中国人民银行：支持境内银行业金融机构与境外机构规范开展人民币跨境同业融资业务

Core Viewpoint - The People's Bank of China has issued a notice to enhance the level of capital project openness and develop the offshore RMB market, allowing domestic banks to conduct RMB cross-border interbank financing with foreign institutions in a regulated manner [1][2]. Group 1: Key Aspects of the Notice - The notice covers RMB cross-border interbank financing based on the principle of "substance over form," including existing and future similar financing activities between domestic banks and foreign institutions [1]. - A counter-cyclical adjustment mechanism is introduced, linking the net outbound balance of RMB cross-border interbank financing to the capital level and funding strength of domestic banks, allowing for adjustments based on macro-prudential parameters [1]. - Domestic banks are encouraged to conduct business in compliance with market demand and regulations, requiring strong international settlement capabilities and robust risk management systems [2]. Group 2: Implications for the Banking Sector - The implementation of the notice is expected to enhance the rules and transparency of RMB cross-border interbank financing management, facilitating stable offshore RMB liquidity supply [2]. - The management logic aligns with previous measures on overseas loans and financing, providing a systematic and scientific approach to cross-border financing management [2]. - The notice promotes a risk-neutral philosophy among banks, allowing them to adjust their business structures flexibly within an overall net outbound balance limit [2].