The People's Bank of China ("PBC") has recently issued the Administrative Measures for the Use of Renminbi Designs (Revised Draft) (the "Revised Draft") for public consultation by April 17, 2019.
Major contents of the Revised Draft include: 1. expanding the content and use scope of Renminbi (RMB) designs; 2. adding an article in relation to the banned use of RMB designs; 3. delegating the power to examine and approve applications for the use of RMB designs; 4. detailing requirements for application documents required for the administrative approval for the use of RMB designs; 5. improving principles for the use of RMB designs; 6. adding requirements for the approved use and for inspections; 7. adjusting record-filing requirements; 8. introducing an administrative provision for circumstances in which RMB designs could be used without going through the examination and approval process; and 9. detailing the punishment provisions. Among others, the Revised Draft brings a new provision on prohibitions, stating that applying RMB patterns on the items designed for sacrifices, daily consumables, tickets and vouchers, etc. is prohibited. Meanwhile, the authority to examine and approve applications filed for the use of RMB designs is delegated to the Shanghai Head Office, all branches, operation offices and central sub-branches of provincial capitals (capitals of autonomous regions), and the Shenzhen Central Sub-branch, of the PBC.