[The People's Bank of China Issues 'Business Rules for the Cross-Border Interbank Payment System (CIPS)'] According to a report by Jin10, the People's Bank of China has issued the 'Business Rules for the Cross-Border Interbank Payment System (CIPS).' The rules state that, based on the needs of CIPS operations, the operating institution may open clearing accounts with the People's Bank of China to centrally store settlement funds for participants conducting CIPS business, with separate accounting from other funds used by the operating institution. Direct participants are entitled to corresponding rights based on their CIPS account balances. These accounts must not be overdrawn, and the end-of-day balance must be zero. Operating institutions are prohibited from opening accounts with commercial banks to store settlement funds for CIPS participants or creating any accumulation of clearing funds. Direct participants may manage the liquidity of their CIPS accounts based on clearing and settlement needs through clearing accounts opened with the People's Bank of China by themselves or their fund custodians. Direct participants categorized as financial market infrastructure entities must conduct fund settlements through CIPS in accordance with the functional requirements of their related trading systems, securities settlement systems, or central counterparties. Without approval, they are not allowed to unilaterally expand the scope of services, targets, or business scenarios.