Prefunding CNY payouts in China
Prefunding payouts in China means holding CNY with a payout partner or a local settlement account before transfers are paid, so recipients are paid without waiting for funds to arrive. Payouts run over IBPS (Internet Banking Payment System) and HVPS (High-Value Payment System). There are 13 weekday bank closures in China in the next 12 months to fund around. The rules and timings below are the ones that decide how much to hold and when to top up.
Funding rules and timing in China
- The interbank FX market is closed for CNY on weekends and on 19 weekday holidays in 2026, including 16 to 20 and 23 February and 1, 2, 5, 6 and 7 October; CFETS publishes separate holiday lists for USD and other traded currencies. source
- Mainland public holidays move working days onto weekends: in 2026 the State Council made 4 January and 20 September (Sundays) and 14 February, 28 February, 9 May and 10 October (Saturdays) working days. source
- HVPS takes no public or corporate transfers at weekends and on public holidays, so high-value RMB funding has to land by the 17:15 cut-off on the last working day before a break, while IBPS runs every day. source
- For cross-border e-commerce transactions, payment institutions must complete foreign exchange settlement and sale within the first working day (T+1) after the date funds are received (T), and hold client foreign exchange in a dedicated 'PIA' provision account at each cooperative bank, checked daily. source
- Recipients who have used their USD 50,000 annual conversion quota must give the receiving bank supporting documents on the use of funds, while salary remittances verified by the processing bank do not use the quota (HKMA guidance on Mainland rules, July 2026). source
The rails that spend the prefund
| Rail | What matters for payouts | Source |
|---|---|---|
| IBPS (Internet Banking Payment System) | Retail interbank system that operated on all 365 days of 2025, averaging 46.69 million transactions a day. | source |
| HVPS (High-Value Payment System) | From 19 October 2026 HVPS accepts business on statutory working days from 19:00 the previous day to 17:15, with a 17:15 to 17:30 clearing window; at weekends and on public holidays it handles only specific business and takes no transfers initiated by the public or companies. | source |
| CIPS (Cross-border Interbank Payment System) | Runs 5x24 hours plus 4 hours: a day session from 8:30 to 17:30 and a night session from 17:00 to 8:30 the next day on business days, with the day session starting at 4:30 on the first business day after a public holiday; it also supports services during domestic holidays as announced. | source |
Where the prefund sits
Money for China payouts is usually held with one or more of these, each a balance to watch. The full shortlist, with sources, is on the China payments stack page.
| Payout partners | Alipay cross-border remittance, Tenpay Global (Weixin Pay), Thunes, Nium, TerraPay, Wise |
| Local banking and settlement accounts | HSBC China (NRA accounts), Bank of Communications (cross-border RMB vostro) |
Bank closures to fund around
Weekdays in the next 12 months when banks in China are closed. Top up before each one.
| Date | Holiday | Status |
|---|---|---|
| Fri 1 Jan 2027 | New Year's Day | expected |
| Fri 5 Feb 2027 | Spring Festival (Lunar New Year's Eve) | expected |
| Mon 8 Feb 2027 | Spring Festival (third day) | expected |
| Tue 9 Feb 2027 | Spring Festival make-up day off | expected |
| Wed 10 Feb 2027 | Spring Festival make-up day off | expected |
| Mon 5 Apr 2027 | Qingming Festival | expected |
| Mon 3 May 2027 | Labour Day make-up day off | expected |
| Tue 4 May 2027 | Labour Day make-up day off | expected |
| Wed 9 Jun 2027 | Dragon Boat Festival | expected |
| Wed 15 Sep 2027 | Mid-Autumn Festival | expected |
| Fri 1 Oct 2027 | National Day | expected |
| Mon 4 Oct 2027 | National Day make-up day off | expected |
| Tue 5 Oct 2027 | National Day make-up day off | expected |
Full list and notes: China bank holidays.
Corridors into China
| Corridor | Average cost to send | Period |
|---|---|---|
| Australia to China | 3.31% | Q3 2025 |
| Canada to China | 5.83% | Q3 2025 |
| France to China | 4.48% | Q3 2025 |
| Germany to China | 9.38% | Q3 2025 |
| Italy to China | 5.85% | Q3 2025 |
| Singapore to China | 5.14% | Q3 2025 |
| Spain to China | 5.32% | Q3 2025 |
| United Kingdom to China | 4.27% | Q3 2025 |
| United States to China | 6.62% | Q3 2025 |
Costs are World Bank Remittance Prices Worldwide averages for sending the equivalent of US$200.
Size the prefund
Hold enough CNY to cover payouts for your lead time plus every closure in that window, then top up when runway drops below target. The corridor runway calculator does the arithmetic; the glossary explains prefunding, corridor runway and liquidity buffers.
Where Polynopsis fits
Polynopsis shows the CNY balance at every partner and account that funds China payouts, next to the payouts expected against it and the top-ups already in flight, and warns before the corridor runs dry, including ahead of China bank holidays.
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.
About Polynopsis
Polynopsis is liquidity management software for cross-border payment companies. The name joins poly, many, and synopsis, a seeing together: one live view of money spread across many banks, payout partners, exchanges and stablecoin wallets, including money in flight, with a warning before any corridor runs dry.
Why it is called Polynopsis · About Polynopsis · Glossary · Corridor runway calculator