People's Bank of China: Support domestic banks in meeting market demand and conducting RMB cross-border interbank financing business in accordance with legal compliance and risk controllability principles

Mars Finance News: On February 26, the People’s Bank of China issued a notice regarding the relevant matters of RMB cross-border interbank financing business for banking financial institutions. It supports domestic banks to meet market demand and conduct RMB cross-border interbank financing business in accordance with laws, regulations, and risk controllability principles. Domestic Chinese-funded banks, foreign-funded banks, and Sino-foreign joint venture banks should manage related activities uniformly at the head office level, and according to the substance-over-form principle, include all RMB cross-border interbank financing business within the scope of management, establishing sound risk management and internal control mechanisms. (Jin10)