(8)The core principles for CCPs set out in the rules applicable in the People’s Republic of China lay down high-level standards with which CCPs must comply to be authorised to provide clearing services in China. Pursuant to those principles, CCPs must comply with the PFMIs, have governance arrangements that are clear and transparent, promote the safety and efficiency of the financial market infrastructures, and support the stability of the broader financial system. The People’s Bank of China may also impose specific requirements on CCPs, in particular with respect to internal control mechanisms and risk management systems.