According to Part 4 of the Guidelines, the liquidity management arrangements under CIPS’s real-time gross settlement mode primarily include:

(1) Minimum Injection Limit,: To ensure that direct participants have sufficient liquidity at the outset of operations to meet the requirements of real-time, full-amount payment transactions, the cross-border clearing company manages the minimum injection limit for direct participants. The amount of funding and pre-funding for direct participants’ real-time, full-amount transactions must not fall below this minimum injection limit.

(2) Business Priority: The priority of CIPS business processing, from highest to lowest, is as follows: net settlement results for batch transactions, securities and funds settlement (including simultaneous delivery) initiated by direct participants in financial market infrastructure, central counterparty fund settlement and clearing institution lending and borrowing transactions, and real-time gross settlement transactions.

(3) Queue Management: CIPS can prioritize payment transactions based on their processing priorities and manage them accordingly. Direct participants can manage queued transactions through measures such as queue inquiry, queue adjustment, queue cancellation, and queue rescue.

(4) Balance Warning: Direct participants may, during the business preparation, daytime, and nighttime processing phases, send a “Balance Warning Limit Setting Request Message” to CIPS to set balance warning limit, thereby enabling proactive monitoring of their CIPS account balances and available net debit limits.