TechFlow, on December 26, the People's Bank of China recently issued the "Rules for Cross-border RMB Payment System Business" (Yin Fa [2025] No. 248), which will take effect on February 1, 2026, replacing the 2018 version. The notice explicitly lists the "Digital Currency Research Institute" as one of the recipients, alongside institutions such as the China Development Bank, various commercial banks, and the Central Clearing Center.
The new rules clarify the operational structure and business processing procedures of the Cross-border Interbank Payment System (CIPS), stipulating that CIPS should support a hybrid settlement model, including real-time gross settlement and timed net settlement, and be capable of supporting businesses such as "RMB payments, payment versus payment (PvP) for RMB against foreign currencies, delivery versus payment (DvP) settlements, central counterparty clearing, and other cross-border RMB transaction settlements."
