Group 1 - The core viewpoint of the article is the revision of the "Rules for the Renminbi Cross-Border Payment System (CIPS)" to better accommodate the development needs of CIPS and its participants [2][3] - The revision is necessary to enhance the management mechanism for CIPS participants and to meet the expanding requirements of CIPS business [2][3] - The updated rules aim to ensure the forward-looking and scientific nature of regulatory documents, adapting to the ongoing development and functional upgrades of CIPS [2][3] Group 2 - The revised "Rules for CIPS (Draft for Comments)" consists of six chapters and thirty-one articles [3] - The general provisions clarify the basis for formulation, applicable objects, and business scope [4] - The account management section standardizes the opening of accounts for participants and operating institutions, as well as liquidity management [4] - The business processing section specifies the types of business for participants and regulates actions such as message permission applications and system logins [5] - The settlement mechanism section defines the settlement processes, including queue management and reconciliation [5] - The risk management and emergency response section emphasizes the establishment of emergency mechanisms and backup systems for CIPS operators and participants [5] - The appendix requires CIPS operators to create operational guidelines and agreements with participants, as well as to establish message standards [5]

Core Viewpoint - The People's Bank of China has revised the "Rules for the Renminbi Cross-Border Payment System (CIPS)" to better accommodate the development needs of CIPS and its participants, ensuring effective management and operational efficiency [3][4]. Summary by Sections Background and Necessity of Revision - The revision is necessary to better meet the expansion and management requirements of CIPS participants, as the existing rules have become inadequate due to the growth of CIPS business and participant scale [3]. - The updated rules aim to enhance participant management mechanisms and improve the overall management level of CIPS participants [3]. Main Content of the Revision - The "Draft Rules for the Renminbi Cross-Border Payment System" consists of six chapters and thirty-one articles [5]. General Principles - The general principles clarify the basis for formulation, applicable subjects, and business scope [6]. Account Management - The rules standardize the opening of accounts for participants and operating institutions, the ownership of settlement funds, and liquidity management for participants [7]. Business Processing - The rules specify the types of business for participants and regulate actions such as message permission applications, system logins, business type entries, and inquiries [8]. Settlement Mechanism - The settlement mechanism is defined, including queue management, business cancellation and return, participant accounting, and reconciliation [9]. Risk Management and Emergency Response - CIPS operating institutions and participants are required to establish emergency response mechanisms, abnormal operation alerts, and backup systems, ensuring timely fault handling [10]. Supplementary Provisions - CIPS operating institutions must develop operational guidelines, sign agreements with participants, and establish and publish message standards, along with clarifying interpretation rights and implementation dates [11].

Core Viewpoint - The People's Bank of China has released a notice for public consultation on the draft rules for the Cross-Border Interbank Payment System (CIPS), emphasizing the need to update the rules to better accommodate the growth and management of CIPS participants [1][2]. Group 1: Background and Necessity of Revision - The revision of the CIPS business rules is necessary to better meet the expansion and management requirements of CIPS participants, as the current rules are insufficient due to the growth in business and participant scale [2]. - The updated rules will clarify account management, funding injection, and settlement processes for CIPS participants, ensuring that the regulatory framework remains forward-looking and scientifically sound to adapt to the evolving needs of CIPS [2]. Group 2: Main Content of the Revision - The draft rules consist of six chapters and thirty-one articles, detailing the framework for CIPS operations [3]. - The general provisions outline the basis for rule formulation, applicable subjects, and business scope [4]. - Account management regulations cover the opening of accounts for participants and operators, the ownership of settlement funds, and liquidity management [4]. - Business processing rules specify the types of business participants can engage in, including message permission applications, system logins, and query processes [4]. - The settlement mechanism is defined, including queue management, business cancellation and return processes, and accounting and reconciliation for participants [5]. - Risk management and emergency response protocols are established, requiring CIPS operators and participants to develop emergency mechanisms and backup systems for handling operational anomalies [5]. - The supplementary provisions mandate that CIPS operators create operational guidelines, sign agreements with participants, and establish message standards, while also clarifying the interpretation rights and implementation dates [5].