BlockBeats News, December 26th, the People’s Bank of China recently issued the “Rules for Cross-border Renminbi Payment System Business” (Yin Fa [2025] No. 248), which will take effect from 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 Clearing Center.
The new regulations clarify the operational framework and business processing procedures of the Cross-border Renminbi Payment System (CIPS), stipulating that CIPS should support a hybrid settlement model, including real-time gross settlement and scheduled net settlement, and be capable of supporting “Renminbi payments, Renminbi-foreign currency payment versus payment (PvP), delivery versus payment (DvP) settlement, central counterparty clearing, and other cross-border Renminbi transaction settlement services.”
