People's Republic of China Financial Sector Assessment Program

International Monetary Fund; World Bank

People's Republic of China Financial Sector Assessment Program

2012

International Monetary Fund | World Bank

People's Bank of China (PBC) has carried out a major and comprehensive reform of the China National Payments System (CNPS). The PBC implemented the China National Advanced Payment System (CNAPS), which consists of the High-Value Payment System (HVPS) and the Bulk Electronic Payment System (BEPS). The HVPS system currently operates in a tiered way with a national processing center (NPC) and 32 local processing centers (LCPs). The HVPS system is interconnected to many trading, payments, and securities settlement systems (SSS) to allow for central bank money settlement. In addition, there is numerous cheque clearing houses around the country administered by the PBC local offices or delegated to banks. China Union Pay (CUP) handles the clearance of cards transactions whose balances are settled in the HVPS. Also automated clearinghouses (ACHs) and other systems handle clearance and settlement for a variety of payment instruments. The HVPS is a systemically important payment system, as it is the backbone of the national payments system in China. The HVPS handled transactions for a value of CY 804 trillion in 2009, approximately 24 times the Gross Domestic Product (GDP) value. Thus, the HVPS is being assessed against the ten Core Principles for Systemically Important Payment Systems (CPSIPS) of the Committee for Payment and Settlement Systems (CPSS) and the four responsibilities of the central banks in applying the CPSIPS. The BEPS is not currently a systemically important payment system. However, its importance for an efficient settlement of the interbank payment system is growing. The present document is the assessment of the systemically important payment systems in the People's Republic of China (PRC) based on the CPSS CPSIPS. The document also contains an analysis of some developmental issues related to the reform of the payments system as a whole. The assessment was conducted in the context of the first field mission of the Financial Sector Assessment Program (FSAP) to the PRC (June 2010).

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accounting bankruptcy civil law consumer protection credit cooperatives equipment exchange rate financial market fixed assets gross domestic product identification information technology instrument international bank legal status liquidity natural disasters risk management stakeholders telecommunications

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Value payment system; Foreign exchange transaction; Electronic transactions; Payment service; Checks; International standards; Account management; Credit information; Securities registration; Public policy; Payments instruments; Remittance; Payment instrument; Contract law; Moral suasion; Postal savings; Bill payments; Risk control; Service providers; Trading system; Security requirements; Bond; Reserve fund; Atm; Foreign currency; System failures; Local banks; Negotiable instruments; Corporate securities; Banking institutions; Holding; Market shares; Legal authority; Management system; Correspondent banks; Promissory notes; Rural credit; Central bank bills; Payment card; Electronic payment system; Securities settlement; Settlement services; Risk management tools; Issuance; Credit unions; Payment application; Derivative transactions; Opportunity cost; Securities transactions; Savings bank; Real-time gross settlement; High value payment system; Interest rate; Bond markets; Central bank; Reserves; Federal reserve; Electronic signature; Securities law; Bank bond market; Large value transfer systems; Debit cards; Return; Proxy; Trading; Revolving fund; International settlements; Domestic banks; Bank branches; Legal framework; Letters of credit; Securities; Money settlement; Bank regulation; Regulatory framework; Settlement risk; Commercial bank; Deposit account; Bankruptcy law; Financial risks; Low value payment system; Liquidity management; Clearing house; Transparency; Collateralization; Consumer protection law; Payments system; Spot market; Electronic exchange; Anti-money laundering; Foreign exchange; Operational risks; Central depository; Withdrawal; Regulatory authority; Currency transactions; Liquidity risk; Rtgs; Electronic payment; Government bonds; Credit transfers; Stock exchanges; Payment systems; Information system; Retail payment systems; Atm terminals; Payment orders; Settlement procedures; Risk profiles; Paper instruments; Swap; Turnover; Remittance services; Retail investors; Telephone banking; Deposit; Financial system; Bank card; Payment clearing; Management of risks; Financial services; Money laundering law; Institutional investors; Fund transfer; Liquidity position; Emergency response; Settlement; Agricultural bank; Internal control; Low value payment; Federal reserve bank; System design; Direct debits; Market participants; Market mechanisms; Management information; Human resource; Payment transactions; Mark-to-market; Cash transactions; Development bank; Bill of exchange; Transaction; Bank bond; Settlement system; Retail payment; Cash payment; Derivative; Clearing corporation; Transaction authorization; Collateral; Government securities; Foreign banks; Monetary fund; Banking industry; Financial institution; Access to payment services; Reserve requirements; Bank account; Capital markets; Rural banks; Credit risk

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http://hdl.handle.net/10986/26547

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People's Republic of China Financial Sector Assessment Program

2012

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