(13)The legal and supervisory arrangements applicable to CCPs established in the People’s Republic of China under the supervision of the People’s Bank of China should therefore be considered equivalent to the Union’s legal and supervisory arrangements where those legal and supervisory arrangements are appropriate to mitigate that lower level of risk. The primary rules applicable to CCPs authorised by the People’s Bank of China, including the obligation imposed on authorised CCPs to apply and implement the PFMIs, mitigate the lower level of risk existing in the market concerned and achieve a risk mitigation outcome that is equivalent to that pursued by Regulation (EU) No 648/2012.