(19)According to Articles 4(1)(9) and 32(8) of the Law on the People’s Bank of China, the People’s Bank of China is responsible for maintaining the normal operation of clearing systems and has the power to implement the rules and regulations on the clearing system. CCPs established outside the People’s Republic of China that want to clear financial instruments for commercial banks established in the People’s Republic of China may apply for a no objection letter (无异议函) , which the People’s Bank of China can grant on an ad-hoc basis within its competences. The Commission has no indication suggesting that the People’s Bank of China would exercise its discretionary powers improperly. The People’s Bank of China can take into account the legal and supervisory arrangements applicable to the third-country CCPs in their home jurisdiction. The People’s Bank of China cooperates with third-country CCP supervisors and overseers under Responsibility E of the PFMIs. 9 Moreover, the China Banking and Insurance Regulatory Commission (‘CBIRC’)’s Rule on Capital for CCP’s Risk Exposure 10 allows the CBIRC to recognise third-country CCPs as ‘qualifying CCPs’ allowing Chinese commercial banks to apply lower risk weights to exposures to such third-country CCPs.