Circular on Matters Relevant to Investment in the Interbank Market in Renminbi by Foreign Central Banks, International Financial Organisations and Sovereign Wealth Funds
关于境外央行、国际金融组织、主权财富基金运用人民币投资银行间市场有关事宜的通知
Interbank market further opened to foreign institutional investors
(Issued by the People's Bank of China on, and effective as of, July 14 2015)
(中国人民银行于二零一五年七月十四日印发施行。)
Shanghai Head Office, branches, business management departments, provincial capital central sub-branches and sub-provincial level city central sub-branches of the People's Bank of China, the National Association of Financial Market Institutional Investors, National Interbank Funding Center, China Central Depository & Clearing Co., Ltd., Interbank Market Clearing House Co., Ltd. and national interbank market settlement agents:
中国人民银行上海总部,各分行、营业管理部、省会（首府）城市中心支行、副省级城市中心支行,中国银行间市场交易商协会,全国银行间同业拆借中心、中央国债登记结算有限责任公司、银行间市场清算所股份有限公司、全国银行间市场结算代理人：
With a view to enhancing the efficiency of investment in the interbank market by foreign central banks or monetary authorities, international financial organisations and sovereign wealth funds (hereafter collectively referred to as “Relevant Foreign Institutional Investors”), we, pursuant to relevant regulations such as the Measures for the Administration of Bond Trading on the National Interbank Bond Market (Order of the PBOC [2000] No.2) and the Measures for the Administration of the Registration, Custody and Settlement of Bonds on the Interbank Bond Market (Order of the PBOC [2009] No.1), hereby notify you of matters relevant to investment in the interbank market by Relevant Foreign Institutional Investors as follows:
为进一步提高境外央行或货币当局、国际金融组织、主权财富基金（以下统称相关境外机构投资者）投资银行间市场的效率，根据《全国银行间债券市场债券交易管理办法》（中国人民银行令〔2000〕第2号发布）、《银行间债券市场债券登记托管结算管理办法》（中国人民银行令〔2009〕第1号发布）等有关规定，现就相关境外机构投资者投资银行间市场有关事宜通知如下：
1. A Relevant Foreign Institutional Investor wishing to enter the interbank market shall submit a record filing form for investment in the China interbank market to the People's Bank of China by methods such as sending the original by mail or having an interbank market settlement agent submit the same on its behalf.
一、相关境外机构投资者进入银行间市场，应当通过原件邮寄或银行间市场结算代理人代理递交等方式向中国人民银行提交中国银行间市场投资备案表。
2. Once record filing has been completed, the Relevant Foreign Institutional Investor may engage in spot bond, bond repo, bond lending and bond forward transactions as well as interest rate swaps, forward rate agreements and other trading transactions permitted by the People's Bank of China on the interbank market. Relevant Foreign Institutional Investors may decide the scale of their investments at their own discretion.
二、备案完成后，相关境外机构投资者可在银行间市场开展债券现券、债券回购、债券借贷、债券远期，以及利率互换、远期利率协议等其他经中国人民银行许可的交易。相关境外机构投资者可自主决定投资规模。
3. A Relevant Foreign Institutional Investor shall, as a long-term investor, engage in trading based on the reasonable requirement of maintaining and increasing asset value. The People's Bank of China shall exercise scrutiny over the trading of Relevant Foreign Institutional Investors based on the principle of party parity and the requirements of macro prudence.
三、相关境外机构投资者应作为长期投资者，七于资产保值增值的合理需要开展交易。中国人民银行将根据双方对等性原则和宏观审慎要求对相关境外机构投资者的交易行为进行管理。
4. A Relevant Foreign Institutional Investor shall appoint the People's Bank of China or an interbank market settlement agent with international settlement business capabilities to conduct trading and settlement. If an interbank market settlement agent is appointed to do so, a settlement agency agreement shall be executed and the same shall be filed with the Shanghai Head Office of the People's Bank of China for the record in accordance with relevant provisions.
四、相关境外机构投资者应当委托中国人民银行或具备国际结算业务能力的银行间市场结算代理人进行交易和结算。委托银行间市场结算代理人进行交易和结算的，应当签署结算代理协议并根据相关规定向中国人民银行上海总部备案。
5. A settlement agent appointed by a Relevant Foreign Institutional Investor to provide trading and settlement services may open a dedicated renminbi deposit account for the Relevant Foreign Institutional Investor in accordance with relevant provisions of the People's Bank of China, Circular on the Issuance of the Measures for the Administration of the Renminbi Settlement Accounts of Foreign Institutions (Yin Fa [2010] No.249) and the People's Bank of China, Circular on Issues Relevant to the Opening and Use of the Renminbi Settlement Accounts of Foreign Institutions (Yin Fa [2012] No.183).
五、受托为相关境外机构投资者提供代理交易和结算服务的结算代理人，可按《中国人民银行关于印发〈境外机构人民币银行结算账户管理办法〉的通知》（银发〔2010〕249号）及《中国人民银行关于境外机构人民币银行结算账户开立和使用有关问题的通知》（银发〔2012〕183号）的相关规定，为相关境外机构投资者开立人民币专用存款账户。
6. A settlement agent appointed by a Relevant Foreign Institutional Investor to provide trading and settlement services shall actively assist it in duly carrying out the record filing, account opening and network connection related work, strictly abide by relevant provisions and regularly report to the Shanghai Head Office of the People's Bank of China on the specific details of the investments of the Relevant Foreign Institutional Investor for which it is acting as agent.
六、受托为相关境外机构投资者提供代理交易和结算服务的结算代理人应当积极协助做好有关备案、开户与联网工作，严格遵守相关规定，并定期向中国人民银行上海总部报送代理相关境外机构投资者投资的具体情况。
7. The National Association of Financial Market Institutional Investors, National Interbank Funding Center, China Central Depository & Clearing Co., Ltd. and Interbank Market Clearing House Co., Ltd. shall duly carry out the service and monitoring work in respect of the investment in the interbank market by Relevant Foreign Institutional Investors falling within their respective purviews.
七、中国银行间市场交易商协会、全国银行间同业拆借中心、中央国债登记结算有限责任公司、银行间市场清算所股份有限公司应当根据各自职责，做好相关境外机构投资者投资银行间市场的服务和监测工作。
8. Relevant provisions of thePeople's Bank of China, Circular on Matters Relevant to the Pilot Project for Investment in the Interbank Bond Market with Renminbi by Three Types of Organisations Such as Overseas Renminbi Clearing Banks (Yin Fa [2010] No.217) shall apply mutatis mutandis to matters not covered herein.
八、本通知未尽事宜参照适用《中国人民银行关于境外人民币清算行等三类机构运用人民币投资银行间债券市场试点有关事宜的通知》（银发〔2010〕217号）中的相关规定。
9. This Circular shall be effective as of the date of issuance.
九、本通知自印发之日起施行。
The Shanghai Head Office, branches, business management departments and provincial capital central sub-branches of the People's Bank of China are asked to forward this Circular to the financial institutions with bond settlement agency business qualifications in their jurisdictions.
请中国人民银行上海总部、各分行、营业管理部、省会（首府）城市中心支行将本通知转发至辖区内具有债券结算代理业务资格的金融机构。
Attachment: Record Filing Form for Investment in the China Interbank Market
clp reference:3600/15.07.14promulgated:2015-07-14effective:2015-07-14附件：中国银行间市场投资备案表
This premium content is reserved for
China Law & Practice Subscribers.
A Premium Subscription Provides:
- A database of over 3,000 essential documents including key PRC legislation translated into English
- A choice of newsletters to alert you to changes affecting your business including sector specific updates
- Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
Already a subscriber? Log In Now