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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Mots clés AGROVOC

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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D'autres materias

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

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anglais

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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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