21世纪经济报道记者 叶麦穗 跨境支付将在明年迎来新变化。 近日，中国人民银行印发修订后的《人民币跨境支付系统业务规则》（以下简称《业务规则》），并将 于2026年2月1日正式施行，原2018年版规则同步废止。 这一政策旨在适配人民币跨境支付系统业务的快速发展，进一步规范人民币跨境支付系统（CIPS）的 业务操作，防范支付风险。《业务规则》明确了CIPS参与者的账户管理、注资、资金结算等详细流 程。 账户管理："零余额、不透支" 其实早在今年7月4日，中国人民银行就披露，为适应人民币跨境支付系统（CIPS）业务发展需要，组 织对《业务规则》进行了修订，形成征求意见稿，并面向社会公开征求意见，意见反馈截止时间为2025 年8月3日。 之所以修订，根据起草说明文件，原因主要集中在两个方面。一是为了更好适应CIPS参与者拓展和管 理要求。随着CIPS业务发展和参与者规模扩大，《业务规则》相关内容无法有效满足参与者拓展和管 理要求，有必要根据业务发展实际修改完善。 最新版本的《业务规则》适用于CIPS运营机构、CIPS参与者。其中，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 ...

2025年12月24日，海南国际清算所与新加坡亚太交易所及清算所正式签署战略合作框架协议。据悉，该 协议是海南自贸港封关运作后落地的首份跨境金融合作协议，也是海南首次尝试与境外金融基础设施合 作，为海南在金融领域对外开放实现关键突破奠定了新的基础。 此次合作立足海南自贸港"中国高水平对外开放重要门户"的战略定位，聚焦大宗商品现货及场外衍生品 领域的跨境清算、产品协同、规则共建、技术对接及人才交流等多层次合作。 协议签署后，双方将共同打造高效、安全、便利的跨境金融通道，构建辐射亚太、链接全球的市场服务 体系，为境内外投资者提供更加透明、稳健的金融基础设施支持。此举展现了海南主动融入国际金融体 系、参与全球金融治理的坚定决心，在一定程度上推动自贸港金融开放从政策设计迈向基础设施与规则 标准的实质衔接，不仅为双方带来新发展机遇，也为区域及全球市场提供更丰富的金融工具与更高效的 风控服务，有望实现中国企业无需出海即可参与国际市场交易，为海南构建高水平开放型金融生态、建 设区域性国际金融中心注入动力。 海南国际清算所作为海南自贸港元年十大先导性项目之一，经海南省人民政府批准，注册在海南三亚， 由三亚发展控股有限公司和紫 ...

近日，中国人民银行印发修订后的《人民币跨境支付系统业务规则》（以下简称《规则》），并将于 2026年2月1日正式施行，原2018年版规则同步废止。这一政策旨在适配人民币跨境支付系统业务的快速 发展，进一步规范人民币跨境支付系统（CIPS）的业务操作，防范支付风险。 《规则》明确了CIPS参与者的账户管理、注资、资金结算等详细流程。"随着CIPS功能和服务的持续优 化，有必要调整《规则》相关内容，仅对参与者业务行为提出原则性要求，确保规范性文件的前瞻性和 科学性，有效适应CIPS业务发展和功能升级的需要。"央行在此前针对《规则》征求意见时表示。 谁能使用CIPS？ 间接参与者在CIPS不开立账户。 根据CIPS业务需要，运营机构可在中国人民银行开立清算账户，用于集中存放参与者办理CIPS业务的 结算资金，与运营机构其他用途资金分户核算。直接参与者依据其CIPS账户余额享有相应权益。该账 户不得透支，场终（日终）余额为零。 《规则》适用于CIPS运营机构、CIPS参与者。其中，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 ...

Core Insights - The article emphasizes that having the right strategy is not enough; companies need an effective operational model to achieve key outcomes such as clear resource accountability, agile decision-making, specialized talent capabilities, and efficient organizational collaboration [2][3][4] - A significant number of companies have attempted to restructure their operational models, with nearly two-thirds having done so in the past two years and half planning to initiate changes again within the next two years [2][3] - McKinsey's research indicates that even high-performing companies can experience a gap of up to 30% between strategic potential and execution, often due to limitations in their operational models [2][3] Operational Model Design - The article introduces a new methodology for operational model design, termed the "Value-Oriented Organization" system, which consists of 12 core elements that can be flexibly configured based on the company's environment and development goals [3][4] - The updated framework builds upon the classic 7S model, which identified seven interrelated elements that influence organizational change capability [4][5][6] - The new system aims to help managers respond to rapidly changing business environments, technological trends, and social dynamics [5][6][7] Key Elements of the New Framework - The 12 elements include: corporate mission, value proposition, organizational structure, ecosystem, leadership capabilities, governance mechanisms, process systems, technology empowerment, behavioral norms, incentive mechanisms, overall layout, and talent strategy [19][21][22] - Each element is interconnected, and the effectiveness of the operational model relies on the alignment and mutual reinforcement of these components [22][23] Trends and Challenges - The article highlights that many leaders still focus on organizational structure when redesigning operational models, which may not be sufficient in today's complex environment [8][18] - High-level executives view technology, particularly AI and automation, as significant opportunities, while geopolitical complexities and workforce demographic shifts pose challenges [8][12][15] Paths for Transformation - Companies are exploring two main paths for operational model transformation: improving traditional structures or adopting new agile frameworks that emphasize speed and technology [12][15] - Research shows that organizations using emerging structures tend to exhibit greater adaptability and proactivity in innovation and technology strategies [15][18] Implementation and Performance - Successful operational model redesign requires a systematic approach that considers all 12 elements, allowing leaders to identify their unique operational model "fingerprint" [22][23] - Companies that effectively implement these changes can achieve measurable improvements in customer satisfaction, operational efficiency, decision-making speed, and employee engagement [34][35]

Core Viewpoint - The strategic cooperation agreement signed between Shanghai Clearing House and Shanghai University of Finance and Economics represents an innovative collaboration between a key national financial infrastructure and a prominent academic institution, aimed at enhancing research in financial technology and cultivating high-quality talent in the financial sector [1] Group 1: Strategic Cooperation - The agreement is seen as a significant milestone for both parties, marking a new starting point for collaboration and mutual development [1] - Both parties aim to align with the goal of building a strong financial nation and actively contribute to the "five major articles" in finance [1] Group 2: Research and Talent Development - The collaboration will focus on joint scientific research that is frontier, strategic, and application-oriented, addressing key technological challenges in the financial industry [1] - There will be a concerted effort to cultivate high-level, interdisciplinary professionals in financial technology and infrastructure [1] Group 3: Knowledge Sharing and Quality Development - The partnership aims to promote knowledge sharing and the transformation of research outcomes, contributing to the establishment of a Chinese financial knowledge system [1] - The ultimate goal is to enhance the service efficiency of financial infrastructure and support the high-quality development of China's financial sector [1]

Core Insights - The conference focused on exploring a credible collaborative model for the resource allocation hub of bulk commodities, highlighting the importance of credit construction and collaborative innovation in the bulk commodity market [1][2] Group 1: Event Overview - The event was supported by the Shanghai Municipal Commission of Commerce and hosted by the National Bulk Commodity Warehouse Receipt Registration Center, featuring over a hundred representatives from various sectors including industry, finance, and media [1] - The conference is part of the 2025 China International Import Expo activities, emphasizing the integration of registration, warehousing, and finance in the bulk commodity sector [1] Group 2: Strategic Developments - The registration scope of the National Bulk Commodity Warehouse Receipt Registration Center has expanded from copper to include other non-ferrous metals such as aluminum, lead, zinc, tin, nickel, and silver, totaling 13 registered spot commodity varieties with over 12.1 million tons of registered weight as of November 9 [3] - The center has awarded licenses to major domestic logistics groups for warehouse management, establishing a credible warehousing network to ensure the safety and ownership of electronic warehouse receipts [3] Group 3: Financial Collaboration - A strategic cooperation agreement was signed between the National Bulk Commodity Warehouse Receipt Registration Center and the Shanghai Clearing House to enhance collaboration in warehouse receipt transfer registration and clearing, aiming for a secure and efficient clearing model [4] - Additional agreements were made with several banks to expand financing scenarios related to warehouse receipt pledges, thereby broadening financing channels for enterprises in the supply chain [4] Group 4: Industry Perspectives - A roundtable forum discussed new trends in the global bulk commodity market and the current state of Shanghai's bulk commodity trade, with participants emphasizing the need for a trade, finance, and data infrastructure centered around warehouse receipt registration to drive market transformation [5] Group 5: Future Directions - The National Bulk Commodity Warehouse Receipt Registration Center aims to continue building a credible trading environment for bulk commodities, supporting Shanghai's development as a global resource allocation hub and contributing to the construction of a unified national market [6]

Core Insights - The upcoming 2025 Financial Street Forum will focus on "Innovation, Transformation, and Reshaping Global Financial Development" [1][9] - Financial Street in Beijing, covering only 2.59 square kilometers, is referred to as the "heart" of China's finance, contributing significantly to the national economy [1][4] Group 1: Financial Institutions and Infrastructure - Financial Street houses major national financial regulatory bodies, including the People's Bank of China and the China Securities Regulatory Commission, which shape financial policies impacting millions [3] - It is home to key financial institutions such as the Industrial and Commercial Bank of China and the China Development Bank, representing the strength of China's financial sector [3] - The Beijing Stock Exchange, established in 2021, has nurtured 277 listed companies with a total market value exceeding 900 billion yuan, serving as a solid platform for innovative SMEs [3][4] Group 2: Economic Contribution - Financial Street, occupying just 0.02% of Beijing's land, contributes approximately 35% of the city's financial industry added value and about 70% of its financial tax revenue [4] - The area employs nearly 220,000 financial professionals, with two-thirds holding master's degrees or higher, indicating a highly skilled workforce [4] Group 3: Development and Growth - Since its development in the 1990s, Financial Street has evolved from a regional financial area to a national financial management center, with local financial institutions holding assets exceeding 156 trillion yuan, about one-third of the national total [6] - The area is positioned as a "highland" for asset management, with asset management scale surpassing 21 trillion yuan, accounting for one-eighth of the national total [6] Group 4: International Engagement - Despite a complex international environment, Financial Street continues to attract foreign financial institutions, reflecting confidence in China's economic future [7] - The Financial Street Forum has become a key platform for national financial policy dissemination and international financial cooperation since its establishment in 2012 [9]

Core Viewpoint - The implementation of the "Financial Infrastructure Supervision and Management Measures" marks a significant improvement in China's financial infrastructure regulatory system, emphasizing centralized regulation, safety prioritization, and international benchmarking [1][2]. Regulatory Framework Reconstruction - The Measures, jointly issued by the People's Bank of China and the China Securities Regulatory Commission, represent the first comprehensive departmental regulation covering financial infrastructure supervision in China [2][3]. - The Measures establish a dual-head regulatory system led by the central bank and the securities regulator, moving away from the previous multi-department governance model [3]. Operational Compliance Adjustments - The Measures require operational institutions to establish clear governance structures and effective accountability mechanisms, including a risk management committee [4]. - Institutions must enhance their risk management frameworks, ensuring robust identification, measurement, monitoring, and management of various risks, alongside stringent data security management [4]. - The scope of data localization has been narrowed from "all data" to "personal information and important data," with disaster recovery centers required to be located within China [4]. Impact on Financial Institutions - The Measures are expected to increase compliance costs and management capabilities for operational institutions, indirectly affecting participants in the financial infrastructure [5]. - Financial institutions, as core participants, will face stricter compliance and risk management standards, as well as more refined operational coordination and settlement efficiency requirements [5].

Group 1: New Regulations Implementation - The revised Anti-Unfair Competition Law will take effect on October 15, 2025, addressing issues like "involution" competition and "brand hijacking" [1] - Starting October 1, 2025, the civil aviation sector will fully transition to electronic invoices, eliminating paper travel itineraries for domestic flights [1][2] - The railway sector will also implement electronic invoices from October 1, 2025, allowing passengers to request electronic invoices within 180 days after their journey [2] Group 2: Financial Infrastructure and Tax Regulations - The Financial Infrastructure Supervision Management Measures will be enacted on October 1, 2025, focusing on the regulation of financial infrastructure operations and risk management [2][4] - Internet platform companies will begin formally reporting tax-related information on October 1, 2025, promoting tax fairness and curbing illegal investment practices [6] - New regulations for internet lending will be implemented, emphasizing strict adherence to existing management rules and cost considerations [9][10] Group 3: Company Registration and Stock Code Changes - The Implementation Measures for Mandatory Company Registration Cancellation will take effect on October 10, 2025, detailing the procedures for forced cancellations [10] - The Beijing Stock Exchange will switch to new stock codes starting October 9, 2025, for existing listed companies [11]

Core Viewpoint - The Shanghai Clearing House recently held a conference on interbank credit derivatives, emphasizing the importance of contract-based credit derivatives in financial markets for pricing, risk management, and credit enhancement [1] Group 1: Conference Overview - The conference included representatives from 14 market institutions, such as the China Interbank Market Dealers Association, commercial banks, and securities companies [1] - Shanghai Clearing House presented on the development of contract-based credit derivatives and clearing services [1] - Representatives from SPDB and Guotai Junan Securities shared practical applications and trading strategies related to credit derivatives [1] Group 2: Importance of Credit Derivatives - Credit derivatives serve as crucial tools for price discovery, risk management, and credit enhancement, significantly impacting bond market pricing and risk management efficiency [1] - The Shanghai Clearing House plays a vital role in providing bilateral and central counterparty clearing services for credit derivatives, enhancing market infrastructure [1] Group 3: Future Directions - The Shanghai Clearing House plans to continue developing the credit derivatives market under the guidance of the People's Bank of China, focusing on market needs and collaboration with various parties [1] - There is an emphasis on product innovation, mechanism optimization, and expanding the business scope to support the high-quality development of the interbank credit derivatives market [1]