论美元跨境支付系统的适用规则对我国的启示

On the Applicable Rules of the Clearing House Interbank Payments System and its Implications to China

美元跨境支付系统能够有效处理跨境美元交易,是全球重要的支付清算金融基础设施。危机后,该系统的适用规则更是不断升级、改进,在健全规则体系、定位系统运营机构"公众利益"法律地位、明确法定授权的监管机构的职责及"恢复与有序关闭"规则等方面都凸显先进性和前瞻性。相比之下,我国人民币跨境支付系统才上线,适用规则面临此类问题较严重。我国有必要借鉴美国规则,从提升支付清算规则位阶、构建结算最终性和轧差的法律;明确运营机构的法律身份、内部治理的公共性质;清晰中央银行、运营机构、利益相关者法定职责;设置专门的破产条款、破产标准、有序清算前置程序等方面予以完善,为国家战略实施和金融稳定提供强有力的金融基础设施支持。

CHIPS, which can effectively deal with cross- border trade with US dollars, is regarded as the most important financial market infrastructure on the payment and settlement in the world. The applicable rules of CHIPS upgrade and improve constantly after the financial crisis in the aspects of perfecting rule system, positioning the legal status of the system operation on ＂public interest＂,and clarifying the important responsibility of legally authorized regulators and the applicable rules of ＂recovery and orderly close＂. The paper proposes some implications for the applicable rule system of CIPS, which can provide a strong support of financial market infrastructure to the steady development of the economic and financial system of China.