According to Article 5 of the “Business Rules for the Cross-Border RMB Payment System” (Yin Fa [2025] No. 248) (hereinafter referred to as the “Rules”), CIPS participants include direct participants and indirect participants. Direct participants refer to domestic and foreign institutions that have opened accounts with CIPS, possess CIPS bank identifiers, and conduct transactions directly through CIPS. Operating institutions shall open CIPS accounts for banking-type direct participants and, based on business needs, shall open CIPS accounts for financial market infrastructure-type direct participants. Indirect participants refer to domestic and foreign institutions that have not opened accounts with CIPS but possess CIPS bank identifiers and entrust direct participants to handle transactions through CIPS.