People's Republic of China Financial Sector Assessment Program : Systemic Oversight of Financial Market Infrastructures

International Monetary Fund ; World Bank Group

World Bank, Washington, DC

关键词: FINANCIAL MARKET INFRASTRUCTURE;    OVERSIGHT;    PAYMENTS;    FINANCIAL RISK PROTECTION;    PAYMENT SYSTEM;   

RP-ID  :  127568

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

China's landscape for FinancialMarket Infrastructures (FMIs) is one of the largest and mostcomplex in the world. It consists of a range of payment,clearing and settlement systems, including several interbankpayment systems, securities settlement systems and centralcounterparties (CCPs). Many of the systems have high volumesby international comparison and are systemically importantat a national level. Disruptions, both operational andfinancial, in one of these FMIs may significantly impact thefunctioning of the Chinese economy. The landscape is subjectto changes, following international developments, such asthe establishment of a cross-border interbank payment system(CIPS) and a CCP for over-the-counter derivatives. Thedevelopment of new, innovative products, for example, in thearea of internet payments, is changing the landscape further.