Research On The Legal Supervision Of China’s Cross-border Payment Under The Background Of RMB Internationalization

In recent years,China has implemented the "Belt and Road" initiative,established the AIIB and the Silk Road Fund,implemented the free trade zone strategy,and strengthened bilateral and multilateral economic and trade cooperation with other countries,which has brought new development opportunities for the RMB internationalization.In the construction of these major engineering projects,Renminbi has given full play to its international currency functions such as payment and settlement.China’s payment industry has gradually matured from an emerging industry,and the legal norms for cross-border payment legal supervision are also constantly improving.Analyzing the current status of cross-border payment legal supervision in China,the definition of payment institution is different.According to the latest legislative trends,it is possible to define payment institution as financial institution.Whether it is based on the financial characteristics of payment institution or the importance of cross-border payment of payment institution to the RMB internationalization,legal supervision of cross-border payment is required.After the 2010 "Measures",China continued to improve the legal system of cross-border payment legal supervision,updated the legal norms on reserves,foreign exchange,and consumer rights,and published the "Regulations" and the "Industry Security Fund Management Measures" draft.Comparing the extraterritorial models of cross-border payment legal supervision,the United States implements a two-level supervision model,focusing on functional supervision,relying on the two major payment systems of Fedwire and CHIPS;the European Union is an institutional supervision model,and the Payment Services Directive has established a unified supervision framework which has laid a legal foundation for the establishment of SEPA;Singapore’s "Payment Services Act" issued in 2020,which involves risk classification supervision and digital currency supervision,has reference significance.In the context of RMB internationalization,China has initially formed a legal supervision system for cross-border payment.But on the whole,the legal supervision framework is not perfect,which is reflected in the imperfect legal regulation system,neglect of innovation and development of payment institution,imperfect risk classification management and legislative gaps in important content.At the same time,there are some legal problems in the key areas of cross-border payment legal supervision,including insufficient systemic risk prevention,unfair competition,information and technology problems brought about by financial technology,and credit problems of payment institution.To solve these problems,it is necessary to establish a regulatory framework as a whole,and carry out principled regulation to make up for the insufficiency of rule regulation.From a specific perspective,special supervision is required.We need to strengthen the supervision of customer funds,improve the payment system supervision framework with CIPS,strengthen the supervision of cross-border user information security,use industry security funds to supervise payment institution conduct risk control and improve the anti-money laundering regulatory framework.