The Research On The Models Of China High Value Payment System

Payment System is a crucial component part of the modern financial market. The safe and effective operation of the High Value Payment System will not only influence the market under its direct service, but also will have certain effect on the overall financial system of a country. Since 1991, The People's Bank of China has been planning the establishment of our own HVPS, which is expected to cover the whole country until June 2005. In such respects as liquidation model, financial risk control, technical guarantee etc., HVPS has become in line with international practice step by step. However, in comparison with the developed countries, an enormous gap is still in existence regarding the system, efficiency, cost etc. of the High Value Payment System of China. The opening of China's financial industry and free exchange of RMB cannot be realized until HVPS keeps up with the international standard.This article makes the analysis into the High Value Payment System from the perspective of the model of the HVPS. Based on the data model of discontinuous transaction model, continuous transaction model and variable cost, this paper indicates that no model of the High Value Payment System is the best under any circumstance. Through introducing the historical evolution of the models of HVPS and making a comparison between the operations of major different models of the HVPS, it holds the view that more than one payment system could better serve the economic life of a society and satisfy various demands of the market as well as the customers. On the base of introducing the current situation of the development of the HVPS in China, this article elaborates on the existing problems in the establishment of the HVPS in China. Aiming at the present problems, the author brings forth the following suggestions: the first is that we should establish our own payment law as soon as possible. The second is that we should realize the consolidation and convergence of the accounts in the central bank and commercial banks. The third is that the charge for the commercial banks to use the high value payment system should be reduced. The fourth is that the non-profit or profitable clearing organization should be permitted to establish. The fifth is that we should attach importance to the construction of the liquidity of HVPS. The sixty is we should establish an orderly competitive high value payment system of multi models. The seventh is that Central bank must strengthen the supervision of the high value payment system.HVPS is still a new subject in China's financial system field, and the choice formodels of payment system plays a key role in macro economic control of China. By comparing the High Value Payment System of every country in World, as well as the research on the developing trend of the High Value Payment System of China, we can learn the design concept, management experience and control mode of the western countries, as well as their advanced experience in operation pattern, risk control and policy selection, which are used for reference for The People's Bank of China to further optimize HVPS of China.