The People's Bank of China issues the "Rules for Cross-Border Payment System of Renminbi".

In order to meet the needs of the development of cross-border RMB business and strengthen the management of RMB cross-border payment system business, the People's Bank of China revised the "Rules for RMB Cross-border Payment System Business". The CIPS account opened by the operating institution for direct participants should be a zero balance account, which does not accrue interest, cannot be overdrawn, and should have a zero closing balance. The funds in the CIPS account belong to the direct participants who opened the account, not to the operating institution's own property. The operating institution should manage the accounts of participants uniformly. A direct participant can only open one zero balance account in CIPS. Indirect participants do not open accounts in CIPS. According to the needs of CIPS business, the operating institution can open a clearing account at the People's Bank of China to centrally store the settlement funds for participants to conduct CIPS business, and should keep them separate from other funds for the operating institution. Direct participants enjoy corresponding rights based on the balance in their CIPS account. The account cannot be overdrawn, and must have a zero closing balance. The operating institution cannot open accounts in commercial banks to store the settlement funds for participants to conduct CIPS business, and should not accumulate clearing funds. Direct participants can manage the liquidity of their CIPS accounts through their own clearing accounts opened at the People's Bank of China or through their fund custodian bank, according to their clearing and settlement needs.