The People's Bank of China (PBOC), the country's central bank, on Friday began to solicit public opinions on a set of draft rules for the Cross-Border Interbank Payment System (CIPS) as part of efforts to regulate related business activities.

The rules, consisting of six chapters and 31 articles, aim to prevent payment risks, protect the legitimate rights and interests of the CIPS operator and participants, and clarify the responsibilities of all parties, according to the central bank.

The rules apply to the CIPS operator, as well as direct and indirect participants. The operator refers to a corporate legal entity approved by the central bank to provide cross-border renminbi clearing and settlement services for domestic and overseas participants and is subject to the supervision and guidance of the PBOC in accordance with the law.

The rules specify the scope of business covered, including clearing and settlement services for participants' cross-border renminbi payment transactions and financial market activities, as well as other businesses approved by the central bank.

The rules also cover areas such as account management, settlement mechanisms, risk management, and emergency response.

The central bank said the rules are designed to meet CIPS participants' expansion needs and support CIPS's business development and functional upgrades.