In particular, the foreign exchange payment system of Hong Kong did not settle in central bank money but realized realtime ultimate settlement through commercial banks’ accounts based on clear settlement rules, which has great significance to the settlement arrangement in Mainland financial market. Fourth is relevant to the coordinated development between large-value payment system and the securities settlement system.
The latest research of the BIS concluded that, the large-value payment system of a country should develop harmoniously with the securities settlement system to ensure safety and efficiency of a financial system. One important reason behind it stems from the interdependent relations between the large-value payment system and the securities settlement system.