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].

Core Viewpoint - The internationalization of the Renminbi (RMB) is gaining depth and resilience as it transitions from a wholesale currency for large-scale trade to a retail currency for everyday transactions [1] Group 1: RMB Cross-Border Payment System (CIPS) - The CIPS has evolved over ten years, transitioning from a technical launch to a mature institutional framework, facilitating cross-border RMB payments [2][6] - As of August 2025, CIPS has 176 direct participants and 1,552 indirect participants, marking an increase of nearly eight times since its initial launch in 2015 [4][11] - The CIPS system processed RMB cross-border payment transactions amounting to 175 trillion yuan in 2024, a 43% year-on-year increase, highlighting the growing use of RMB in cross-border transactions [12] Group 2: Global Expansion and Institutional Upgrades - The establishment of a RMB clearing bank in Turkey represents a significant breakthrough in the RMB clearing system, enhancing its presence in the Eurasian region [3][8] - The release of the draft rules for the RMB cross-border payment system signifies a major institutional upgrade, providing a standardized and compliant framework for CIPS operations [6][7] - CIPS is now aligned with international standards, aiming to enhance its global network and facilitate the use of RMB in international trade and finance [12][13] Group 3: Strategic Importance and Future Prospects - CIPS is positioned as a key financial infrastructure supporting China's "going out" strategy, facilitating the internationalization of the RMB [11][13] - The system's modular and internationalized design allows for greater flexibility and adaptability in the global financial landscape [7][10] - The ongoing development of CIPS is expected to further enhance its influence and market share in the international payment system [10]

Core Insights - The People's Bank of China (PBOC) is actively implementing long-term rectification measures following the third round of inspections by the Communist Party, focusing on addressing deep-rooted and common issues in the financial sector [1][2] Group 1: Financial Infrastructure Development - The PBOC is accelerating the construction of technology-enabled monitoring and regulatory facilities, including the development of cybersecurity management systems and expanding the monitoring scope of the financial cybersecurity situation awareness platform [1] - There is a strong emphasis on enhancing treasury construction and management, ensuring the safe and stable operation of the treasury system, and advancing the national treasury project [1] - The PBOC is also focusing on strengthening the regulation and interconnectivity of financial market infrastructure, promoting the implementation of interbank and exchange market connectivity projects [1] Group 2: Information Technology Reform - The PBOC is advancing information technology reforms by establishing project management guidelines and actively promoting the integration of information systems across the organization [1] - There is a plan to enhance centralized management of data centers and to increase the usage rate of data lakes and central bank cloud services [1] Group 3: Financial Legislation Progress - The Anti-Money Laundering Law has been officially implemented, and significant progress has been made in revising the PBOC Law [2] - The PBOC is collaborating with the National People's Congress to advance the review of the Financial Stability Law draft and has achieved milestones in the revision of the Commercial Bank Law, Bill Law, and Foreign Exchange Management Regulations [2] Group 4: Future Work Plans - The PBOC plans to integrate inspection rectification into the implementation of the Central Committee's decisions, maintaining a stable and progressive work approach to foster a favorable monetary and financial environment for economic recovery [2] - There is a commitment to further solidify responsibilities for mitigating financial risks and to continue building a self-controlled, safe, and efficient financial infrastructure system [2]

中国人民银行9月22日消息，中共中国人民银行委员会发布关于二十届中央第三轮巡视整改进展情况的 通报。 中国人民银行党委表示，将持续推进巡视整改融入到贯彻落实党中央决策部署当中，坚持稳中求进工作 总基调，完整准确全面贯彻新发展理念，为推动经济持续回升向好营造良好的货币金融环境。进一步压 实化解金融风险责任，防范金融风险。持续加力建设自主可控安全高效的金融基础设施体系。 要 点 速 览 研究制定金融业网络安全管理相关制度 推动银行间和交易所市场互换便利工具等联通项目落地 制定出台《金融基础设施监督管理办法》 修订《中国人民银行固定资产管理办法》 配合全国人大法工委推动金融稳定法草案后续审议 推动完善金融稳定保障基金管理规则 持续推动构建中国特色现代金融体系 持续加力建设自主可控安全高效的金融基础设施体系 附全文： 中共中国人民银行委员会 关于二十届中央第三轮巡视整改进展情况的通报 根据中央统一部署，2024年4月15日至7月20日，中央第三巡视组对中国人民银行党委开展了常规巡视。 2024年10月19日，中央第三巡视组向中国人民银行党委反馈了巡视意见。按照巡视工作有关要求，现将 巡视整改进展情况予以公布。 一、党 ...

Core Viewpoint - The Chongqing Municipal Government has issued an implementation plan focusing on enhancing financial services and infrastructure, particularly in the areas of intellectual property financing and support for elderly services [1] Group 1: Financial Services Enhancement - The plan aims to improve the intellectual property assessment and transaction market, creating an efficient scenario for intellectual property pledge financing [1] - Promotion of the national small and micro enterprise funding flow credit information sharing platform and the national financing credit service platform (Chongqing Station) is included [1] Group 2: Support for Elderly Services - The initiative includes the development of standardized bank card services for rural withdrawals and the optimization of financial basic services for the elderly [1] - There is a focus on promoting age-friendly renovations and enhancing the construction of assistive devices and barrier-free facilities [1] Group 3: Digital Currency and Credit Information - Continuous strengthening of the digital RMB service system and financial infrastructure is emphasized [1] - The plan also aims to better utilize the financial credit information database to enhance the characteristics of credit institutions in various industries [1]

Group 1 - The core point of the article is the decision by the Central Securities Depository Company to simplify the investment process for foreign central bank institutions by no longer requiring them to provide a signed commitment letter [1] - This change is in response to the requirements set by the People's Bank of China [1] - The Central Securities Depository Company aims to enhance the construction of national financial infrastructure and ensure safe and efficient operations [1] Group 2 - The company will continue to deepen its core service capabilities to better serve the market and its clients [1]