人民币跨境支付系统新规出炉，明年2月1日起施行

Core Viewpoint - The People's Bank of China has officially issued the revised "Rules for Cross-Border Payment System of Renminbi" (referred to as the new "Business Rules"), which will take effect on February 1, 2026, replacing the previous version from 2018. The revision aims to better accommodate the expansion and management needs of participants in the Cross-Border Interbank Payment System (CIPS) and to align with the ongoing development of CIPS services and functionalities [1][2]. Group 1 - The new "Business Rules" consists of six chapters: "General Principles," "Account Management," "Business Processing," "Settlement Mechanism," "Risk Management and Emergency Handling," and "Appendices," divided into thirty articles [2]. - The revised rules eliminate the dedicated chapter on "Participant Management," instead requiring operating institutions to establish participant management methods within the "General Principles" chapter, addressing participant entry and exit management, reporting requirements, and risk management [2]. - As of now, CIPS has 190 direct participants and 1,567 indirect participants, with significant representation from Asia (1,150), Europe (261), Africa (65), North America (34), South America (33), and Oceania (24) [2]. Group 2 - The new rules clarify that foreign institutions applying to become direct participants can appoint qualified direct participants as their fund custodians, a change from the previous requirement that mandated foreign institutions to designate domestic bank-type direct participants for this role [3].