Cross border RMB payments system is going to start after the national day on

Cross-border renminbi payment services, including cross-border RMB trade settlement, project settlement money across borders, cross-border financial institutions and individual remittance payments.

As the internationalisation of essential infrastructure, loomed in the RMB cross-border payment system (CIPS) formally entered before the start of the countdown.

Surging journalists learned that people's Bank of China (PBoC) has issued provisional rules of renminbi cross-border payment systems business in part to foreign banks. According to a person familiar with the matter said, CIPS Edition up and running after the upcoming national day.

Simply put, CIPS primary function is to provide its participants cross-border renminbi payment services, such as providing clearing and settlement services. Cross-border renminbi payment services, including cross-border RMB trade settlement, project settlement money across borders, cross-border financial institutions and individual remittance payments.

It is understood that the CIPS system, responsible for the operation of cross-border interbank payment clearing (Shanghai) limited liability companies, which have been set up on July 31 and in Shanghai, shareholders only, for the rules of the clearing Center.

According to the national credit information publicity system, cross-border interbank payment clearing (Shanghai) limited liability company with registered capital of 7.8 million Yuan, the scope includes provides RMB cross-border payment and settlement services for financial institutions, data processing services, information technology services and appointed other related businesses.

In terms of executives, cross-border interbank payment and settlement for Zhang Xin, General Manager of the company, supervisors Liu Qiong, Executive Director Li Wei. Registered address of the building at 15-1 in Zhong Shan Dong Yi lu, Huangpu district, Shanghai City.

In the CIPS system, in addition to the above-mentioned operations, market participants are divided into two categories: direct and indirect contributors. Direct participants may directly through the CIPS deal with cross-border RMB settlement business, direct participants and indirect participants must delegate to handle related business.

Among them, there were 19 banks eligible for direct access to the CIPS system.

According to Reuters reported, in the funding Bank except five big line outside, also including Chinese Bank, and livelihood Bank, and Investment Bank, and Societe Generale Bank, and peace Bank, and Pu sent Bank six home joint-stock Bank; eight home foreign behavior HSBC (China), and Citi Bank (China), and slag playing Bank (China), and star exhibition Bank (China), and Deutsche Bank (China), and BNP Paribas (China), and Australia and New Zealand Bank (China), and East Bank (China).

In accordance with the established arrangements of the Central Bank, CIPS construction will be carried out in phases. Which, is in October early online of CIPS (a period) used real-time full settlement way, and used international passage of ISO20022 message standard, main service Yu across border trade settlement, and across border directly investment and other across border Yuan settlement business; and CIPS (II period) will research used more save liquidity of mixed settlement way, full support Yuan across border and away from Bank funds settlement. Without it the in Bloom China s cattle sector

Running schedules, CIPS, June, in accordance with the operation, the Central Bank plans to set the run time for the 9:00-20:00, part of the Asia, Oceania and European time zones, such as development of renminbi business, CIPS systems day for People's Republic of China legal working day.

From April 2012, the Central Bank's first public disclosure of the decision to build such a system, the Central Bank had been scheduled for a long time for this system. And central banks at the Central Bank's decision to develop an independent cross-border RMB payment system purposes, is in order to further consolidate the existing cross-border RMB settlement channels and resources to improve the efficiency of cross-border clearing, Yuan business in all major time zones to meet development needs.

On September 10 the Nineth when the opening ceremony of the summer Davos Forum, Premier Li keqiang in a special speech on that, by the end of cross-border RMB payments system will be built to facilitate offshore market develop, supports China's equipment out there.

With the CIPS system put into use, and now have three cross-border RMB settlement, including through offshore renminbi clearing bank, adoption agency model as well as currency settlement account (NRA account) three, are gradually incorporated.

"The settlement depends on the CHIPS system in New York of us $, RMB, only large-value payment system (HVPS) and micro-batch payment system (BEPS) consisting of China modern payment system (CNAPS), both clearing house model and the agency model, ultimately indirectly into the system. "One big state-owned bank surging international business Department on reporters.

CIPS operations in Shanghai, Shanghai international financial center construction and Shanghai free trade area construction played a role in power.

"Yuan across border paid system, actually is to help Yuan in global achieved 7*24 hours of fast liquidation and liquidation behind corresponds to of funds cost, and settlement of problem, this on since trade district of gold modified is more menace, on seems dollars of liquidation in New York as, Yuan liquidation settled in in Shanghai is central on Shanghai since trade district construction a big of direction, it with since trade district of construction is complement each other of, on Xia a stage since trade district financial innovation in based construction Shang is a major promoted. "A head of the State-owned international business in Shanghai.