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

BlockBeats News, February 26: The People’s Bank of China issued a notice regarding the renminbi cross-border interbank financing business of banking financial institutions. It supports domestic banks in responding to market demand and conducting renminbi cross-border interbank financing business in accordance with legal compliance and risk control principles. Domestic Chinese banks, foreign-owned banks, and Sino-foreign joint venture banks conducting related business should be uniformly managed by the bank’s headquarters. Following the principle of substance over form, all renminbi cross-border interbank financing business should be included in the scope of management, establishing sound risk management and internal control mechanisms. (Golden Finance)