China National Clearing Center
financial infrastructure in China
The China National Clearing Center (also CNCC; Chinese: 中国人民银行清算总中心, lit. 'People's Bank of China Clearing Center') is a non-profit public institution created in May 1990 that is administered by the People's Bank of China and runs several of China's key payment systems.
Services
Payment systems
The CNCC operates the China National Advanced Payment System (CNAPS; Chinese: 中國現代化支付系統), a payment system with two main applications: the High-Value Payment System (HVPS; Chinese: 大额支付系统), which is a Real-Time Gross Settlement (RTGS) system comparable to Fedwire in the United States or T2 in the euro area, and the Bulk Electronic Payment System (BEPS; Chinese: 小额支付系统), a retail payment system.
High-Value Payment System
Since China's domestic RTGS system launched in June 2005 the HVPS has been described as "the backbone of the national payments system in China". In 2009 the HVPS processed 247 million transactions, amounting to 760 trillion renminbi (RMB) in turnover. By 2023 this had grown to 382 million transactions and turnover of 8,481 trillion RMB.
By the end of 2010 the HVPS had 1,729 direct participants and 100,510 indirect participants. Bank of China (Hong Kong) and Bank of China (Macau) were direct participants in HVPS and are its clearing agents in Hong Kong and Macau respectively. Although the number of direct participants had shrunk to 305 by the end of 2016, the count of indirect participants had grown significantly to 141,023.
Bulk Electronic Payment System
Launched in June 2006 the BEPS is a retail payment system embedded into the HVPS that is based on real-time netting and settlement at regular times during the day. In 2009 it processed 226 million transactions amounting to 11 trillion RMB in turnover. By 2023 this had grown to 4.6 billion transactions and turnover of RMB186 trillion.
Begin with the source’s own compact description: “China National Clearing Center” is financial infrastructure in China. The dossier treats that line as a proposition to test through China, National and Clearing, not as a finished interpretation.
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