央行印发业务规则 规范人民币跨境支付系统（CIPS）业务行为

Core Viewpoint - The People's Bank of China has revised the rules for the Cross-Border Interbank Payment System (CIPS) to enhance the management of cross-border RMB business and ensure that CIPS accounts are zero-balance accounts, which do not accrue interest or allow overdrafts [1] Group 1: CIPS Account Management - Operating institutions must open zero-balance accounts for direct participants in CIPS, which will not earn interest and must maintain a zero balance at the end of the day [1] - Funds in the CIPS accounts belong to the direct participants and are not considered the operating institution's assets, which must manage the participants' accounts uniformly [1] - Each direct participant is allowed to open only one zero-balance account in CIPS, while indirect participants are not permitted to open accounts [1] Group 2: Liquidity Management - Operating institutions may open a clearing account at the People's Bank of China to manage settlement funds for CIPS business separately from other funds [1] - Direct participants can manage liquidity for their CIPS accounts through their own or their custodian bank's clearing accounts at the People's Bank of China [1] - The clearing account must not allow overdrafts and must also maintain a zero balance at the end of the day [1]