The central bank issued new CIPS regulations to strengthen account security and solidify risk control bottom lines
On December 26, the People's Bank of China officially released the new version of the "Renminbi Cross-Border Payment System Business Rules," aimed at providing more robust institutional guarantees for the safe and efficient operation of the Renminbi Cross-Border Payment System (CIPS) by strengthening account management, optimizing capital flows, and clarifying business boundaries.
The new rules strengthen the central bank's unified centralized management of operational institutions' capital accounts. The rules require that operational institutions may open dedicated clearing accounts with the People's Bank of China based on CIPS business needs, for the centralized storage of all participants' business settlement funds.
At the same time, CIPS accounts must be separately accounted for with the operational institutions' own funds, and it is strictly prohibited to open accounts in commercial banks to store these settlement funds, aimed at preventing the risk of clearing funds' accumulation and mixed use, ensuring the safety of funds.
This adjustment will directly affect the liquidity management model of CIPS participants. Among them, participants who open accounts with CIPS may independently or designate a custodian institution to open clearing accounts with the People's Bank of China, flexibly carry out liquidity management, and improve capital utilization efficiency. Furthermore, all accounts must comply with the rule of "no overdraft, with a zero balance at the end of the day," ensuring that the overall operational risks of the system are controllable.
In addition, the new rules also clearly define and restrict the business scope of direct participants in financial market infrastructure (such as exchanges, central counterparties, etc.).
Such participants are required to settle funds through CIPS accounts based on the functional requirements of their trading systems, securities settlement systems, or central counterparty clearing.
Participants are not allowed to unilaterally expand their service scope, add service objects, or change business scenarios without permission, to ensure that CIPS focuses on cross-border payment clearing, maintaining system stability and professionalism.
In summary, the central bank's new regulations create a clearer and safer closed-loop for capital flow, precisely规范 the rights and responsibilities of participants, and promote CIPS operation management to a higher level of standardization and professionalism, providing a solid foundation for further expanding the cross-border use of the Renminbi.
#中国人民银行 #CIPS