人民币国际化迎关键突破，央行新规完善离岸市场流动性供给

Core Viewpoint - The People's Bank of China (PBOC) has officially released a notification to standardize the management of net cross-border interbank financing limits in RMB, aiming to support the development of the offshore RMB market and enhance the internationalization of the RMB [2][10]. Group 1: Notification Overview - The notification includes various types of RMB cross-border interbank financing, such as account financing and bond repurchase, allowing domestic banks to lend and borrow RMB from foreign institutions [2][4]. - It introduces a counter-cyclical adjustment mechanism linked to banks' capital levels, balancing liquidity supply and risk prevention [3][5]. Group 2: Policy Implications - The notification aims to improve the transparency of management and allows banks to flexibly structure their business within the net lending limits, enhancing their willingness to expand business [6][7]. - It optimizes the calculation rules for net lending balances, excluding certain business types from the calculation, which broadens the scope for domestic banks' cross-border operations [6][7]. Group 3: Market Impact - The stability of the offshore market largely depends on the predictability and sufficiency of liquidity supply, which the notification aims to enhance [8]. - The PBOC's efforts in promoting RMB internationalization have led to RMB becoming the largest settlement currency for China's foreign payments and the second-largest trade financing currency globally [8][10].