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Measures for the Administration of Bond Transactions in the National Inter-Bank Bond Market [Effective]
全国银行间债券市场债券交易管理办法 [现行有效]
【法宝引证码】
 
  
  
Order of the People's Bank of China
(No. 2 [2000])
In order to propel the further development of the national inter-bank bond market, regulate bond transactions, prevent market risks, and protect the lawful rights and interests of each party to the transaction, the People's Bank of China has formulated the “Measures for the Administration of Bond Transactions in the National Inter-Bank Bond Market”, which are hereby promulgated for implementation.
President Dai Xianglong
April 30, 2000
Measures for the Administration of Bond Transactions in the National Inter-Bank Bond Market
 

中国人民银行令
(〔2000〕第2号)
为推动全国银行间债券市场的进一步发展,规范债券交易行为,防范市场风险,保护交易各方合法权益,中国人民银行制定了《全国银行间债券市场债券交易管理办法》,现予发布施行。


行长 戴相龙
二000年四月三十日
全国银行间债券市场债券交易管理办法
Chapter I General Provisions
 

第一章 总则


Article 1 The present Measures are formulated in accordance with the relevant laws and regulations of the state for the purpose of regulating bond transactions in the national inter-bank bond market, preventing transaction risks, maintaining the lawful rights and interests of each party to the transaction, and promoting the healthy development of the national inter-bank bond market.
   第一条 为规范全国银行间债券市场债券交易行为,防范交易风险,维护交易各方合法权益,促进全国银行间债券市场健康发展,根据国家有关法律法规,制定本办法。
Article 2 Bond transactions in the national inter-bank bond market (hereinafter referred to as bond transactions) as mentioned in the present Measures shall refer to the bond transactions made by means of price inquiry between institutional investors mainly composed of commercial banks and other financial institutions.
   第二条 本办法所指全国银行间债券市场债券交易(以下称债券交易)是指以商业银行等金融机构为主的机构投资者之间以询价方式进行的债券交易行为。
Article 3 There are two varieties of bond transactions, namely, repurchase and transaction in cash.
Repurchase is a kind of short-term financing business which is carried out by both parties to the transaction by way of pledging the bonds. Specifically, it is a financing activity in which, when the funds receiver (the obverse repurchasing party) receives the funds by pledging the bonds to the funds provider (the reverse repurchasing party), and both parties agree that, on a certain date in the future, the obverse repurchasing party shall refund the funds to the reverse repurchasing party at the amount calculated on the basis of the stipulated interest for the repurchase, while the reverse repurchasing party shall refund the originally pledged bonds to the obverse repurchasing party.
Transaction in cash shall refer to the transaction activity in which both parties to the transaction agree upon the assignment of the ownership of bonds at a contractual stipulated price.
   第三条 债券交易品种包括回购和现券买卖两种。
回购是交易双方进行的以债券为权利质押的一种短期资金融通业务,指资金融入方(正回购方)在将债券出质给资金融出方(逆回购方)融入资金的同时,双方约定在将来某一日期由正回购方按约定回购利率计算的资金额向逆回购方返还资金,逆回购方向正回购方返还原出质债券的融资行为。
现券买卖是指交易双方以约定的价格转让债券所有权的交易行为。
Article 4 Bonds as mentioned in the present Measures shall refer to the book-entry bonds such as government bonds, central bank bonds and financial bonds, etc., which are approved by the People's Bank of China to be used in transactions in the national inter-bank bond market.
   第四条 本办法所称债券是指经中国人民银行批准可用于在全国银行间债券市场进行交易的政府债券、中央银行债券和金融债券等记帐式债券。
Article 5 Bond transactions shall be in compliance with the principles of fairness, honesty, credibility and self-discipline.
   第五条 债券交易应遵循公平、诚信、自律的原则。
Article 6 China Government Securities Depository Trust & Clearing Co. Ltd. (hereinafter referred to as CDC) shall be the institution designated by the People's Bank of China to handle registration, escrow and settlement of bonds.
   第六条 中央国债登记结算有限责任公司(简称中央结算公司)为中国人民银行指定的办理债券的登记、托管与结算机构。
Article 7 The People's Bank of China shall be the competent department in charge of the national inter-bank bond market. All branches of the People's Bank of China shall make daily supervision over the bond transaction activities of the financial institutions within their respective jurisdictions.
   第七条 中国人民银行是全国银行间债券市场的主管部门。中国人民银行各分支机构对辖内金融机构的债券交易活动进行日常监督。
Chapter II Participants and Intermediary Service Institutions
 

第二章 参与者与中介服务机构


Article 8 The following institutions may become participants in the national inter-bank bond market, and may engage in the bond transaction business:
   第八条 下列机构可成为全国银行间债券市场参与者,从事债券交易业务:
(1) commercial banks having the legal person status inside the territory of China and their authorized branches;
 (一)在中国境内具有法人资格的商业银行及其授权分支机构;
(2) non-bank financial institutions and non-financial institutions that have the legal person status inside the territory of China; and
 (二)在中国境内具有法人资格的非银行金融机构和非金融机构;
(3) foreign banks' branches allowed to operate Renminbi business upon approval of the People's Bank of China.
 (三)经中国人民银行批准经营人民币业务的外国银行分行。
Article 9 An institution as mentioned above shall, when entering the national inter-bank bond market, sign a master agreement on repurchase of bonds.
   第九条 上述机构进入全国银行间债券市场,应签署债券回购主协议。
Article 10 A financial institution may engage in bond transactions and settlement either directly or by entrusting a settlement agent; while a non-financial institution shall entrust a settlement agent to make bond transactions and settlement.
   第十条 金融机构可直接进行债券交易和结算,也可委托结算代理人进行债券交易和结算;非金融机构应委托结算代理人进行债券交易和结算。
Article 11 The term settlement agent shall refer to a financial institution that represents other participants to handle bond transactions and settlement, etc. upon approval of the People's Bank of China. The relevant provisions shall be separately formulated by the People's Bank of China.
   第十一条 结算代理人系指经中国人民银行批准代理其他参与者办理债券交易、结算等业务的金融机构。其有关规定由中国人民银行另行制定。
Article 12 The term bilateral market maker shall refer to a financial institution that consecutively quotes the bilateral prices for purchase and sale of bonds and assumes the relevant obligations of maintaining market liquidity, etc. upon approval of the People's Bank of China when making bond transactions. The relevant provisions on bilateral market makers shall be separately formulated by the People's Bank of China.
   第十二条 双边报价商系指经中国人民银行批准的,在进行债券交易时同时连续报出现券买、卖双边价格,承担维持市场流动性等有关义务的金融机构。双边报价商有关规定由中国人民银行另行制定。
Article 13 The National Inter-bank Funding Center (hereinafter referred to as the Inter-bank Center) shall provide intermediary and information services for the participants' quotations and transactions, while CDC shall provide the participants with escrow, settlement and information services.
......
   第十三条 全国银行间同业拆借中心(简称同业中心)为参与者的报价、交易提供中介及信息服务,中央结算公司为参与者提供托管、结算和信息服务。
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