Chapter I General Provisions
Article 1 For the purposes of regulating the business activities conducted through the Cross-border Interbank Payment System (“CIPS”), preventing payment risks, specifying participant management requirements, and protecting the lawful rights and interests of CIPS operators and participants, the People's Bank of China (“PBC”) has developed these Rules in accordance with the Law of the People's Republic of China on the People's Bank of China and other relevant laws and regulations.
Article 2 These Rules shall apply to CIPS operators (hereinafter referred to as “operators”), CIPS direct participants and indirect participants.
Article 3 “Operators” means clearing institutions legally formed within the territory of the People's Republic of China with the approval of the PBC. Operators shall accept the PBC's supervision and administration.
Article 4 The CIPS shall provide fund clearing and settlement services for its participants' cross-border RMB payment business and financial market business, among others.
CIPS work calendar and running sequence shall be announced by operators.
Chapter II Management of Participants
Article 5 Operators shall conduct hierarchical management of CIPS participants. Participants include direct participants and indirect participants.
“Direct participants” means the domestic and overseas institutions that have CIPS codes, and directly handle the cross-border RMB payment and settlement business through the CIPS. Operators shall open CIPS accounts for bank type direct participants, and shall, as required for prudential management, open CIPS accounts for infrastructure type direct participants on the financial market.
“Indirect participants” means the domestic and overseas institutions that have no CIPS accounts, but have CIPS codes, and authorize direct participants to handle the cross-border RMB payment and settlement business through the CIPS.
Domestic direct participants shall have access to the CIPS through special lines, and overseas direct participants shall have access to the CIPS through special lines or other methods.
Article 6 To apply to be a system domestic direct participant, a banking financial institution shall meet the following conditions:
(1) It is a banking financial institution legally formed within or outside the territory of the People's Republic of China.
(2) It has a legal person status or is designated by a legal person.
(3) It is qualified for handling the RMB settlement business.
(4) It is a domestic institution which has a clearing account of the High Value Payment System (“HVPS”) or is an overseas institution which entrusts a domestic bank type direct participant as its fund custodian bank.
(5) It supports centralized and straight-through processing of transactions.
(6) It satisfies the requirements for information safety and system reliability.
(7) It has practical and feasible proposals for preventing and eliminating liquidity risks.
(8) It has sound business and system management rules.
Where an overseas institution submits an application, it shall also obtain the opinion issued by the local central bank or monetary authority. An overseas institution which has no business establishment within China shall also satisfy other requirements of the PBC for prudential management.
Article 7 To apply to be a system domestic direct participant, an infrastructure operator on the financial market shall meet the following conditions:
(1) It is an infrastructure operator on the financial market legally formed within or outside the territory of the People's Republic of China.
(2) It is a corporate institution which conducts financial transactions and fund settlement in RMB.
(3) It supports centralized and straight-through processing of transactions.
(4) It satisfies the requirements for information safety and system reliability.
(5) It has practical and feasible proposals for preventing and eliminating liquidity risks.
(6) It has sound business and system management rules.
A domestic institution which opens an account in the CIPS shall have a HVPS clearing account, and an overseas institution shall entrust a domestic bank type direct participant as its fund custodian bank.
An overseas institution that submits an application shall also obtain the opinion issued by the infrastructure regulatory authority on the financial market at the place where the institution is located.
Article 8 A fund custodian bank shall meet the following conditions:
(1) It is a bank type direct participant within the territory of the People's Republic of China.
(2) It has sound operation capability and sound performance.
(3) It has relatively strong capability to adapt to the change of the financial environment.
(4) It satisfies the requirements for macro-prudential regulation.
Where the regulatory rating of the fund custodian bank changes, it shall report to the operator in a timely manner. If the fund custodian bank no longer complies with the aforesaid provisions, the operator shall cancel its qualification as the fund custodian bank.
Article 9 To apply to be an indirect participant, an institution shall meet the following conditions:
(1) It is a banking financial institution legally formed within or outside the territory of the People's Republic of China.
(2) It has a legal person status or is designated by a legal person.
(3) It is supported in conducting centralized processing of transactions within the territory of China.
(4) It satisfies the relevant requirements for RMB business of the place where it is located.
(5) It has sound business and system management rules.
Article 10 Institutions subordinate to the same legal person under the jurisdiction of the same judicial authority may only designate one institution to apply for the qualification as a direct participant.
Article 11 One direct participant may have business connections with multiple indirect participants, and one indirect participant may have business connections with multiple direct participants.
Article 12 A direct participant or an indirect participant that plans to enter or exit the system or modify its information shall file an application with the operator.
Indirect participants shall authorize direct participants to submit application materials.
Where a domestic direct participant plans to apply for or cancel the qualification as a fund custodian bank, or the parties to fund custody plan to modify the custodian relationship, it or they shall file an application with the operator.
Article 13 Operators shall examine the application materials of the institutions that apply to be direct participants. If an institution passes the examination, the operator shall, as required, apply to the PBC for the institution's qualification as an indirect participant of the HVPS.
Article 14 Operators shall develop sound detailed rules for the management of participants, effectively conduct the routine management of participants, and specify the relevant disciplinary requirements.
Participants shall submit materials according to the operator's requirements for business management and risk prevention and control and abide by relevant management provisions.
Chapter III Account Management
Article 15 The fund accounts opened by operators for direct participants in the CIPS shall be zero balance accounts. No interest shall accrue and no overdraft shall be made on such accounts, and the balance when the CIPS closes or at the end of a trading day shall be zero.
Article 16 Operators shall uniformly manage the accounts of participants. One direct participant can only open one zero balance account in the CIPS. Indirect participants shall not open accounts in the CIPS.
Article 17 The PBC shall open for the CIPS a clearing account in the HVPS to reflect the common rights and interests of all CIPS direct participants. The funds in the account belong to all CIPS direct participants, and direct participants have rights and interests based on their account balance in the CIPS. No overdraft shall be made on the account, and the balance when the CIPS closes or at the end of a trading day shall be zero.
The funds in the account are not operators' own property, and operators shall not use them at their discretion. Except for sending orders through the CIPS, CIPS direct participants shall not separately use funds in the account in any other form.
Article 18 Direct participants shall conduct liquidity management of their CIPS accounts by such methods as capital injection (advance capital injection), increase (advance capital increase) and decrease (advance capital decrease), so as to ensure sufficient balance in such accounts. Overseas direct participants shall authorize their fund custodian banks to inject capital (inject capital in advance) and increase capital (increase capital in advance) on their behalf.
“Capital injection (advance capital injection)” means that domestic direct participants inject through the HVPS the minimum amount of capital required by operators into their or their principals' CIPS accounts within the prescribed time period during the preparation stage for business operation (before the night processing stage).
“Capital increase (advance capital increase)” means that domestic direct participants increase the balance in their or their principals' CIPS accounts through the HVPS within the prescribed time period during the intraday (night) processing stage.
“Capital decrease (advance capital decrease)” means that direct participants, after successful capital injection, transfer funds to their clearing accounts in the HVPS through the CIPS within the prescribed time period during the intraday (night) processing stage, so as to reduce the balance in their CIPS accounts.
Article 19 Direct participants shall inject capital (in advance) within the prescribed time period on each system working day.
Direct participants that fail to reach the minimum limit of capital injection (advance capital injection) after entering the intraday (night) processing stage shall not handle payment transactions.
The minimum amount of capital injection (advance capital injection) of direct participants shall be assessed by operators according to their business scope. If direct participants participate in designated-time netting, the minimum amount shall include the netting margin.
Operators that set and adjust the minimum amount (including netting margin) of the direct participants' capital injection (advance capital injection) shall report to the PBC for recordation in advance.
Article 20 After the intraday (night) processing stage commences, direct participants shall not inject capital from the HVPS to their CIPS accounts to increase liquidity within 30 minutes before the business ends, except that it is used for netting result queue rescue.
Article 21 Where direct participants inject capital or increase capital to direct participants other than them or their principals through the HVPS, the capital shall be refunded.
Where direct participants decrease (in advance) the balance in their CIPS accounts, the balance after decrease (advance decrease) shall not be lower than the minimum requirement for capital injection.
The amount of advance capital decrease of direct participants shall not be larger than their total amount of advance capital injection.
Where direct participants decrease (in advance) capital by transferring funds to accounts other than corresponding clearing accounts of the HVPS through the CIPS, such orders shall be rejected.
Article 22 Where direct participants participate in designated-time netting, they shall make up funds when the balance in accounts after netting is less than the netting margin.
Article 23 Direct participants may, as required for settlement, conduct fund transactions at the trading venues and trading hours designated by the PBC, and the specific trading varieties and time periods, among others, shall be prescribed separately by trading venues designated by the PBC. The funds borrowed by direct participants through the aforesaid transactions shall, in principle, be used for meeting the settlement needs of the CIPS.
After each transaction is completed, the domestic direct participant shall inject the borrowed funds into its own CIPS account in full amount through the HVPS, and the overseas direct participant shall authorize its domestic fund custodian bank to inject the borrowed funds into its own CIPS account in full amount through the HVPS.
The PBC shall conduct macro-prudential management of the relevant transactions of direct participants as required for regulation and control.
Chapter IV Transaction Processing
Article 24 Bank type direct participants shall, based on the orders of their clients or the entrustment of indirect participants, among others, handle payment transactions through the CIPS on an item-by-item basis on in batches.
Infrastructure type direct participants on the financial market shall handle fund settlement of financial transactions through the CIPS based on the requirements of functions of their relevant trading systems, securities settlement systems or central counterparties, among others.
Direct participants shall not handle through the CIPS and the HVPS the payment transactions between the two systems.
Article 25 Direct participants shall apply to operators for the message authority according to their business functions.
Where a direct participant applies for activating the message authority for designated-time netting, it shall also satisfy the settlement risk management requirements of the operator.
Article 26 Bank type direct participants shall ensure that they log in to their systems during the intraday (night) processing stage of the CIPS.
Infrastructure type direct participants on the financial market shall ensure that they log in to their systems within the business hours of the CIPS that overlap with their business hours.
Article 27 When handling cross-border payment transactions, direct participants or indirect participants sending orders shall enter the type of transaction according to relevant provisions.
Article 28 Direct participants shall submit to the CIPS payment requests the expected settlement date of which is the CIPS's current working day. Payment requests the expected settlement date of which is not the current working day shall be rejected.
Article 29 Direct participants shall, in a timely manner, submit payment requests to the CIPS within the prescribed time period during the intraday (night) processing stage, and shall not delay the submission.
Article 30 Direct participants shall initiate inquiries through the CIPS, and shall give replies in a timely manner after receiving inquiry requests.
Chapter V Settlement Mechanism
Article 31 The CIPS shall support the mixed settlement mode to satisfy the settlement requirement of different payment transactions. The CIPS shall conduct real-time gross settlement of payment transactions initiated by direct participants one by one, and conduct designated-time netting settlement of payment transactions initiated in batches by direct participants. Operators may adjust the designated-time netting sequence and time according to business needs, and the adjustment shall take effect on the day of adjustment.
The CIPS shall, as needed for the settlement of funds for different financial transactions, support RMB payment, delivery versus payment (DvP) settlement, payment versus payment (PvP) between RMB and foreign currencies, centralized settlement by central counterparties, settlement of other cross-border RMB transactions, and other businesses.
Article 32 When the CIPS handles payment transactions by the real-time gross settlement method, if the balance in a direct participant's account is sufficient for payment, the CIPS shall handle the transaction on real time; and if the balance is insufficient for payment, the CIPS shall handle the transaction according to the prescribed sequence.
The CIPS shall set up both emergency and ordinary business processing queues. In the emergency queue, different priorities shall be set for different types of transactions. Queued transactions of the same priority shall be settled according to the first-in-first-out principle.
Direct participants may, according to their business needs, adjust the sequence of queued transactions of the same priority, shall not adjust transactions in different queues, and shall not adjust transactions of different priorities.
Article 33 The CIPS may, according to the instructions given by direct participants, cancel queued transactions in the emergency queue, excluding netting results and central counterparty transactions.
The CIPS shall, when it closes or at the end of a trading day, return the queued transactions in the emergency queue and the transactions not confirmed by direct participants, excluding the netting result.
Article 34 Direct participants shall take payment handling notice messages or payment messages forwarded by the CIPS as their respective bookkeeping basis.
The direct participant may use the local date of the place where its domicile is located as the date of its clients' entry of account.
Article 35 A payment transaction handled by real-time gross settlement of the CIPS shall not be revoked after the CIPS successfully makes a debit entry on the account of the direct participant that sends the order and makes a credit entry on the account of the direct participant that receives the order.
Once netting is completed, the payment transactions handled by designated-time netting of the CIPS shall not be revoked.
Article 36 The CIPS shall, at the processing stage when it closes or at the end of a trading day, automatically transfer the balance in direct participants' accounts to their clearing accounts in the HVPS. After the completion of transfers, the balance in all direct participants' CIPS accounts and the balance in the CIPS's account in the HVPS shall be zero.
Article 37 The CIPS shall, after reconciling accounts with the HVPS, directly send checking summary information on payment transactions and checking information on fund adjustments to bank type direct participants, and send checking information on payment transactions and checking information on fund adjustments to infrastructure type direct participants on the financial market.
Direct participants shall check accounts based on the account reconciliation data sent by the CIPS.
Chapter VI Emergency Response
Article 38 Operators and direct participants shall establish and improve the mechanisms for the handling of system failure and the emergency response of unexpected events, ensure the discontinuous, safe and stable operation of systems, and guarantee the continuity of transaction processing, integrity of data and security of funds and information.
Article 39 Operators and direct participants shall effectively collect, analyze and report information on irregular system operations and emergencies, and establish and improve the mechanism for the early warning of irregular system operations and emergencies.
Article 40 Operators and direct participants shall establish backup systems relating to the CIPS, and conduct rehearsals on the switch between production systems and backup systems on a periodical basis, so as to ensure the rapid and efficient use of backup systems after the occurrence of emergency.
Article 41 In the case of failure of the CIPS, operators shall notify all direct participants and all relevant parties in a timely manner. In the case of failure of the internal system of a direct participant, the direct participant shall notify the operator in a timely manner. Operators and all direct participants shall cooperate in eliminating faults, and resume business operations as soon as possible.
Article 42 Where the CIPS has any major failure, which leads to the discontinuity of business operations, operators shall designate one direct participant to undertake and assist with the processing when the CIPS closes or at the end of a trading day.
Chapter VII Supplementary Provisions
Article 43 Operators shall develop operating guidelines in accordance with these Rules to clarify the specific flow and relevant business and disciplinary requirements for direct participants and indirect participants to handle the cross-border RMB business through the CIPS.
Operators shall enter into agreements with direct participants to agree on relevant rights and obligations.
The texts of the said operating guidelines and agreements shall be submitted to the PBC in a timely manner.
Article 44 Operators shall be responsible for developing and issuing the CIPS message standards.
Direct participants shall, in a timely manner, rebuild their relevant business systems according to the latest message standards issued by operators.
Article 45 Direct participants shall pay fees in full amount and on schedule based on the fee items and rates developed by operators.
Article 46 These Rules shall be subject to interpretation by the PBC.
Article 47 These Rules shall come into force on the date of issuance. The Interim Rules for Business Conducted through the Cross-Border Interbank Payment System (No. 210 [2015], PBC) shall be repealed concurrently.
The People's Bank of China
March 23，2018
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