引入逆周期调节机制 人民币跨境同业融资有新规范

Core Viewpoint - The People's Bank of China (PBOC) has issued a notification to enhance the level of capital account openness and develop the offshore RMB market, allowing domestic banks to conduct cross-border interbank financing in RMB with foreign institutions [1][2]. Group 1: Notification Overview - The notification supports domestic banks in conducting RMB cross-border interbank financing, which includes account financing and bond repurchase, serving as a crucial channel for providing RMB liquidity to the offshore market [1]. - The notification is effective immediately upon release and aims to better serve the real economy while guiding banks to adopt a risk-neutral approach [1]. Group 2: Business Coverage and Mechanism - The notification covers RMB financing activities between domestic banks and foreign institutions that have substantial creditor-debtor relationships, ensuring it encompasses existing and future similar business types [1]. - A key highlight of the new regulation is the introduction of a counter-cyclical adjustment mechanism, linking the net outbound balance of RMB cross-border interbank financing to the capital levels and funding strength of domestic banks [2]. Group 3: Management and Implementation - The PBOC indicates that the new rules will enhance the regulatory clarity and transparency of RMB cross-border interbank financing, facilitating stable offshore RMB liquidity supply [3]. - The management logic of the notification aligns with previous measures on overseas loans and is seen as an effective supplement to comprehensive cross-border financing macro-prudential management [3]. - The PBOC plans to steadily advance the implementation of the notification to ensure that cross-border interbank financing effectively supports the real economy and promotes the healthy development of the offshore RMB market [3].