Core Insights - The People's Bank of China emphasizes the acceleration of financial market system construction and high-level opening-up [1] Group 1: Financial Market Development - The report advocates for the development of a "Technology Board" in the bond market, utilizing risk-sharing tools for technology innovation bonds to support more private technology enterprises and private equity investment institutions in bond financing [1] - It highlights the need to improve the legal framework for the bond market and promote the construction of corporate bond regulations [1] - The report calls for the acceleration of multi-tiered bond market development and the continuous expansion and standardization of over-the-counter bond business [1] Group 2: Risk Monitoring and Regulation - There is a focus on the continuous regulation of issuance pricing, underwriting, and market-making behaviors, along with strengthening risk monitoring in key sectors and industries [1] Group 3: Internationalization and Currency Use - The report promotes the high-quality development of the panda bond market and aims to advance the internationalization of the Renminbi, enhancing the level of capital account openness [1] - It proposes the initiation of high-level opening-up pilot projects for cross-border trade and investment, further expanding the use of Renminbi in cross-border transactions and deepening foreign currency cooperation [1] - The development of the offshore Renminbi market is also emphasized [1]

Core Viewpoint - The People's Bank of China (PBOC) has drafted a notice to support domestic banks in conducting RMB cross-border interbank financing, aiming to enhance the development of the offshore RMB market and provide stable liquidity [1][2]. Group 1: Policy Objectives - The notice reflects a clear direction of balancing high-quality development with high-level security, supporting banks to meet market demand for RMB cross-border interbank financing [1][2]. - It aims to provide stable liquidity to the offshore market, promoting the use of RMB across borders, as RMB has become the largest settlement currency for China's foreign trade [2][3]. Group 2: Market Context - The RMB internationalization process has progressed steadily, with RMB becoming the second-largest trade financing currency globally, and the cross-border payment amount expected to reach 64 trillion yuan in 2024 [2]. - The demand for RMB liquidity in the offshore market has significantly increased, driven by the willingness of foreign entities to hold and use RMB [2]. Group 3: Management Framework - The notice integrates the previously separate management of RMB cross-border interbank financing into a unified framework, addressing issues of unclear rules and lack of transparency [3][4]. - It establishes a comprehensive management system that covers various types of RMB cross-border interbank financing, ensuring both innovation and regulatory compliance [4]. Group 4: Risk Management - The notice links the net outflow limit for banks to their Tier 1 capital, promoting a risk-neutral approach among financial institutions [5]. - A counter-cyclical adjustment mechanism is introduced to manage cross-border capital flows, allowing the PBOC to adjust parameters to stabilize RMB liquidity provision to foreign markets [6].

有多大能力，做多大业务。 为进一步支持境内银行开展人民币跨境同业融资业务，支持人民币离岸市场发展，央行近日起草了《银 行业金融机构人民币跨境同业融资业务有关事宜的通知（征求意见稿）》（下称《通知》），并对外公 开征求意见。 人民币跨境同业融资是境内银行与境外银行等金融机构间开展账户融资、债券回购等人民币资金融入、 融出业务的统称，其中融出方向是在岸向离岸市场提供人民币流动性的关键渠道。 近年来，我国人民币国际化进程稳步推进，成效显著——人民币已成为我国对外收支第一大结算货币、 全球第二大贸易融资货币，2024年人民币跨境收付金额达64万亿元，境外主体持有和使用人民币的意愿 持续提升，直接推动离岸市场对人民币流动性的需求显著增强。 二十届三中全会明确提出"发展人民币离岸市场"。记者采访获悉，为满足市场合理需求，提升跨境同业 融资政策透明度与规则性，稳定政策预期以激发境内银行展业积极性，为离岸市场提供稳定流动性，成 为此次新规起草的重要动因。 新规出台也是为平衡好发展和安全的关系，也要对跨境资金双向流动进行宏观审慎管理，引导在岸人民 币有序流出，在风险可控的前提下满足境内外主体跨境使用人民币的合理需求。 从管理层 ...

通知主要内容包括五方面：一是覆盖人民币跨境同业融资各类业务。按照实质重于形式的原则，纳入境 内银行与境外机构（不含清算行）之间存在实质债权债务关系的各类人民币资金融入和融出业务（不包 括境内银行与境外机构之间投资或买入同业存单、债券等债务工具业务），支持规范发展。 中国人民银行9月12日消息，为进一步支持境内银行业金融机构与境外机构开展人民币跨境同业融资业 务，发展人民币离岸市场，完善跨境资本流动宏观审慎管理，中国人民银行起草了《中国人民银行关于 银行业金融机构人民币跨境同业融资业务有关事宜的通知（征求意见稿）》，现向社会公开征求意见。 通知起草说明表示，通知覆盖人民币跨境同业融资各类业务，支持业务规范化发展，为人民币离岸市场 提供稳定的流动性，促进人民币跨境使用。通知将银行业务空间与其资本水平、资金实力相挂钩，提倡 有多大能力做多大业务，有助于银行形成风险中性的理念。相关参数设定充分考虑了银行业金融机构实 际情况，上限要求远高于银行现有业务余额，银行有充足的空间发展业务。 四是支持境内银行顺应市场需求、依法合规开展业务。通知明确展业银行应具备较强的国际结算业务能 力，建立健全风险管理和内控机制，由银行总行或 ...

Core Viewpoint - The People's Bank of China emphasizes the need for steady and prudent advancement of RMB internationalization, focusing on expanding the use of RMB in trade and enhancing its financing capabilities [1] Group 1: RMB Internationalization - The central bank aims to accelerate the expansion of RMB usage in trade [1] - There is a focus on improving the RMB's financing currency function and optimizing the integrated fund pool for domestic and foreign currencies [1] - Development of the offshore RMB market is prioritized to establish stable and comprehensive liquidity supply channels [1] Group 2: Policy Support and Management - The central bank plans to strengthen policy support and management for clearing banks [1] - There is an initiative to expedite the improvement of the RMB clearing bank layout [1]