The People's Bank of China issued the "Business Rules for the Cross-border RMB Payment System".

PANews reported on December 26th that, according to Jinshi, the People's Bank of China (PBOC) has issued the "Business Rules for the Cross-Border Interbank Payment System (CIPS)." The rules stipulate that, based on CIPS business needs, operating institutions may open clearing accounts with the PBOC to centrally hold settlement funds for participants' CIPS transactions, with separate accounting for these funds from other funds used by the operating institution. Direct participants enjoy corresponding rights based on their CIPS account balances. These accounts cannot be overdrawn, and the closing balance (daily closing) must be zero. Operating institutions are prohibited from opening accounts with commercial banks to hold settlement funds for CIPS participants' CIPS transactions and from creating clearing fund deposits. Direct participants may manage the liquidity of their CIPS accounts through clearing accounts opened with the PBOC by themselves or their custodian banks, based on clearing and settlement needs. Financial market infrastructure direct participants should organize or participate in fund settlement through CIPS according to the functional needs of their relevant trading systems, securities settlement systems, or central counterparties, and may not expand the service scope, target groups, or business scenarios without authorization.