The central bank publicly solicited opinions on the business rules of the RMB cross-border transfer system to better meet the needs of CIPS business development

The People's Bank of China has publicly solicited comments on the "exposure draft" for the RMB cross-border transfer system. The "business rules" clarify the detailed processes of account management, capital injection, and fund settlement of CIPS participants. With the continuous optimization of CIPS functions and services, it is necessary to adjust the relevant content of the "business rules", only put forward principled requirements for participants' business behavior, ensure that the normative documents are forward-looking and scientific, and effectively adapt to the needs of CIPS business development and functional upgrading.