国泰海通｜综合金融：新规利好CIPS规模拓展，助力人民币国际化

Core Viewpoint - The introduction of new business rules aims to better meet the development and scale expansion needs of the Cross-border Interbank Payment System (CIPS), enhancing its global influence and supporting the internationalization of the Renminbi [1][2]. Summary by Sections Event - On July 4, the People's Bank of China released a notice for public consultation on the draft business rules for the CIPS [2]. - The CIPS is a wholesale payment system specifically for Renminbi cross-border payment and clearing, providing secure, efficient, convenient, and low-cost fund clearing services [2]. Business Rule Changes - The number of financial institutions participating in CIPS has grown from over a hundred in its early days to over a thousand by May 2025, necessitating updates to the original rules [2]. - The original rules were too detailed and restrictive, particularly regarding account management and fund settlement, which limited flexibility for technological upgrades and business innovation [2]. Participant Admission and Custodian Bank Requirements - The new rules relax the admission criteria for direct participants, removing specific requirements and allowing the operating institution to adjust participant management dynamically [3]. - The custodian bank requirement has been broadened from "domestic banks" to "qualified direct participants" [3]. - The detailed operational steps for fund injection have been simplified, retaining only the principle of liquidity management for direct participants [3]. Impact on CIPS and Renminbi Internationalization - The policy adjustments are expected to enhance CIPS's global influence and facilitate the internationalization of the Renminbi by attracting more participants and providing a more efficient cross-border settlement option [3].