Interim Administrative Measures for the Issuance of RMB Bonds by International Development Institutions
Interim Administrative Measures for the Issuance of RMB Bonds by International Development Institutions
Interim Administrative Measures for the Issuance of RMB Bonds by International Development Institutions
Announcement of the People's Bank of China, the Ministry of Finance, the National Development and Reform Commission and China Securities Regulatory Commission [2005] No. 5
February 18, 2005
For the purpose of regulating the RMB bonds issuance by international development institutions, promoting the further development of the bond market of China, the People's Bank of China, the Ministry of Finance, the National Development and Reform Commission and China Securities Regulatory Commission jointly formulate the Interim Administrative Measures for the Issuance of RMB Bonds by International Development Institutions, which are hereby promulgated for implementation.
Attachment: Interim Administrative Measures for the Issuance of RMB Bonds by International Development Institutions
Article 1 These Measures are formulated in accordance with such laws and regulations as the Law of the People's Republic of China on the People's Bank of China, and the Securities Law of the People's Republic of China for the purpose of regulating the RMB bonds issuance of international development institutions and protecting the legitimate rights and interests of bond holders.
Article 2 For the purpose of these Measures, "international development institutions" shall mean the international financial organizations for development that undertake development loans or investment.
Article 3 For the Purposes of the these Measures, "RMB Bonds of an international development organization (hereinafter referred to as RMB-denominated bonds)" shall mean the RMB bonds that are lawfully issued by any international development organization within the territory of China, with the principals and interests to be repaid within an agreed time limit.
Article 4 An international development organization which applies for issuing RMB-denominated bonds within the territory of China shall submit an application for bond issuance to competent departments including the Ministry of finance, who shall, in conjunction with the People's Bank of China, the National Development and Reform Commission and China Securities Regulatory Commission, etc., examine and approve the said application and report the same to the State Council for approval.
Article 5 The National Development and Reform Commission shall, in conjunction with the Ministry of Finance, conduct examination and approval over the RMB-denominated bond issuance scale and the use of raised capital through such bonds in accordance with State industrial policies, the situation of external funds and debts, macro-economic conditions and the international balance of payment.
Article 6 The People's Bank of China shall be responsible for determining the interest rate of RMB-denominated bond issuances.
Article 7 The State Administration of Foreign Exchange shall, in accordance with relevant provisions on foreign exchange, administer non-resident special RMB accounts and the purchase and sales of foreign exchanges of the raised funds through bond issuance.
Article 8 The Ministry of Finance and the relevant State administrative departments of external debts and funds shall administer the loans and investment as provided by the raised funds through bond issuance.
Article 9 An international development organization which applies for RMB-denominated bond issuance within the territory of China shall meet the following conditions:
1.
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