Group 1 - The core viewpoint of the news is the implementation of the "Financial Infrastructure Supervision and Management Measures" by the People's Bank of China and the China Securities Regulatory Commission, effective from October 1, 2025, to enhance the regulation of financial infrastructure [1][2] Group 2 - The "Measures" consist of six chapters and thirty-seven articles, focusing on the regulation of financial infrastructure operations, risk management, and corporate governance [2] - The "Measures" establish standards for identifying systemically important financial infrastructure and macro-prudential management requirements, aiming to unify regulatory standards for financial infrastructure [2] - The People's Bank of China will continue to strengthen the construction and coordinated regulation of financial infrastructure, promoting a well-structured, effective governance, advanced, reliable, and resilient financial infrastructure system [2]

Core Viewpoint - The "Financial Infrastructure Supervision and Management Measures" has been approved and will take effect on October 1, 2025, aiming to enhance the regulatory framework for financial infrastructure in China [1][3]. Group 1: Definition and Importance of Financial Infrastructure - Financial infrastructure includes systems for asset registration, clearing and settlement, trading facilities, important payment systems, and credit systems, serving as a crucial backbone for financial market operations [2]. - The establishment of a robust financial infrastructure is essential for ensuring the safety and efficiency of financial markets, especially in the context of complex international environments and rapid financial technology advancements [2][9]. Group 2: Regulatory Framework - The management of financial infrastructure will follow the principle of "who approves, who supervises, who is responsible," ensuring alignment with national strategies and economic needs [4]. - The China Securities Regulatory Commission (CSRC) will oversee new financial infrastructures related to securities and futures, while the People's Bank of China (PBOC) will manage payment systems and credit systems [4][5]. Group 3: Entry Requirements for Financial Infrastructure Operators - Financial infrastructure operators must be legally established entities in China, with clear governance structures, adequate capital, and necessary operational facilities [8]. - Specific conditions include having a sound risk management framework and compliance with regulatory requirements, particularly for foreign entities providing cross-border services [8]. Group 4: Risk Management and Security - The measures emphasize the need for a robust risk management framework to identify, measure, and manage various risks, including credit and liquidity risks [9]. - While the establishment of a risk management committee is recommended, it is not mandatory for all operators, reflecting adjustments made after public consultations [9].

Group 1 - The core viewpoint of the news is the introduction of the "Financial Infrastructure Supervision and Management Measures" by the People's Bank of China and the China Securities Regulatory Commission, which will take effect on October 1, 2025 [1] - The measures focus on the regulation of financial infrastructure operations, risk management, and corporate governance, establishing standards for identifying systemically important financial infrastructure and macro-prudential management requirements [1][2] - The regulation aims to unify standards for financial infrastructure supervision, ensuring a safe, stable, and efficient operation of the financial market [1] Group 2 - The "Measures" consist of six chapters and thirty-seven articles, covering general principles, establishment, operational requirements, supervision and management, legal responsibilities, and supplementary provisions [2] - The People's Bank of China plans to continue strengthening the construction and coordinated supervision of financial infrastructure, promoting a well-structured, effective governance, advanced, reliable, and resilient financial infrastructure system [2]

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have released the "Supervision and Management Measures for Financial Infrastructures," focusing on the regulation of financial infrastructure operations, risk management, and corporate governance [1] Group 1: Regulatory Framework - The measures aim to establish a unified regulatory standard for financial infrastructures, ensuring the safe, stable, and efficient operation of financial markets [1] - The document consists of six chapters and thirty-seven articles, covering general principles, establishment, operational requirements, supervision and management, legal responsibilities, and supplementary provisions [1] Group 2: Key Objectives - The measures clarify the identification standards for systemically important financial infrastructures and macro-prudential management requirements [1] - The People's Bank of China will collaborate with the China Securities Regulatory Commission to enhance the construction and coordinated regulation of financial infrastructures [1] - The goal is to create a financial infrastructure system that is well-structured, effectively governed, advanced, reliable, and resilient, contributing to the construction of a strong financial nation [1]

Core Points - The "Financial Infrastructure Supervision and Management Measures" has been approved by the People's Bank of China and will be implemented starting October 1, 2025 [1][25] - The measures aim to strengthen the overall supervision and construction planning of financial infrastructure to ensure the safe and efficient operation of the financial system [2][3] Chapter Summaries Chapter 1: General Principles - The measures are based on various laws including the People's Bank of China Law and the Securities Law, among others [2] - Financial infrastructure refers to systems such as asset registration, clearing and settlement systems, trading facilities, important payment systems, and credit systems [2][3] - The management departments for financial infrastructure include the People's Bank of China and the China Securities Regulatory Commission [3] Chapter 2: Establishment - Establishing financial infrastructure in China must comply with relevant laws and regulations, with specific responsibilities assigned to the People's Bank of China and the China Securities Regulatory Commission [5] - No entity or individual may illegally establish or operate financial infrastructure [6] Chapter 3: Operational Requirements - Financial infrastructure operators must establish a clear governance structure and accountability mechanisms [9] - Operators are required to have a robust risk management framework to identify, measure, monitor, and manage risks [12] - Data security management is crucial, with operators responsible for protecting data from damage, theft, or illegal use [14] Chapter 4: Supervision and Management - Financial infrastructure operators must report significant operational changes and incidents to the relevant management departments [17] - The People's Bank of China and the China Securities Regulatory Commission are responsible for inspecting and supervising different types of financial infrastructure [28][21] Chapter 5: Legal Responsibilities - Violations of the measures can lead to penalties, including fines and potential criminal charges for responsible individuals [22][24] - The measures outline specific conditions under which financial infrastructure operators may face sanctions for non-compliance [23] Chapter 6: Supplementary Provisions - The measures will take effect on October 1, 2025, marking a significant regulatory change in the management of financial infrastructure in China [25]

Core Viewpoint - The central bank and the China Securities Regulatory Commission have released the "Financial Infrastructure Supervision and Management Measures," emphasizing the need for a modernized financial infrastructure system that prioritizes public interest and operational efficiency [1]. Group 1: Financial Infrastructure Management - Financial infrastructure management departments are required to enhance planning and guidance to promote orderly interconnectivity among financial infrastructures [1]. - The measures call for continuous optimization of the financial infrastructure layout based on safety and efficiency principles [1]. - There is a focus on strengthening the governance system of financial infrastructures to ensure that operational institutions prioritize public interest over profit maximization and risk-taking [1]. Group 2: Regulatory and Operational Guidelines - The guidelines advocate for a balanced approach that supports both market services and regulatory oversight [1]. - New financial infrastructure projects should be cautiously undertaken, particularly those that impact national financial security and have significant externalities, ensuring absolute national control [1].

Core Points - The "Financial Infrastructure Supervision and Administration Measures" has been approved by the People's Bank of China during its 9th executive meeting on May 23, 2025, and has received consent from the China Securities Regulatory Commission [1] - The new measures will come into effect on October 1, 2025 [1]

Core Viewpoint - The People's Bank of China has revised the "Rules for the Renminbi Cross-Border Payment System" to lower the entry barriers for international institutions, reflecting China's strategic commitment to promote the global use of the Renminbi [1][3]. Group 1: Regulatory Changes - The revised draft, open for public feedback until August 3, includes six chapters and thirty-one articles covering general provisions, account management, business processing, settlement mechanisms, risk management, and emergency response [1]. - The new rules allow foreign institutions to apply for direct participation in CIPS by designating qualified direct participants as their fund custodians, removing the previous requirement to use domestic banks [2][3]. Group 2: Operational Details - The draft emphasizes that operational institutions can open clearing accounts with the People's Bank of China for centralized storage of settlement funds, which must be accounted for separately from other funds [2]. - The rules specify that the clearing account cannot be overdrawn and must maintain a zero balance at the end of the day [2]. Group 3: Business Processing - Direct participants, particularly banks, must process payments based on customer instructions or through intermediaries, while financial market infrastructure participants must adhere to their transaction systems and cannot unilaterally expand their service scope [3]. - The revision aims to enhance the competitiveness of the cross-border payment system and reflects a proactive regulatory approach to market demands [3].

Core Viewpoint - The article discusses the recent issuance of the "Opinions on Supporting the Acceleration of Building Shanghai International Financial Center," which outlines six key measures aimed at enhancing Shanghai's competitiveness and influence as an international financial hub, with a focus on increasing financial internationalization [1][2][7]. Summary of Key Measures - **Deepening Financial Market Development**: The initiative aims to promote high-quality development of multi-tiered equity markets, enhance the positioning of the Sci-Tech Innovation Board, and support the establishment of a high-quality development demonstration zone for listed companies. It also emphasizes the development of a multi-tiered bond market and the establishment of a world-class futures exchange in Shanghai [3]. - **Enhancing Financial Institution Capabilities**: The plan includes attracting various domestic and foreign financial institutions, fostering strong and compliant financial holding companies, and increasing the global competitiveness of financial institutions through reforms [3][4]. - **Improving Financial Infrastructure**: The focus is on building an internationally leading financial infrastructure system, enhancing the cross-border payment and clearing system for the Renminbi, and developing the infrastructure for the gold market [3][4]. - **Expanding High-Level Financial Openness**: The measures aim to steadily expand institutional openness in the financial sector, facilitate cross-border trade and investment, and deepen cooperation in financing for the Belt and Road Initiative [4][9]. - **Enhancing Service Quality for the Real Economy**: The initiative includes establishing a financial reform pilot zone for technological innovation, developing green finance standards, and supporting the construction of a unified financing credit service platform [4][9]. - **Maintaining Financial Security Under Open Conditions**: The plan emphasizes the use of advanced technologies like blockchain and AI for risk assessment and prevention, establishing a monitoring and early warning system for cross-border capital flows [4][9]. Implementation and Coordination - The Central Financial Office will collaborate with the Shanghai municipal government and various financial regulatory bodies to establish a coordination mechanism for the implementation of these measures, ensuring that the decisions made by the central government regarding the construction of the Shanghai International Financial Center are effectively executed [5].

Group 1 - The central financial committee has issued opinions to support the acceleration of building Shanghai as an international financial center, emphasizing the need to strengthen financial infrastructure services [1] - The opinions highlight the importance of enhancing the cross-border payment and clearing system for the Renminbi [1] - There is a focus on improving the infrastructure of the gold market, including the establishment of an export supervision warehouse for the Shanghai Gold Exchange's international board [1]