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China National Clearing Center

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Revision as of 17:07, 27 December 2024 by Boubloub (talk | contribs) (Creation as stub)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff) Financial infrastructure in China

The China National Clearing Center (CNCC) is a financial market infrastructure in China and is a public institution under the People's Bank of China. It operates the China National Advanced Payment System (CNAPS), a payment system with two main applications: the High-Value Payment System (HVPS), a real-time gross settlement (RTGS) system comparable to Fedwire in the United States or T2 in the euro area; and the Bulk Electronic Payment System (BEPS), a retail payment system. CNCC also operates the Internet Banking Payment System (IBPS) and the China Domestic Foreign Currency Payment System (CDFCPS or FCPS), another RTGS system that specializes in domestic transactions in foreign currencies.

High-Value Payment System

As China's domestic RTGS system launched in June 2005, the HVPS has been described as "the backbone of the national payments system in China". By the early 2010s, HVPS had more than 1,66 direct participants; in 2009, it processed 247 million transactions amounting to RMB760 trillion. In 2023, these numbers had grown to 382 million transactions and turnover of RMB8,481 trillion.

Bulk Electronic Payment System

The BEPS, launched in June 2006, is a retail payment system which is embedded into the HVPS. In 2009, it processed 226 million transactions amounting to RMB11 trillion.

Internet Banking Payment System

China Domestic Foreign Currency Payment System

The CDFCPS, sometimes abbreviated as FCPS, is a real-time gross settlement system that was created in 2008 by the People's Bank of China to handle domestic transactions that are entirely denominated in foreign currencies. As of the early 2010s, it handled payments in Australian dollar (AUD), Canadian dollar (CAD), Swiss franc (CHF), euro (EUR), Pound sterling (GBP), Hong Kong dollar (HKD), Japanese yen (JPY), and US dollar (USD). By then, four commercial banks were designated as the FCPS's proxy settlement banks, namely Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Shanghai Pudong Development Bank. A that time, the overwhelming majority of FCPS-settled transactions were in US dollar.

Domestic foreign-exchange (FX) transactions involving the RMB, by contrast, are not settled on FCPS but can use the China Foreign Exchange Trade System (CFETS) as clearing house, which in turn uses the HVPS to settle the transactions' RMB legs. Thus, by the early 2010s the CFETS handled most domestic FX transactions.

See also

References

  1. "Infrastructures". People's Bank of China. Retrieved 27 December 2024.
  2. Committee on Payments and Settlement Systems (2012). "Payment, clearing and settlement systems in China" (PDF). Bank for International Settlements.
  3. "World Bank Fast Payments Toolkit - Case Study: China" (PDF). World Bank. Retrieved 27 December 2024.
  4. ^ "The People's Bank of China Issued China Payment System Development Report for the First Time". People's Bank of China. 31 July 2007.
  5. ^ "People's Republic of China: Detailed Assessment Report: CPSS Core Principles for Systemically Important Payment Systems". International Monetary Fund. 5 April 2012.
  6. "Payment System Report (2023)" (PDF). People's Bank of China. Retrieved 27 December 2024.


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