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People's Bank of China Releases New Version of 'Cross-Border RMB Payment System Business Rules', Includes Digital Currency Research Institute in Scope
Summary: China's People's Bank of China recently released the 'Cross-Border RMB Payment System Business Rules' (Yinfa [2025] No. 248), which will take effect on February 1, 2026, replacing the 2018 version. The notice specifically includes the 'Digital Currency Research Institute' as one of the entities covered, alongside institutions such as the National Development Bank, commercial banks, ...
China's People's Bank of China recently released the 'Cross-Border RMB Payment System Business Rules' (Yinfa [2025] No. 248), which will take effect on February 1, 2026, replacing the 2018 version. The notice specifically includes the 'Digital Currency Research Institute' as one of the entities covered, alongside institutions such as the National Development Bank, commercial banks, and the clearing center. The new rules clarify the operational structure and business processes of the Cross-Border RMB Payment System (CIPS), stipulating that CIPS should support a hybrid settlement model, including real-time full settlement and scheduled net settlement, and be able to support 'RMB payments, RMB synchronized settlement with foreign currencies (PvP), securities payment versus payment (DvP) settlement, central counterparty clearing, and other cross-border RMB transaction settlements'.
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Link: People's Bank of China Releases New Version of 'Cross-Border RMB Payment System Business Rules', Includes Digital Currency Research Institute in Scope [Copy]
