【首席观察】CIPS十年一跃：在世界金融坐标中的落点

Core Viewpoint - The development of CIPS represents both the maturity of the RMB cross-border payment technology and a significant leap in the design of financial openness systems [1][19]. Group 1: RMB's Role Transformation - The RMB is transitioning from a wholesale market to a retail market, expanding its role from a settlement tool to a complete currency function [2][4]. - The launch of the cross-border QR code unified gateway signifies a natural extension aimed at enhancing the penetration of RMB in cross-border circulation [4][5]. Group 2: CIPS Development and Expansion - CIPS has seen a nearly eightfold increase in total participants over the past decade, growing from 19 direct participants and 176 indirect participants at its inception to 176 direct and 1,552 indirect participants by August 2025 [8][17]. - The establishment of a RMB clearing bank in Turkey marks a substantial breakthrough for the RMB clearing system in the Eurasian region, enhancing the network's coverage and operational flexibility [7][13]. Group 3: Regulatory Framework and Upgrades - The release of the "RMB Cross-Border Payment System Business Rules (Draft for Comments)" represents a significant institutional upgrade for CIPS, covering all aspects from account management to risk management [10][11]. - The new rules reflect a shift from initial access guidelines to compliance norms, providing a standardized and compliant foundation for the RMB cross-border settlement system [11][14]. Group 4: Financial Infrastructure and Global Integration - CIPS is positioned as a crucial financial infrastructure that aligns with international regulatory standards, facilitating the internationalization of the RMB [14][18]. - The system's capabilities are being enhanced to support a broader range of cross-border transactions, including trade, investment, and personal remittances, thereby solidifying its role as the main channel for RMB payments [10][17].