Circular on Issues Relevant to Investments in Short-term Financing Bills by Money Market Funds

关于货币市场基金投资短期融资券有关问题的通知

The Circular provides for the minimum credit rating of short-term financing bills in which a money market fund invests, while the domestic credit rating shall prevail over international credit rating. The percentage of the investment by a money market fund in the short-term financing bills and short-term corporate bonds issued by one company may not in total exceed 10% of the net value of the fund's assets. If the credit rating of short-term financing bills held by a money market fund drops, the fund shall fully divest itself of such bills within 20 trading days.

(Issued by the China Securities Regulatory Commission on, effective as of, September 22 2005.)

(中国证券监督管理委员会于二零零五年九月二十二日发布，自发布之日起施行。)

Fund management companies and fund custody banks:

With a view to further regulating the investment operations of money market funds and promoting the healthy development of money market funds, and pursuant to such relevant laws and regulations as the Securities Investment Funds Law, the Measures for the Administration of Securities Investment Fund Operations, the Tentative Provisions for the Administration of Money Market Funds, etc., we hereby notify you on issues relevant to investments in short-term financing bills by money market funds as follows:

各基金管理公司、基金托管银行：

1. The credit rating of short-term financing bills in which a money market fund invests shall be no lower than the following standards:

为进一步规范货币市场基金的投资运作，促进货币市场基金健康发展，根据《证券投资基金法》、《证券投资基金运作管理办法》、《货币市场基金管理暂行规定》等有关法律法规，现将货币市场基金投资短期融资券有关问题通知如下：

(1) a short-term credit rating of A-1 or its equivalent as assessed by a domestic credit rating agency; or

一、货币市场基金投资的短期融资券的信用评级，应不低于以下标准：

(2) for short-term financing bills that are exempt from credit ratings pursuant to relevant provisions, the credit rating or follow-up rating of the issuer during the most recent three years shall satisfy either of the following conditions:

(一)  国内信用评级机构评定的A-1级或相当于A-1级的短期信用级别；

(i) a long-term credit rating of AAA or its equivalent as assessed by a domestic credit rating agency; or

(二)  根据有关规定予以豁免信用评级的短期融资券，其发行人最近三年的信用评级和跟踪评级具备下列条件之一：

(ii) a credit rating one grade below China's sovereign rating as assessed by an international credit rating agency (e.g., if China's sovereign rating is A

1、   国内信用评级机构评定的AAA级或相当于AAA级的长期信用级别；

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