TITLE: China's Central Bank Amends Payment System Management Regulations
BODY:
On April 17, 2026, the People's Bank of China (PBOC) issued Announcement No. 10 of 2026, implementing amendments to payment system management regulations to strengthen financial legal framework development and refine the central bank's legal and regulatory system.
The PBOC modified the Notice on Revising Payment System Management Regulations (PBOC Office Notice [2016] No. 112), effective May 15, 2026. Key amendments include: restructuring organisational references to align with current PBOC branch structure, replacing references to "clearing centres" with "provincial-level branch institutions"; updating the Large-Value Payment System operating framework to grant the PBOC unified authority over operating days and times; expanding eligible participants for real-time transfer services to include payment institutions' network payment clearing and cross-border interbank payment clearing; and revising interest rate references from the PBOC's short-term lending benchmark rate to the overnight standing lending facility rate for compensation calculations.
The amendments also modified the Small-Value Payment System regulations and the Payment System Digital Certificate Management Regulations, consolidating certificate management procedures and clarifying responsibilities across the PBOC's Clearing Centre, provincial-level branches, system participants, and domestic foreign currency payment system settlement agents. Administrative provisions were streamlined, including requirements for certificate management personnel transitions and password protocols for digital certificate protection.
Simultaneously, the PBOC rescinded two obsolete notices: the Notice on Printing the Domestic Foreign Currency Payment System Operating Management Regulations (Trial) (PBOC Notice [2008] No. 147) and the Notice on Digital Certificate Application Work for the Domestic Foreign Currency Payment System (PBOC Office Notice [2008] No. 101).
These amendments apply to the PBOC's Shanghai headquarters, provincial and municipal branches, the Clearing Centre, payment system participants, and domestic foreign currency payment system settlement agents.
REFERENCES:
People's Bank of China Announcement No. 10 of 2026 (中国人民银行公告〔2026〕第10号)