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| Notice by the China Banking and Insurance Regulatory Commission and the People's Bank of China Regarding Matters Concerning Regulating the Administration of Cash Management-based Wealth Management Products | | 中国银保监会、中国人民银行关于规范现金管理类理财产品管理有关事项的通知 |
| (No. 20 [2021] of the China Banking and Insurance Regulatory Commission) | | （银保监发[2021]20号） |
| All the local offices of the China Banking and Insurance Regulatory Commission; the People's Bank of China ("PBC") Shanghai Head Office, all the regional branches and operations offices of the PBC, all the central sub-branches of the PBC in capital cities of provinces (autonomous regions), and all the central sub-branches of the PBC in sub-provincial cities; and all policy banks, large banks, joint-stock banks, foreign-funded banks, and wealth management companies: | | 各银保监局；中国人民银行上海总部，各分行、营业管理部，各省会（首府）城市中心支行，各副省级城市中心支行；各政策性银行、大型银行、股份制银行、外资银行、理财公司： |
| For the purposes of strengthening the supervision and administration of cash management-based wealth management products of commercial banks and wealth management companies (hereinafter referred to as the "cash management-based products"), promoting the well-regulated and sound development of cash management-based product business, and protecting the lawful rights and interests of investors in accordance with the law, you are hereby notified of matters concerning regulating the administration of cash management-based products as follows: | | 为加强对商业银行、理财公司现金管理类理财产品（以下简称现金管理类产品）的监督管理，促进现金管理类产品业务规范健康发展，依法保护投资者合法权益，现就规范现金管理类产品管理有关事项通知如下： |
| I. For the purposes of this Notice, "cash management-based product" means a wealth management product of a commercial bank or wealth management company which invests only in money market instruments and permits subscription for and redemption of product shares on each trading day. A wealth management product using "money," "cash," "liquidity," or any other similar word in its name shall be deemed as a cash management-based product, to which this Notice shall apply. | | 一、本通知所称现金管理类产品是指仅投资于货币市场工具，每个交易日可办理产品份额认购、赎回的商业银行或者理财公司理财产品。在产品名称中使用“货币”“现金”“流动”等类似字样的理财产品视为现金管理类产品，适用本通知。 |
| For the purposes of this Notice, "wealth management company" means a wealth management subsidiary of a commercial bank formed in accordance with the law within the territory of the People's Republic of China or any other non-bank financial institution mainly engaged in wealth management business formed with the approval of the China Banking and Insurance Regulatory Commission (hereinafter referred to as the "CBIRC"). | | 本通知所称理财公司是指在中华人民共和国境内依法设立的商业银行理财子公司，以及中国银行保险监督管理委员会（以下简称银保监会）批准设立的其他主要从事理财业务的非银行金融机构。 |
| The CBIRC and the PBC shall supervise and administer the operation of cash management-based products in accordance with laws, administrative regulations, this Notice, and the principle of prudential regulation. | | 银保监会、中国人民银行依照法律、行政法规、本通知的规定和审慎监管原则，对现金管理类产品运作实施监督管理。 |
| II. A cash management-based product shall invest in the following financial instruments: | | 二、现金管理类产品应当投资于以下金融工具： |
| 1. Cash. | | （一）现金； |
| 2. Bank deposits, bond repurchases, central bank bills, and interbank certificates of deposit with a maturity of one year or less. | | （二）期限在1年以内（含1年）的银行存款、债券回购、中央银行票据、同业存单； |
| 3. Bonds with remaining maturity of 397 days or less and asset-backed securities issued in the interbank market and the stock exchange market. | | （三）剩余期限在397天以内（含397天）的债券、在银行间市场和证券交易所市场发行的资产支持证券； |
| 4. Other money market instruments of good liquidity recognized by the CBIRC and the PBC. | | （四）银保监会、中国人民银行认可的其他具有良好流动性的货币市场工具。 |
| A cash management-based product may not invest in the following financial instruments: | | 现金管理类产品不得投资于以下金融工具： |
| 1. Stocks. | | （一）股票； |
| 2. Convertible bonds and exchangeable bonds. | | （二）可转换债券、可交换债券； |
| 3. Floating-rate bonds with the time deposit rate as benchmark interest rate, except in the last period of rate adjustment. | | （三）以定期存款利率为基准利率的浮动利率债券，已进入最后一个利率调整期的除外； |
| 4. Bonds and asset-backed securities with a credit rating below AA+. | | （四）信用等级在AA＋以下的债券、资产支持证券； |
| 5. Other financial instruments in which the CBIRC and the PBC prohibit investment. | | （五）银保监会、中国人民银行禁止投资的其他金融工具。 |
| The credit rating of a bond mentioned in the preceding paragraph shall mainly be the entity credit rating for the last fiscal year, and if the issuer is assigned ratings by more than two domestic rating agencies, the external rating result consisting a lower rating and a greater probability of default shall be selected. A commercial bank or wealth management company shall, instead of relying only on the rating result delivered by an external rating agency, make independent judgments and determinations in light of internal ratings. | | 前款所述债券的信用等级应当主要参照最近一个会计年度的主体信用评级，如果对发行人同时有两家以上境内评级机构评级的，应当选择使用评级较低、违约概率较大的外部评级结果。商业银行、理财公司不应完全依赖外部评级机构的评级结果，还需结合内部评级进行独立判断和认定。 |
| III. A cash management-based product investing in the relevant financial instruments shall meet the following requirements: | | 三、现金管理类产品投资于相关金融工具的，应当符合以下要求： |
| 1. The aggregate proportion of the bonds issued by the same institution and the asset-backed securities in which it is originally interested, other than government bonds, central bank bills, and policy financial bonds, in which each cash management-based product invests, shall not exceed 10% of net asset value of the product. | | （一）每只现金管理类产品投资于同一机构发行的债券及其作为原始权益人的资产支持证券的比例合计不得超过该产品资产净值的10%，投资于国债、中央银行票据、政策性金融债券的除外。 |
| 2. The aggregate proportion of financial instruments issued by all institutions with an entity credit rating below AAA in which each cash management-based product invests shall not exceed 10% of net asset value of the product, and the aggregate proportion of financial instruments issued by such a single institution shall not exceed 2% of net asset value of the product; and for the purposes of this paragraph, "financial instruments" shall include bonds, bank deposits, interbank certificates of deposit, asset-backed securities in which the relevant institutions are originally interested, and other financial instruments recognized by the CBIRC. | | （二）每只现金管理类产品投资于所有主体信用评级低于AAA的机构发行的金融工具的比例合计不得超过该产品资产净值的10%，其中单一机构发行的金融工具的比例合计不得超过该产品资产净值的2%；本款所称金融工具包括债券、银行存款、同业存单、相关机构作为原始权益人的资产支持证券及银保监会认可的其他金融工具。 |
| 3. The aggregate proportion of bank deposits with a maturity, other than those that can be withdrawn before maturity by agreement, in which each cash management-based product invests shall not exceed 30% of net asset value of the product; and the aggregate proportion of bank deposits and interbank certificates of deposit of the same commercial bank with an entity credit rating of AAA in which each cash management-based product invests shall not exceed 20% of net asset value of the product. | | （三）每只现金管理类产品投资于有固定期限银行存款的比例合计不得超过该产品资产净值的30%，投资于有存款期限，根据协议可提前支取的银行存款除外；每只现金管理类产品投资于主体信用评级为AAA的同一商业银行的银行存款、同业存单占该产品资产净值的比例合计不得超过20%。 |
| 4. The deposits, interbank certificates of deposit, and bonds of the same commercial bank in which all cash management-based products invest shall not exceed 10% of net assets of the commercial bank at the end of last quarter. | | （四）全部现金管理类产品投资于同一商业银行的存款、同业存单和债券，不得超过该商业银行最近一个季度末净资产的10%。 |
| 5. A cash management-based product of a commercial bank or wealth management company proposing to invest in the bank deposits and interbank certificates of deposit of a commercial bank with an entity credit rating below AA+ shall be subject to the examination and approval of the board of directors of the institution, notify the custodian institution of relevant transactions in advance, and follow the information disclosure procedures with respect to the material matter. | | （五）商业银行、理财公司现金管理类产品拟投资于主体信用评级低于AA＋的商业银行的银行存款与同业存单的，应当经本机构董事会审议批准，相关交易应当事先告知托管机构，并作为重大事项履行信息披露程序。 |
| If a non-subjective factor results in the violation of each proportional restriction in the preceding paragraph, the commercial bank or wealth management company shall make adjustments to meet the requirements within ten trading days, except under special circumstances specified by the CBIRC. | | 非主观因素导致突破前款各项比例限制的，商业银行、理财公司应当在10个交易日内调整至符合要求，银保监会规定的特殊情形除外。 |
| IV. A cash management-based product shall ensure the holding of sufficient assets of good liquidity, and its investment portfolio shall meet the following requirements: | | 四、现金管理类产品应当确保持有足够的具有良好流动性的资产，其投资组合应当符合以下要求： |
| 1. Each cash management-based product holds cash, government bonds, central bank bills, and policy financial bonds of not less than 5% of net asset value of the product. | | （一）每只现金管理类产品持有不低于该产品资产净值5%的现金、国债、中央银行票据、政策性金融债券； |
| 2. Each cash management-based product holds cash, government bonds, central bank bills, policy financial bonds, and other financial instruments maturing within five trading days of not less than 10% of net asset value of the product. | | （二）每只现金管理类产品持有不低于该产品资产净值10%的现金、国债、中央银行票据、政策性金融债券以及五个交易日内到期的其他金融工具； |
| 3. The bond reverse repos and bank time deposits (including bank deposits that may be conditionally withdrawn before maturity by agreement) with a maturity of more than ten trading days as well as asset-backed securities, bonds of which the transfer or trading is rendered impossible because the issuer defaults on its debt, and other liquidity restricted assets which cannot be liquidated at a reasonable price for laws, regulations, contracts, operational obstacles, or other reasons, in which each cash management-based product invests, shall in aggregate not exceed 10% of net asset value of the product. | | （三）每只现金管理类产品投资到期日在10个交易日以上的债券买入返售、银行定期存款（含协议约定有条件提前支取的银行存款），以及资产支持证券、因发行人债务违约无法进行转让或者交易的债券等由于法律法规、合同或者操作障碍等原因无法以合理价格予以变现的流动性受限资产，合计不得超过该产品资产净值的10%； |
| 4. The leverage ratio of each cash management-based product shall not exceed 120%, except under the circumstance of huge-value redemption, cumulative redemption of more than 20% for three consecutive trading days, or cumulative redemption of more than 30% for five consecutive trading days. | | （四）每只现金管理类产品的杠杆水平不得超过120%，发生巨额赎回、连续3个交易日累计赎回20%以上或者连续5个交易日累计赎回30%以上的情形除外。 |
| If a non-subjective factor results in the violation of a ratio restriction in subparagraphs (2) and (4) of the preceding paragraph, the commercial bank or wealth management company shall make adjustments to meet the requirements within ten trading days; and if a non-subjective factor results in the violation of a ratio restriction in subparagraph (3) of the preceding paragraph, the commercial bank or wealth management company shall not voluntarily increase investments in liquidity restricted assets. | | 非主观因素导致突破前款第（二）（四）项比例限制的，商业银行、理财公司应当在10个交易日内调整至符合要求；非主观因素导致突破前款第（三）项比例限制的，商业银行、理财公司不得主动新增流动性受限资产的投资。 |
| V. The investment portfolio of each cash management-based product of a commercial bank or wealth management company shall be with an average remaining maturity not exceeding 120 days and with an average remaining duration not exceeding 240 days. | | 五、商业银行、理财公司每只现金管理类产品投资组合的平均剩余期限不得超过120天，平均剩余存续期限不得超过240天。 |
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