According to PANews, the People's Bank of China (PBOC) has issued the 'Business Rules for the Cross-Border Interbank Payment System (CIPS).' The rules specify that operating institutions may open settlement accounts with the PBOC to centrally hold funds for CIPS participants, with balances used to determine participants' entitlements. Accounts must not be overdrawn and must end the day with zero balance. Operating institutions are prohibited from opening accounts with commercial banks to hold CIPS settlement funds or allowing fund accumulation. Direct participants may manage liquidity through their own or custodian banks' accounts at the PBOC. Financial market infrastructure participants must use CIPS for settlement through approved systems and cannot expand services without authorization.
PBOC Issues Business Rules for CIPS Cross-Border RMB Payment System
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The People's Bank of China (PBOC) has issued the 'Business Rules for the Cross-Border Interbank Payment System (CIPS).' Operating institutions may open settlement accounts with the PBOC to centrally hold funds for CIPS participants, with balances determining entitlements. Accounts must end the day with zero balance and cannot be overdrawn. Institutions are banned from using commercial banks for CIPS settlement funds or allowing accumulation. Direct participants can manage liquidity via PBOC accounts. Financial market infrastructure users must settle through approved systems. Amid these updates, traders are also keeping an eye on altcoins to watch and tracking the fear and greed index for market sentiment shifts.
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