The People's Bank of China Seeks Public Comments on the Draft Business Rules for the Cross-Border Interbank Payment System (CIPS)

    The People's Bank of China is soliciting public comments on the “Business Rules for the Cross-border RMB Payment System (Draft for Comment).” The Business Rules (Draft for Comment) consists of six chapters and thirty-one articles, as detailed below.

    (1) General Provisions. Clarifies the basis for formulation, applicable entities, and scope of business.

    (2) Account Management. Regulates business activities including account opening for participants and operating institutions, ownership of participants' settlement funds, and participants' liquidity management.

    (3) Business Processing. Defines participant business types and regulates business activities including message permission applications, system login, business type entry, and query/reply operations.

    (4) Settlement Mechanism. Defines the settlement mechanism and regulates business activities including queue management, business cancellation and return, participant bookkeeping, and reconciliation.

    (5) Risk Management and Emergency Response. Requires CIPS operators and participants to establish robust emergency response mechanisms, operational anomaly and incident early warning systems, backup systems, and timely fault resolution procedures.

    (6) Supplementary Provisions. Mandates that CIPS operators formulate operational guidelines, execute agreements with participants, develop and publish message standards, while clarifying interpretation authority and effective dates.

Full Text

    Notice of the People's Bank of China on Soliciting Public Comments Regarding the “Business Rules for the Cross-Border Interbank Payment System for Renminbi (Draft for Comment)”

    To meet the development needs of the Cross-Border Interbank Payment System for Renminbi, the People's Bank of China has revised the “Business Rules for the Cross-Border Interbank Payment System for Renminbi” (Yinhui [2018] No. 72), forming the “Business Rules for the Cross-Border Interbank Payment System for Renminbi (Draft for Comment).” Public comments are now solicited. Feedback may be submitted through the following channels and methods:

    I. Submit comments via email to:cbp@pbc.gov.cn. Please indicate “Comments on Business Rules for Cross-Border RMB Payment System” in the email subject line.

    2. Mail written comments to: Payment and Settlement Department, People's Bank of China, 30 Jinrong Street, Xicheng District, Beijing (Postal Code: 100033). Please mark the envelope with “Comments on Draft Business Rules for Cross-Border RMB Payment System.”

    The deadline for submitting feedback is August 3, 2025.

    Attachment 1: Business Rules for the Cross-border RMB Payment System (Draft for Comment)

    Attachment 2: Explanatory Notes on the Drafting of the Business Rules for the Cross-border RMB Payment System (Draft for Comment)