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Order of the State Council of the People's Republic of China
(No. 280)
The Regulation of the People's Republic of China on the Administration of Renminbi was adopted at the 24th executive meeting of the State Council on December 28, 1999. It is hereby promulgated and shall come into force as of May 1, 2000.
Premier Zhu Rongji
February 3, 2000
Regulation of the People's Republic of China on the Administration of Renminbi
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Chapter I General Provisions
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Article 1 For the purpose of strengthening the administration of Renminbi (RMB), maintaining the credit standing of RMB and stabilizing the financial order, this Regulation is formulated in accordance with the Law of the People's Republic of China on the People's Bank of China.
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Article 2 The term “Renminbi” as mentioned in this Regulation refers to the currency issued by the People's Bank of China, including paper notes and coins.
Those engaged in designing, printing, issuing, circulating and retrieving RMB notes shall abide by this Regulation.
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Article 3 The legal money of the People's Republic of China shall be RMB. No entity or individual may reject the RMB payment for any public or private debt within the territory of the People's Republic of China.
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Article 4 The unit of RMB shall be Yuan, the units of fractional currency of RMB shall be Jiao and Fen. 1 Yuan is equal to 10 Jiao and 1 Jiao to 10 Fen.
RMB notes shall be paid according to its par value.
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Article 5 The People's Bank of China shall be the competent authority of the state for the administration of RMB, which shall be responsible for organizing the implementation of this Regulation.
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Article 6 All entities and individuals shall treasure RMB notes. It is forbidden to damage RMB notes or to hamper its circulation.
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Chapter II Designing and Printing
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Article 7 The design of a new edition of RMB notes shall be organized by the People's Bank of China, which shall be subject to approval of the State Council.
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Article 8 The RMB notes shall be printed by a special enterprise designated by the People's Bank of China.
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Article 9 The RMB printing enterprise shall print RMB notes according to the quality standards on RMB notes and the printing plan as formulated by the People's Bank of China.
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