RMB clearing and settlement services [2][31]. Group 2: Participant Management - Participants include direct and indirect participants, with direct participants holding CIPS accounts and having a CIPS bank number, while indirect participants delegate transactions through direct participants [4][33]. - Operators must establish participant management guidelines, detailing the management of participant entry and exit, reporting requirements, and risk management [6][34]. Group 3: Account Management - CIPS accounts for direct participants must be zero-balance accounts, which do not accrue interest or allow overdrafts, ensuring that end-of-day balances are zero [8][36]. - Operators may open clearing accounts at the People's Bank of China for centralized storage of settlement funds related to CIPS transactions [9][36]. Group 4: Business Processing - Direct participants must process payment transactions based on customer instructions or indirect participant delegations, either individually or in batches [11][37]. - Operators are required to publish the CIPS working calendar and operational timelines promptly [15][43]. Group 5: Settlement Mechanism - CIPS supports a mixed settlement model, providing real-time gross settlement for individual transactions and scheduled net settlement for batch transactions [17][46]. - CIPS will establish priority queues for urgent and regular transactions, allowing direct participants to adjust the order of transactions within the same priority level [19][48]. Group 6: Risk Management and Emergency Response - Operators must develop a comprehensive risk management framework to monitor and manage liquidity, operational, and other risks to ensure normal business operations [22][52]. - Both operators and direct participants are required to establish emergency response mechanisms for system failures and unexpected events to maintain operational continuity and data integrity [23][52]. Group 7: Additional Provisions - Operators must create operational guidelines detailing the specific processes for participants handling RMB transactions through CIPS [27][54]. - The rules will take effect on February 1, 2026, and will replace the previous CIPS rules issued in 2018 [29][54].