Development of payment & settlement system vs. the role of central bank  It is well known that payment & settlement system is one of the most important financial infrastructures. The 11th Five-Year program clearly indicates efforts to improve payment & settlement system, enhance payment & settlement efficiency and develop sound financial market registration, custody, trade and settlement system.
In a new economic and financial environment, the efficiency and safety of a payment & settlement system will not only affect public confidence on money and its transmission mechanism, but also play a crucial role by the central bank in monetary policy implementation, financial market development and maintaining financial stability.