据介绍，随着CIPS业务发展和参与者规模扩大，修订前的业务规则相关内容无法有效满足参与者 拓展和管理要求，有必要根据CIPS业务发展实际，对其进行修改完善，确保规范性文件的前瞻性和科 学性。 中国人民银行12月26日发布消息称，为适应跨境人民币业务发展需要，加强人民币跨境支付系统 （CIPS）业务管理，中国人民银行修订印发《人民币跨境支付系统业务规则》，新规将自2026年2月1 日起施行。 记者了解到，新修订的业务规则对参与者和运营机构账户开立、参与者结算资金归属、参与者流动 性管理等业务行为进行规范。新规明确了参与者的业务类型，对报文权限申请、系统登录、业务种类填 写、查询查复等业务行为进行规范。 此外，新规还明确了结算机制，对队列管理、业务撤销与退回、参与者记账和对账等业务行为进行 规范。（记者任军、吴雨） 【纠错】 【责任编辑:邱丽芳】 ...

中国人民银行上海总部，各省、自治区、直辖市及计划单列市分行；国家开发银行、进出口银行、农业 发展银行，各国有商业银行，中国邮政储蓄银行，各股份制商业银行；外汇交易中心、清算总中心、数 字货币研究所、中国银联、上海黄金交易所、上海清算所、网联清算公司、跨境清算公司；中央国债登 记结算有限责任公司： 为适应跨境人民币业务发展需要，加强人民币跨境支付系统（CIPS）业务管理，中国人民银行修订了 《人民币跨境支付系统业务规则》，现印发给你们，请遵照执行。 中国人民银行 中国人民银行关于印发《人民币跨境支付系统业务规则》的通知（ 银发〔2025〕248号） 2025年12月19日 人民币跨境支付系统业务规则 第一章 总 则 第一条 为规范人民币跨境支付系统（CIPS）业务行为，防范支付风险，保障CIPS运营机构和参与者合 法权益，明确各方职责，根据《中华人民共和国中国人民银行法》及有关法律法规，制定本规则。 第二条 本规则适用于CIPS运营机构、CIPS参与者。 第三条 运营机构是指经中国人民银行批准，为境内外参与者提供跨境人民币清算、结算服务的公司制 企业法人。 中国人民银行依法对运营机构的业务进行监督和指导。 第四 ...

在中国人民银行深圳市分行的指导下，交通银行深圳分行（以下简称"深圳交行"）充分发挥跨境人民币业务在服 务实体经济的作用，坚定地贯彻"本币优先"理念，充分运用人民币跨境结算和融资功能，为外贸事业的蓬勃发展 以及中资企业"走出去"战略提供了强有力的金融支持。截至今年10月末，深圳交行跨境人民币收支量同比增长 92.71%，在分行同口径本外币收支中的占比超过七成，人民币跨境结算占比提升成效显著。 某集团公司冻品进口量位居行业前列，其所在的冻肉产业链长期面临着跨境采购周期长、经销商融资困难以及货 款回款速度慢等痛点问题。深圳交行积极探索科技赋能金融支持外贸的创新路径，为该企业量身定制了供应链融 资与便利化跨境人民币结算相结合的综合服务方案。该行推出的"冻肉贷"普惠金融信贷产品，运用"大数据+场 景"技术，实现了融资流程的线上化操作，将金融活水精准输送到民生冻品冷链末端企业。 这一举措有效优化了供应链资金流，为企业的进口业务持续发展提供了坚实保障，同时助力企业提升在国际贸易 谈判中的话语权。今年前三季度，该集团通过深圳交行办理的进口项下跨境人民币结算金额同比增长182.66%，其 中与泰国供应商结算金额同比增长超过8倍 ...

Core Viewpoint - The Hong Kong International Financial Leaders Investment Summit highlighted the achievements of Hong Kong's financial market and the significant results of the mainland capital market's opening up, while outlining future directions for deepening financial cooperation between the mainland and Hong Kong, promoting financial innovation, and strengthening risk prevention systems [1] Group 1: Hong Kong Market Developments - Hong Kong's stock market averaged over $32 billion in daily trading volume this year, doubling from last year [2] - In the first ten months of this year, Hong Kong had 80 IPOs raising over $26 billion, ranking first globally in IPO fundraising [2] - The Hong Kong government is actively promoting reforms to enhance efficiency in financing and risk management for overseas companies and is pushing for RMB stock trading [2] Group 2: Monetary Policy and Financial Support - The People's Bank of China (PBOC) has implemented a moderately loose monetary policy, lowering the reserve requirement ratio by 0.5 percentage points and providing 1 trillion yuan in long-term liquidity [3] - The PBOC has also reduced policy interest rates by 0.1 percentage points and structural monetary policy tool rates by 0.25 percentage points to lower financing costs [3] - A total of 500 billion yuan has been allocated for consumer and pension refinancing, with an additional 300 billion yuan for technology innovation and transformation refinancing [3] Group 3: Offshore Market Development - The PBOC has supported the Hong Kong Monetary Authority in launching a 100 billion yuan trade financing liquidity arrangement, with nearly 30 billion yuan in transactions initiated by the end of September [4] - The PBOC has issued 2.55 trillion yuan in central bank bills in Hong Kong this year, with a total outstanding balance of 1.7 trillion yuan [4] - As of July, 475,000 bank accounts have been opened by residents of Hong Kong and Macau, facilitating transactions totaling 41.8 billion yuan [4] Group 4: Financial Cooperation and Innovation - The Financial Regulatory Administration emphasized the need to deepen financial cooperation between the mainland and Hong Kong, supporting the issuance of catastrophe bonds by mainland insurance companies in Hong Kong [5] - There is a focus on enhancing financial services in the Guangdong-Hong Kong-Macao Greater Bay Area and supporting Hong Kong's role as a financial service hub for mainland enterprises [5] - The collaboration in technology, green finance, and digital finance is encouraged to leverage Hong Kong's strengths in innovation and intellectual property protection [6] Group 5: Capital Market Opening - The China Securities Regulatory Commission (CSRC) highlighted three achievements in capital market opening during the 14th Five-Year Plan: full industry access, deepened market connectivity, and product opening [7] - The CSRC aims to enhance cross-border investment facilitation and strengthen communication with international investors [8] - The CSRC welcomes more international institutions to invest in China, emphasizing the importance of legal compliance and risk management [8]

Core Insights - The People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch reported significant growth in cross-border RMB transactions for goods trade in Shenzhen, indicating an increase in both volume and scope of services [1] Group 1: Cross-Border RMB Business - The total cross-border RMB receipts and payments for goods trade in Shenzhen reached 859.2 billion yuan from January to September 2025, marking a year-on-year increase of 121.1 billion yuan [1] - Nearly 1,900 enterprises participated in higher-level RMB settlement facilitation pilot programs, with a total transaction amount of 295.6 billion yuan, reflecting a year-on-year growth of 25.0% [1] - The number of newly registered cross-border RMB general trade first-time clients reached 2,675 [1] Group 2: Financial Services and Support - The Shenzhen branch of the People's Bank is enhancing the self-regulatory mechanism for cross-border RMB settlement facilitation policies and establishing a feedback mechanism for issues raised [1] - The branch is also deepening cooperation between government, banks, and enterprises, providing tailored financial services for individual companies [1] - The scale of cross-border RMB loans issued by commercial banks in the region reached 151.6 billion yuan, more than doubling year-on-year, highlighting the cost advantages of RMB financing [1]

Core Viewpoint - The article discusses the significant rise of gold prices and the implications for the global monetary order, particularly focusing on the increasing role of the Chinese yuan as a potential alternative to the US dollar in international trade and finance [3][4][5]. Group 1: Gold Price Surge - On October 7, 2025, gold prices reached a historic high of $4000 per ounce, marking an increase of over 50% within the year [3]. - This surge is attributed to the Federal Reserve's decision to restart interest rate cuts and a notable decline in the US dollar index, which has dropped nearly 10% this year [3]. - The rise in gold prices reflects a broader market sentiment seeking alternatives to the dollar amid geopolitical tensions and economic uncertainties [3][4]. Group 2: Yuan's Internationalization - As of Q1 2025, the yuan accounted for 2.12% of global foreign reserves, ranking sixth, significantly lower than the dollar (57.74%) and euro (20.06) [4]. - Despite China's growing economic influence, the yuan's international status does not yet match this influence, indicating a need for a multi-faceted approach to enhance its global role [4][5]. - A notable shift is occurring, with an increasing number of enterprises opting for yuan settlements in cross-border transactions, surpassing dollar settlements for the first time in Q2 2025 [5][6]. Group 3: Market Dynamics - A survey conducted by Renmin University revealed that 68% of enterprises used yuan for cross-border trade settlements in Q4 2024, with 71% citing asset security as the primary reason [6][9]. - The yuan's appeal is growing due to its perceived stability and usability, as companies seek to avoid reliance on the dollar [9][10]. - The influx of foreign capital into Chinese assets, particularly after the Fed's interest rate cuts, indicates a shift in investor sentiment towards the yuan [9][10]. Group 4: Infrastructure Development - The establishment of the Digital Yuan International Operation Center in Shanghai aims to enhance the yuan's usability in cross-border transactions, supporting a more integrated financial infrastructure [12][14]. - The center's launch is part of a broader strategy to create a transaction-driven infrastructure for the yuan, moving from policy-driven to market-driven adoption [12][15]. - The digital yuan's infrastructure is designed to facilitate seamless transactions, ensuring compatibility with existing systems while enhancing liquidity and efficiency [14][15]. Group 5: Future Prospects - The article emphasizes the need for a dual-driven model of "yuan + digital currency" to enhance the yuan's role in global trade and finance [18]. - The transition of the yuan from a "optional" asset to a "must-have" currency in global markets requires comprehensive financial reforms and international collaboration [18][19]. - The evolving global monetary landscape suggests that the yuan is positioned to play a significant role in reshaping future financial systems, driven by market choices rather than mere policy directives [19].

Core Viewpoint - The People's Bank of China (PBOC) has drafted a notice to enhance the framework for cross-border interbank financing in Renminbi, aiming to support the development of the offshore Renminbi market and improve policy transparency and consistency [1][2][3]. Group 1: Policy Development - The notice aims to unify the management of cross-border interbank financing, which includes various forms of Renminbi liquidity provision between domestic and foreign banks [1][3]. - Since 2009, various cross-border interbank financing products have been introduced, but the previous management lacked clarity and transparency, necessitating a more structured approach [3][4]. - The notice reflects a balance between fostering innovation in cross-border financing and ensuring regulatory compliance [4][5]. Group 2: Market Demand and Stability - The demand for Renminbi liquidity in the offshore market has increased, with the cross-border payment amount expected to reach 64 trillion yuan in 2024 [2]. - The notice is designed to stimulate domestic banks' willingness to engage in cross-border financing by providing clearer rules and reducing operational uncertainties [4][5]. - By linking the net outflow limits to banks' capital levels, the notice encourages a risk-neutral approach among financial institutions, promoting stable and healthy business development [5][6]. Group 3: Macro-Prudential Management - The notice introduces a macro-prudential management framework for cross-border interbank financing, allowing the PBOC to adjust parameters to manage liquidity flow effectively [6]. - This framework is intended to provide a stable and orderly outflow of Renminbi to foreign markets while maintaining risk control [6].

Core Viewpoint - The event held on September 9, organized by the People's Bank of China Fujian Branch and Xiamen Branch, aimed to promote the development of cross-border RMB business and strengthen cooperation between banks and enterprises, marking the 15th anniversary of cross-border RMB policies in Fujian [1][3]. Group 1: Business Development and Performance - The cross-border RMB business of the Xiamen Branch of the Bank of Communications has shown a positive trend, with a total cross-border RMB payment amount increasing by 66.5% in 2024 compared to the previous year, and the payment amount under goods trade increasing by 20.21% year-on-year [1]. - As of August 2025, the proportion of cross-border RMB settlements under goods trade increased by 2.76 percentage points compared to the end of the previous year [1]. Group 2: Service Innovation and Client Support - The bank focuses on "customer needs" and "strategic orientation," enhancing services through a dual-track system of "experts + teams" to support the establishment of "first-time clients" for cross-border RMB [2]. - The bank has developed an online product matrix covering cross-border payments and trade financing, leveraging a multilateral central bank digital currency bridge to address traditional cross-border payment challenges such as speed, cost, and complexity [2]. - A comprehensive financial service agreement was signed with Xiamen Jiaseng Supply Chain Co., Ltd., providing tailored services in international financial settlement, exchange rate risk management, and digital finance to reduce transaction costs and enhance fund management efficiency [2]. Group 3: Future Directions and Strategic Goals - The successful signing of the cross-border RMB financial service agreement reflects the Xiamen Branch's commitment to supporting enterprises in cross-border development in alignment with national policies [3]. - The bank plans to continue following policy guidance, deepen product innovation, and enhance cooperation with enterprises to improve cross-border financial service levels and contribute to the high-quality development of local cross-border finance and the internationalization of RMB [3].

Core Insights - Zhengzhou's cross-border RMB payments reached 168.2 billion yuan from January to July, marking a year-on-year increase of over 38%, setting a historical record for the same period [1][2] - The People's Bank of China (PBOC) Henan Branch has implemented proactive foreign exchange management policies to support high-quality development of the foreign-related economy in Zhengzhou [1] Cross-Border Trade - The PBOC Henan Branch has supported banks in expanding the coverage of trade foreign exchange payment facilitation policies, including more specialized, small and medium-sized private enterprises, and free trade zone companies [1] - From January to July, 40 quality enterprises in Zhengzhou processed 3,864 trade foreign exchange payment facilitation transactions, amounting to 46.1 billion USD [2] Cross-Border Financing - Eight multinational companies have engaged in cross-border fund concentration operations involving 81 domestic and foreign member enterprises [2] - The total scale of foreign-related receipts and payments in Zhengzhou reached 101.3 billion USD, a year-on-year increase of 8.7%, accounting for 80% of the province's total [2] Cross-Border RMB Business - The PBOC Henan Branch has organized activities to promote the use of RMB for cross-border settlements, resulting in 2,315 enterprises engaging in cross-border RMB settlement, with 597 new first-time users [2] - Since 2011, nearly 7,000 enterprises in Zhengzhou have conducted cross-border RMB settlement, with a cumulative settlement amount exceeding 1.2 trillion yuan, covering 159 countries and regions [2] Risk Management Services - Zhengzhou's foreign-related enterprises have signed 719 derivative contracts through cross-border financial service platforms, amounting to 900 million USD, enhancing their ability to manage exchange rate risks [2]

Core Viewpoint - The People's Bank of China has issued a notice to support cross-border RMB settlement for new foreign trade business models, aiming to enhance financial services for the development of these new business forms [1][5]. Group 1: Support for Cross-Border Settlement - The notice aims to facilitate better financial services for cross-border e-commerce, market procurement, offshore trade, and overseas warehouses, which have seen significant growth in recent years [1][2]. - In the first four months of this year, the scale of cross-border RMB payments for goods trade reached 2.2 trillion yuan, a year-on-year increase of 26%, accounting for 16% of total cross-border payments in goods trade [3]. - The China Export & Credit Insurance Corporation has supported new foreign trade business models with a total underwriting amount of 88.9 billion USD this year, indicating strong demand for risk coverage in the current international environment [10][11]. Group 2: Financial Institutions' Role - Financial institutions are encouraged to collaborate and provide convenient financial services to foreign trade enterprises with real transaction backgrounds, as outlined in the government's opinions [7][12]. - Agricultural Bank of China has actively promoted foreign exchange derivative transactions to help companies manage exchange rate risks, successfully facilitating a 200 million yuan forward foreign exchange transaction for a local fruit import company [2]. - China Merchants Bank has reported a 24% year-on-year increase in international trade settlement services and a 44% increase in import and export trade financing in the first four months of this year [7]. Group 3: Innovative Financial Products - Construction Bank has developed a dedicated product for cross-border e-commerce, allowing companies to efficiently manage their overseas sales funds [9]. - Xinyu Group has benefited from innovative financing solutions provided by banks, ensuring smooth capital turnover for its overseas subsidiaries amid challenges in accessing traditional financing channels [8]. - The introduction of various financial products aims to reduce costs and improve efficiency for cross-border enterprises, helping them expand revenue streams [4][9].