People's Republic of China Financial Sector Assessment Program : CPSS Core Principles for Systemically Important Payment Systems
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...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/919691468243566314/China-CPSS-core-principles-for-systemically-important-payment-systems-detailed-assessment-of-observance http://hdl.handle.net/10986/26547 |
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okr-10986-26547 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO PAYMENT SERVICES ACCOUNT MANAGEMENT ACCOUNTING AGRICULTURAL BANK ANTI-MONEY LAUNDERING ATM ATM TERMINALS BANK ACCOUNT BANK BOND BANK BOND MARKET BANK BRANCHES BANK CARD BANK REGULATION BANKING INDUSTRY BANKING INSTITUTIONS BANKRUPTCY BANKRUPTCY LAW BILL OF EXCHANGE BILL PAYMENTS BOND BOND MARKETS CAPITAL MARKETS CASH PAYMENT CASH TRANSACTIONS CENTRAL BANK CENTRAL BANK BILLS CENTRAL DEPOSITORY CHECKS CIVIL LAW CLEARING CORPORATION CLEARING HOUSE COLLATERAL COLLATERALIZATION COMMERCIAL BANK CONSUMER PROTECTION CONSUMER PROTECTION LAW CONTRACT LAW CORPORATE SECURITIES CORRESPONDENT BANKS CREDIT COOPERATIVES CREDIT INFORMATION CREDIT RISK CREDIT TRANSFERS CREDIT UNIONS CURRENCY TRANSACTIONS DEBIT CARDS DEPOSIT DEPOSIT ACCOUNT DERIVATIVE DERIVATIVE TRANSACTIONS DEVELOPMENT BANK DIRECT DEBITS DOMESTIC BANKS ELECTRONIC EXCHANGE ELECTRONIC PAYMENT ELECTRONIC PAYMENT SYSTEM ELECTRONIC SIGNATURE ELECTRONIC TRANSACTIONS EMERGENCY RESPONSE EQUIPMENT EXCHANGE RATE FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL RISKS FINANCIAL SERVICES FINANCIAL SYSTEM FIXED ASSETS FOREIGN BANKS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE TRANSACTION FUND TRANSFER GOVERNMENT BONDS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HIGH VALUE PAYMENT SYSTEM HOLDING HUMAN RESOURCE IDENTIFICATION INFORMATION SYSTEM INFORMATION TECHNOLOGY INSTITUTIONAL INVESTORS INSTRUMENT INTEREST RATE INTERNAL CONTROL INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS ISSUANCE LARGE VALUE TRANSFER SYSTEMS LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL STATUS LETTERS OF CREDIT LIQUIDITY LIQUIDITY MANAGEMENT LIQUIDITY POSITION LIQUIDITY RISK LOCAL BANKS LOW VALUE PAYMENT LOW VALUE PAYMENT SYSTEM MANAGEMENT INFORMATION MANAGEMENT OF RISKS MANAGEMENT SYSTEM MARK-TO-MARKET MARKET MECHANISMS MARKET PARTICIPANTS MARKET SHARES MONETARY FUND MONEY LAUNDERING LAW MONEY SETTLEMENT MORAL SUASION NATURAL DISASTERS NEGOTIABLE INSTRUMENTS OPERATIONAL RISKS OPPORTUNITY COST PAPER INSTRUMENTS PAYMENT APPLICATION PAYMENT CARD PAYMENT CLEARING PAYMENT INSTRUMENT PAYMENT ORDERS PAYMENT SERVICE PAYMENT SYSTEMS PAYMENT TRANSACTIONS PAYMENTS INSTRUMENTS PAYMENTS SYSTEM POSTAL SAVINGS PROMISSORY NOTES PROXY PUBLIC POLICY REAL-TIME GROSS SETTLEMENT REGULATORY AUTHORITY REGULATORY FRAMEWORK REMITTANCE REMITTANCE SERVICES RESERVE FUND RESERVE REQUIREMENTS RESERVES RETAIL INVESTORS RETAIL PAYMENT RETAIL PAYMENT SYSTEMS RETURN REVOLVING FUND RISK CONTROL RISK MANAGEMENT RISK MANAGEMENT TOOLS RISK PROFILES RTGS RURAL BANKS RURAL CREDIT SAVINGS BANK SECURITIES SECURITIES LAW SECURITIES REGISTRATION SECURITIES SETTLEMENT SECURITIES TRANSACTIONS SECURITY REQUIREMENTS SERVICE PROVIDERS SETTLEMENT SETTLEMENT PROCEDURES SETTLEMENT RISK SETTLEMENT SERVICES SETTLEMENT SYSTEM SPOT MARKET STAKEHOLDERS STOCK EXCHANGES SWAP SYSTEM DESIGN SYSTEM FAILURES TELECOMMUNICATIONS TELEPHONE BANKING TRADING TRADING SYSTEM TRANSACTION TRANSACTION AUTHORIZATION TRANSPARENCY TURNOVER VALUE PAYMENT SYSTEM WITHDRAWAL |
| spellingShingle |
ACCESS TO PAYMENT SERVICES ACCOUNT MANAGEMENT ACCOUNTING AGRICULTURAL BANK ANTI-MONEY LAUNDERING ATM ATM TERMINALS BANK ACCOUNT BANK BOND BANK BOND MARKET BANK BRANCHES BANK CARD BANK REGULATION BANKING INDUSTRY BANKING INSTITUTIONS BANKRUPTCY BANKRUPTCY LAW BILL OF EXCHANGE BILL PAYMENTS BOND BOND MARKETS CAPITAL MARKETS CASH PAYMENT CASH TRANSACTIONS CENTRAL BANK CENTRAL BANK BILLS CENTRAL DEPOSITORY CHECKS CIVIL LAW CLEARING CORPORATION CLEARING HOUSE COLLATERAL COLLATERALIZATION COMMERCIAL BANK CONSUMER PROTECTION CONSUMER PROTECTION LAW CONTRACT LAW CORPORATE SECURITIES CORRESPONDENT BANKS CREDIT COOPERATIVES CREDIT INFORMATION CREDIT RISK CREDIT TRANSFERS CREDIT UNIONS CURRENCY TRANSACTIONS DEBIT CARDS DEPOSIT DEPOSIT ACCOUNT DERIVATIVE DERIVATIVE TRANSACTIONS DEVELOPMENT BANK DIRECT DEBITS DOMESTIC BANKS ELECTRONIC EXCHANGE ELECTRONIC PAYMENT ELECTRONIC PAYMENT SYSTEM ELECTRONIC SIGNATURE ELECTRONIC TRANSACTIONS EMERGENCY RESPONSE EQUIPMENT EXCHANGE RATE FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL RISKS FINANCIAL SERVICES FINANCIAL SYSTEM FIXED ASSETS FOREIGN BANKS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE TRANSACTION FUND TRANSFER GOVERNMENT BONDS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HIGH VALUE PAYMENT SYSTEM HOLDING HUMAN RESOURCE IDENTIFICATION INFORMATION SYSTEM INFORMATION TECHNOLOGY INSTITUTIONAL INVESTORS INSTRUMENT INTEREST RATE INTERNAL CONTROL INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS ISSUANCE LARGE VALUE TRANSFER SYSTEMS LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL STATUS LETTERS OF CREDIT LIQUIDITY LIQUIDITY MANAGEMENT LIQUIDITY POSITION LIQUIDITY RISK LOCAL BANKS LOW VALUE PAYMENT LOW VALUE PAYMENT SYSTEM MANAGEMENT INFORMATION MANAGEMENT OF RISKS MANAGEMENT SYSTEM MARK-TO-MARKET MARKET MECHANISMS MARKET PARTICIPANTS MARKET SHARES MONETARY FUND MONEY LAUNDERING LAW MONEY SETTLEMENT MORAL SUASION NATURAL DISASTERS NEGOTIABLE INSTRUMENTS OPERATIONAL RISKS OPPORTUNITY COST PAPER INSTRUMENTS PAYMENT APPLICATION PAYMENT CARD PAYMENT CLEARING PAYMENT INSTRUMENT PAYMENT ORDERS PAYMENT SERVICE PAYMENT SYSTEMS PAYMENT TRANSACTIONS PAYMENTS INSTRUMENTS PAYMENTS SYSTEM POSTAL SAVINGS PROMISSORY NOTES PROXY PUBLIC POLICY REAL-TIME GROSS SETTLEMENT REGULATORY AUTHORITY REGULATORY FRAMEWORK REMITTANCE REMITTANCE SERVICES RESERVE FUND RESERVE REQUIREMENTS RESERVES RETAIL INVESTORS RETAIL PAYMENT RETAIL PAYMENT SYSTEMS RETURN REVOLVING FUND RISK CONTROL RISK MANAGEMENT RISK MANAGEMENT TOOLS RISK PROFILES RTGS RURAL BANKS RURAL CREDIT SAVINGS BANK SECURITIES SECURITIES LAW SECURITIES REGISTRATION SECURITIES SETTLEMENT SECURITIES TRANSACTIONS SECURITY REQUIREMENTS SERVICE PROVIDERS SETTLEMENT SETTLEMENT PROCEDURES SETTLEMENT RISK SETTLEMENT SERVICES SETTLEMENT SYSTEM SPOT MARKET STAKEHOLDERS STOCK EXCHANGES SWAP SYSTEM DESIGN SYSTEM FAILURES TELECOMMUNICATIONS TELEPHONE BANKING TRADING TRADING SYSTEM TRANSACTION TRANSACTION AUTHORIZATION TRANSPARENCY TURNOVER VALUE PAYMENT SYSTEM WITHDRAWAL International Monetary Fund World Bank People's Republic of China Financial Sector Assessment Program : CPSS Core Principles for Systemically Important Payment Systems |
| geographic_facet |
East Asia and Pacific East Asia China |
| description |
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). |
| format |
Report |
| author |
International Monetary Fund World Bank |
| author_facet |
International Monetary Fund World Bank |
| author_sort |
International Monetary Fund |
| title |
People's Republic of China Financial Sector Assessment Program : CPSS Core Principles for Systemically Important Payment Systems |
| title_short |
People's Republic of China Financial Sector Assessment Program : CPSS Core Principles for Systemically Important Payment Systems |
| title_full |
People's Republic of China Financial Sector Assessment Program : CPSS Core Principles for Systemically Important Payment Systems |
| title_fullStr |
People's Republic of China Financial Sector Assessment Program : CPSS Core Principles for Systemically Important Payment Systems |
| title_full_unstemmed |
People's Republic of China Financial Sector Assessment Program : CPSS Core Principles for Systemically Important Payment Systems |
| title_sort |
people's republic of china financial sector assessment program : cpss core principles for systemically important payment systems |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/919691468243566314/China-CPSS-core-principles-for-systemically-important-payment-systems-detailed-assessment-of-observance http://hdl.handle.net/10986/26547 |
| _version_ |
1764461473839448064 |
| spelling |
okr-10986-265472021-04-23T14:04:35Z People's Republic of China Financial Sector Assessment Program : CPSS Core Principles for Systemically Important Payment Systems International Monetary Fund World Bank ACCESS TO PAYMENT SERVICES ACCOUNT MANAGEMENT ACCOUNTING AGRICULTURAL BANK ANTI-MONEY LAUNDERING ATM ATM TERMINALS BANK ACCOUNT BANK BOND BANK BOND MARKET BANK BRANCHES BANK CARD BANK REGULATION BANKING INDUSTRY BANKING INSTITUTIONS BANKRUPTCY BANKRUPTCY LAW BILL OF EXCHANGE BILL PAYMENTS BOND BOND MARKETS CAPITAL MARKETS CASH PAYMENT CASH TRANSACTIONS CENTRAL BANK CENTRAL BANK BILLS CENTRAL DEPOSITORY CHECKS CIVIL LAW CLEARING CORPORATION CLEARING HOUSE COLLATERAL COLLATERALIZATION COMMERCIAL BANK CONSUMER PROTECTION CONSUMER PROTECTION LAW CONTRACT LAW CORPORATE SECURITIES CORRESPONDENT BANKS CREDIT COOPERATIVES CREDIT INFORMATION CREDIT RISK CREDIT TRANSFERS CREDIT UNIONS CURRENCY TRANSACTIONS DEBIT CARDS DEPOSIT DEPOSIT ACCOUNT DERIVATIVE DERIVATIVE TRANSACTIONS DEVELOPMENT BANK DIRECT DEBITS DOMESTIC BANKS ELECTRONIC EXCHANGE ELECTRONIC PAYMENT ELECTRONIC PAYMENT SYSTEM ELECTRONIC SIGNATURE ELECTRONIC TRANSACTIONS EMERGENCY RESPONSE EQUIPMENT EXCHANGE RATE FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL RISKS FINANCIAL SERVICES FINANCIAL SYSTEM FIXED ASSETS FOREIGN BANKS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE TRANSACTION FUND TRANSFER GOVERNMENT BONDS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HIGH VALUE PAYMENT SYSTEM HOLDING HUMAN RESOURCE IDENTIFICATION INFORMATION SYSTEM INFORMATION TECHNOLOGY INSTITUTIONAL INVESTORS INSTRUMENT INTEREST RATE INTERNAL CONTROL INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS ISSUANCE LARGE VALUE TRANSFER SYSTEMS LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL STATUS LETTERS OF CREDIT LIQUIDITY LIQUIDITY MANAGEMENT LIQUIDITY POSITION LIQUIDITY RISK LOCAL BANKS LOW VALUE PAYMENT LOW VALUE PAYMENT SYSTEM MANAGEMENT INFORMATION MANAGEMENT OF RISKS MANAGEMENT SYSTEM MARK-TO-MARKET MARKET MECHANISMS MARKET PARTICIPANTS MARKET SHARES MONETARY FUND MONEY LAUNDERING LAW MONEY SETTLEMENT MORAL SUASION NATURAL DISASTERS NEGOTIABLE INSTRUMENTS OPERATIONAL RISKS OPPORTUNITY COST PAPER INSTRUMENTS PAYMENT APPLICATION PAYMENT CARD PAYMENT CLEARING PAYMENT INSTRUMENT PAYMENT ORDERS PAYMENT SERVICE PAYMENT SYSTEMS PAYMENT TRANSACTIONS PAYMENTS INSTRUMENTS PAYMENTS SYSTEM POSTAL SAVINGS PROMISSORY NOTES PROXY PUBLIC POLICY REAL-TIME GROSS SETTLEMENT REGULATORY AUTHORITY REGULATORY FRAMEWORK REMITTANCE REMITTANCE SERVICES RESERVE FUND RESERVE REQUIREMENTS RESERVES RETAIL INVESTORS RETAIL PAYMENT RETAIL PAYMENT SYSTEMS RETURN REVOLVING FUND RISK CONTROL RISK MANAGEMENT RISK MANAGEMENT TOOLS RISK PROFILES RTGS RURAL BANKS RURAL CREDIT SAVINGS BANK SECURITIES SECURITIES LAW SECURITIES REGISTRATION SECURITIES SETTLEMENT SECURITIES TRANSACTIONS SECURITY REQUIREMENTS SERVICE PROVIDERS SETTLEMENT SETTLEMENT PROCEDURES SETTLEMENT RISK SETTLEMENT SERVICES SETTLEMENT SYSTEM SPOT MARKET STAKEHOLDERS STOCK EXCHANGES SWAP SYSTEM DESIGN SYSTEM FAILURES TELECOMMUNICATIONS TELEPHONE BANKING TRADING TRADING SYSTEM TRANSACTION TRANSACTION AUTHORIZATION TRANSPARENCY TURNOVER VALUE PAYMENT SYSTEM WITHDRAWAL 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). 2017-05-09T16:00:39Z 2017-05-09T16:00:39Z 2012-03 Report http://documents.worldbank.org/curated/en/919691468243566314/China-CPSS-core-principles-for-systemically-important-payment-systems-detailed-assessment-of-observance http://hdl.handle.net/10986/26547 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work East Asia and Pacific East Asia China |