Circular on Matters Relevant to Further Facilitating Investment in the Interbank Bond Market by Foreign Institutional Investors
关于进一步便利境外机构投资者投资银行间债券市场有关事项的通知
Foreign investors' bond investments are facilitated
(Issued by the People's Bank of China and State Administration of Foreign Exchange on September 30, 2019 and effective as of November 15, 2019.)
(中国人民银行、国家外汇管理局于二零一九年九月三十日发布，自二零一九年十一月十五日起施行。)
Pursuant to relevant provisions such as the PRC Regulations for the Control of Foreign Exchange and the People's Bank of China, Announcement [2013] No.8, we hereby notify you on matters relevant to further facilitating investment in the domestic interbank bond market by foreign institutional investors as follows:
根据《中华人民共和国外汇管理条例》、《中国人民银行公告》（〔2013〕第8号）等相关规定，现就进一步便利境外机构投资者投资境内银行间债券市场有关事项通知如下：
1 . A foreign institutional investor may, as required for its own investment management, carry out bi-directional non-transaction transfer of the interbank bond market bonds held in its qualified foreign institutional investor (QFII) or renminbi qualified foreign institutional investor (RQFII) (hereinafter collectively referred to as the "QFII/RQFII") bond account and interbank bond market Direct Investment (Direct Investment) bond account.
一、同一境外机构投资者可以根据自身投资管理需要，将其在合格境外机构投资者（QFII）或人民币合格境外机构投资者（RQFII）项下（以下统称QFII/RQFII）债券账户和银行间债券市场直接投资项下（以下简称直接投资）的债券账户中所持有的银行间市场债券进行双向非交易过户。
(1) A foreign institutional investor shall submit an application for non-transaction transfer of title to the interbank bond market bonds that it holds to the China Central Depository & Clearing Co., Ltd. or Shanghai Clearing House (hereinafter collectively referred to as the "Bond Depository") through its QFII/RQFII domestic custodian or Direct Investment clearing agent.
（一）境外机构投资者应当通过QFII/RQFII境内托管行或直接投资结算代理人，向中央国债登记结算有限责任公司或银行间市场清算所股份有限公司（以下统称债券登记托管结算机构）提交所持有银行间债券市场债券的非交易过户申请。
For the application materials to be submitted and the specific operation procedure to be complied with for a non-transaction transfer of title, the business guidelines issued by the Bond Depository shall apply.
非交易过户须提交的申请材料和遵循的具体操作流程，以债券登记托管结算机构发布的业务指引为准。
(2) Once the non-transaction transfer of title between the QFII/RQFII and the Direct Investment channels is completed, the relevant administration requirements of the subsequent channel shall be complied with for subsequent trading and fund conversion, etc.
（二）QFII/RQFII和直接投资渠道间债券非交易过户完成后，后续交易和资金汇兑等应当遵循后续渠道相关管理要求。
(3) The Bond Depository shall regularly report on non-transaction transfers of title to the People's Bank of China.
（三）债券登记托管结算机构应当定期向中国人民银行报告非交易过户情况。
2 . The funds in a foreign institutional investor's QFII/RQFII custodial account and Direct Investment fund account may be directly transferred bi-directionally in China.
二、同一境外机构投资者QFII/RQFII托管账户内资金与直接投资资金账户内资金可以在境内直接双向划转。
(1) A foreign institutional investor shall submit its application for a transfer of funds from its QFII/RQFII custody account to its Direct Investment fund account to its QFII/RQFII domestic custodian; or its application for a transfer of funds from its Direct Investment fund account to its QFII/RQFII custody account to its Direct Investment clearing agent.
（一）境外机构投资者应当向QFII/RQFII境内托管行提出将QFII/RQFII托管账户内资金划转至其直接投资资金账户的申请；或向直接投资结算代理人提出将直接投资资金账户内资金划转至其QFII/RQFII托管账户的申请。
(2) Once the transfer of funds between the QFII/RQFII and the Direct Investment channels is completed, the relevant administration requirements of the subsequent channel shall be complied with for subsequent trading and fund conversion, etc.
（二）QFII/RQFII和直接投资渠道间资金划转完成后，后续交易和资金汇兑等应当遵循后续渠道相关管理要求。
3 . Domestic custodians and clearing agents shall, according to their own duties, duly perform the services, data submission and monitoring work relating to non-transaction transfers of title to bonds and fund transfers for foreign institutional investors in accordance herewith.
三、境内托管行和结算代理人应当根据自身职责，按本通知规定做好境外机构投资者债券非交易过户和资金划转相关服务、数据报送和监测工作。
A domestic custodian or a clearing agent shall submit information on the fund transfers of foreign institutional investors to the renminbi cross-border receipt and payment information management system in accordance with relevant provisios such as the Measures for the Administration of the Renminbi Cross-Border Receipt and Payment Information Management System (issued with document Yin Fa [2017] No.126), the General Office of the People's Bank of China, Circular on Improving the Procedure for the Submission of Interbank Transaction Data to the Renminbi Cross-Border Receipt and Payment Information Management System (Yin Ban Fa [2017] No.118).
境内托管行和结算代理人应当按照《人民币跨境收付信息管理系统管理办法》（银发〔2017〕126号文印发）、《中国人民银行办公厅关于完善人民币跨境收付信息管理系统银行间业务数据报送流程的通知》（银办发〔2017〕118号）等相关规定，向人民币跨境收付信息管理系统报送境外机构投资者资金划转信息。
4 . Where a foreign institutional investor invests in the domestic interbank bond market through both the QFII/RQFII and Direct Investment channels, it is required to carry out record filing with the Shanghai head office of the People's Bank of China only once, either through its QFII/RQFII domestic custodian or its Direct Investment clearing agent.
四、同一境外机构投资者分别通过QFII/RQFII和直接投资渠道投资境内银行间债券市场的，只需通过QFII/RQFII境内托管行或者直接投资结算代理人向中国人民银行上海总部备案一次。
5 . The non-transaction transfers of title to bonds and domestic fund transfers between QFII/RQFII and Direct Investment channels by foreign central banks, international financial organizations and sovereign wealth funds shall be handled with reference to this Circular.
五、境外央行、国际金融组织、主权财富基金在QFII/RQFII和直接投资渠道间进行债券非交易过户和资金境内划转参照本通知执行。
6 . If a foreign institutional investor wishes to open an account in the name of the products under its management, those products shall be the same type of products without legal personality.
六、同一境外机构投资者如以所管理产品名义开立账户的，应当为同一非法人类产品。
7 . This Circular shall be effective as of November 15, 2019. In the case of a discrepancy between relevant existing provisions and this Circular, this Circular shall prevail.
clp reference:3700/19.09.30 issued:2019-09-30 effective:2019-11-15七、本通知自2019年11月15日起施行。现行相关规定与本通知不符的，以本通知为准。
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