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Law of China People's Bank of China (revised in 2003)
DecreeNo. 12 of the President of the People's Republic of China
National People's Congress
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(Adopted at the Third Session of the Eighth National People's Congress on March, 2003 1995 and amended according to the Decision on Amending the Law of the People's Bank of China of the People's Republic of China of the Sixth Session of the Standing Committee of the Tenth NPC on February 27, 2003).
catalogue
Chapter I General Provisions
Chapter II Organizational Structure
Chapter III Renminbi
Chapter IV Business
Chapter V Financial Supervision and Administration
Chapter VI Financial Accounting
Chapter VII Legal Liability
Chapter VIII Supplementary Provisions
Chapter I General Provisions
Article 1 This Law is formulated with a view to establishing the status of the People's Bank of China, clarifying its responsibilities, ensuring the correct formulation and implementation of the national monetary policy, establishing and improving the macro-control system of the central bank, and maintaining financial stability.
Article 2 The People's Bank of China is the central bank of People's Republic of China (PRC).
The People's Bank of China, under the leadership of the State Council, formulated and implemented monetary policies to prevent and resolve financial risks and maintain financial stability.
Article 3 The goal of monetary policy is to keep the currency stable, thus promoting economic growth.
Article 4 The People's Bank of China shall perform the following duties:
(1) To issue orders and regulations related to the performance of duties;
(2) Formulating and implementing monetary policies according to law;
(3) Issuing RMB and managing its circulation;
(4) Supervise and manage the interbank lending market and the interbank bond market.
(five) the implementation of foreign exchange management, supervision and management of inter-bank foreign exchange market;
(six) supervision and management of the gold market;
(7) Holding, managing and operating the national foreign exchange reserves and gold reserves;
(8) Managing the national treasury;
(nine) to maintain the normal operation of the payment and settlement system;
(ten) to guide and deploy the anti-money laundering work in the financial industry and be responsible for monitoring the anti-money laundering funds;
(eleven) responsible for the statistics, investigation, analysis and forecast of the financial industry;
(twelve) as the central bank of the country, engaged in relevant international financial activities;
(thirteen) other duties stipulated by the State Council.
In order to implement monetary policy, the People's Bank of China may engage in financial business activities in accordance with the relevant provisions of Chapter IV of this Law.
Article 5 The People's Bank of China shall decide on the annual money supply, interest rate, exchange rate and other important matters stipulated by the State Council, which shall be implemented after being submitted to the State Council for approval.
The People's Bank of China shall, after making a decision on other monetary policy matters other than those specified in the preceding paragraph, implement it and report it to the State Council for the record.
Article 6 The People's Bank of China shall submit a work report on monetary policy and the operation of the financial industry to the NPC Standing Committee.
Article 7 The People's Bank of China, under the leadership of the State Council, independently implements monetary policies, performs its duties and conducts its business without interference from local governments, government departments at all levels, social organizations and individuals.
Article 8 All the capital of the People's Bank of China is contributed by the state and belongs to the state.
Article 9 the State Council shall establish a coordination mechanism for financial supervision and management, and the specific measures shall be formulated by the State Council.
Chapter II Organizational Structure
Article 10 The People's Bank of China shall have one president and several deputy presidents.
The candidate for the governor of the People's Bank of China shall be decided by the National People's Congress upon the nomination of Premier the State Council; When the National People's Congress is not in session, it shall be decided by the NPC Standing Committee and appointed and removed by the people of China and president. Vice President of China People's Bank is appointed and removed by Premier the State Council.
Article 11 The People's Bank of China implements the president responsibility system. The President leads the work of the People's Bank of China, and the Vice President assists the President.
Article 12 The People's Bank of China shall set up a monetary policy committee. The responsibilities, composition and working procedures of the Monetary Policy Committee shall be formulated by the State Council and reported to the NPC Standing Committee for the record.
The Monetary Policy Committee of the People's Bank of China should play an important role in the national macro-control and the formulation and adjustment of monetary policy.
Article 13 The People's Bank of China shall set up branches as the dispatched offices of the People's Bank of China according to the needs of performing its duties. The People's Bank of China shall exercise unified leadership and management over its branches.
The branches of the People's Bank of China shall, under the authorization of the People's Bank of China, maintain the financial stability of their respective jurisdictions and undertake related businesses.
Article 14 The governor, deputy governors and other staff members of the People's Bank of China shall fulfill their duties, and shall not abuse their powers, engage in malpractices for personal gain, or hold part-time jobs in financial institutions, enterprises or foundations.
Article 15 The governor, deputy governors and other staff members of the People's Bank of China shall keep state secrets according to law, and have the responsibility to keep secrets for financial institutions and relevant parties when performing their duties.
Chapter III Renminbi
Article 16 The legal tender of People's Republic of China (PRC) is RMB. No unit or individual may refuse to pay all public or private debts in People's Republic of China (PRC) in RMB.
Article 17 The unit of RMB is Yuan, and the monetary unit of RMB is jiao and fen.
Article 18 Renminbi shall be uniformly printed and issued by the People's Bank of China.
When issuing a new version of RMB, the People's Bank of China shall announce the issuing time, denomination, pattern, style and specifications.
Article 19 It is forbidden to forge or alter RMB. It is forbidden to buy or sell forged or altered RMB. It is forbidden to transport, hold or use forged or altered RMB. Deliberate damage to RMB is prohibited. It is prohibited to illegally use RMB designs in publicity materials, publications or other commodities.
Article 20 No unit or individual may print or sell token tickets to replace RMB for circulation in the market.
Article 21 Incomplete and defiled Renminbi shall be exchanged according to the regulations of the People's Bank of China, and the People's Bank of China shall be responsible for recovering and destroying it.
Article 22 The People's Bank of China shall establish RMB issuing banks and branches. The allocation of RMB issuance funds by sub-libraries shall be handled in accordance with the allocation instructions of the higher-level libraries. No unit or individual may use the issuance fund in violation of regulations.
Chapter IV Business
Article 23 The People's Bank of China may use the following monetary policy tools to implement monetary policy:
(1) Require banking financial institutions to deposit the deposit reserve in a prescribed proportion;
(2) Determining the benchmark interest rate of the central bank;
(3) handling rediscount for banking financial institutions that have opened accounts with the People's Bank of China;
(4) Providing loans to commercial banks;
(5) buying and selling treasury bonds, other government bonds, financial bonds and foreign exchange in the open market;
(6) Other monetary policy instruments determined by the State Council.
The People's Bank of China may prescribe specific conditions and procedures when applying the monetary policy tools listed in the preceding paragraph for the implementation of monetary policy.
Article 24 The People's Bank of China shall manage the national treasury in accordance with the provisions of laws and administrative regulations.
Article 25 The People's Bank of China may issue and pay treasury bonds and other government bonds to financial institutions on behalf of the financial department of the State Council.
Article 26 The People's Bank of China may open accounts for banking financial institutions as required, but may not overdraw the accounts of banking financial institutions.
Article 27 The People's Bank of China organizes or assists in organizing a clearing system among banking financial institutions, coordinates clearing matters among banking financial institutions and provides clearing services. Specific measures shall be formulated by the People's Bank of China.
The People's Bank of China shall, jointly with the banking supervision institution of the State Council, formulate payment and settlement rules.
Article 28 The People's Bank of China may decide the amount, term, interest rate and method of loans to commercial banks according to the needs of implementing monetary policies, but the loan term shall not exceed one year.
Article 29 The People's Bank of China shall not overdraw the government finance, and shall not directly subscribe for or underwrite government bonds and other government bonds.
Article 30 The People's Bank of China shall not provide loans to local governments and government departments at all levels, and shall not provide loans to non-bank financial institutions and other units and individuals, unless the State Council decides that the People's Bank of China may provide loans to specific non-bank financial institutions.
The People's Bank of China shall not provide guarantee to any unit or individual.
Chapter V Financial Supervision and Administration
Article 31 The People's Bank of China shall monitor the operation of financial markets according to law, implement macro-control on financial markets, and promote the coordinated development of financial markets.
Article 32 The People's Bank of China has the right to inspect and supervise the following acts of financial institutions and other units and individuals:
(a) the implementation of the relevant provisions of the deposit reserve management;
(2) Acts related to the special loans of the People's Bank of China;
(three) the implementation of the relevant provisions on the administration of RMB;
(four) the implementation of the provisions on the management of the interbank lending market and the interbank bond market;
(five) the implementation of the relevant provisions on foreign exchange management;
(six) the implementation of the relevant provisions of the gold management behavior;
(7) Acting for the People's Bank of China to manage the national treasury;
(eight) the implementation of the relevant provisions of liquidation management;
(nine) the implementation of the relevant provisions of anti-money laundering behavior.
The special loan of the People's Bank of China mentioned in the preceding paragraph refers to the loan granted by the People's Bank of China to a special-purpose financial institution decided by the State Council.
Article 33 The People's Bank of China may, according to the needs of implementing monetary policy and maintaining financial stability, suggest that the banking supervision institution of the State Council conduct inspection and supervision on banking financial institutions. The banking supervision institution of the State Council shall give a reply within 30 days from the date of receiving the proposal.
Article 34 In order to maintain financial stability, with the approval of the State Council, the People's Bank of China has the right to inspect and supervise banking financial institutions when they encounter payment difficulties that may lead to financial risks.
Article 35 The People's Bank of China has the right to require banking financial institutions to submit necessary balance sheets, income statements and other financial accounting and statistical statements and materials according to the needs of performing their duties.
The People's Bank of China shall establish a supervision and management information sharing mechanism with the banking supervision institution in the State Council and other financial supervision institutions in the State Council.
Article 36 The People's Bank of China shall be responsible for compiling the national financial statistics report in a unified way and publishing it in accordance with the relevant provisions of the state.
Article 37 The People's Bank of China shall establish and improve the audit and inspection system and strengthen internal supervision and management.
Chapter VI Financial Accounting
Article 38 The People's Bank of China implements an independent financial budget management system.
The budget of the People's Bank of China, after being audited by the financial department of the State Council, is incorporated into the central budget and subject to the supervision of the financial department of the State Council.
Article 39 The income of the People's Bank of China in each fiscal year, after deducting the annual expenditure, shall be turned over to the central finance after the total reserve is withdrawn according to the proportion approved by the financial department of the State Council.
The losses of the People's Bank of China are made up by the central financial allocation.
Article 40 The financial revenue and expenditure and accounting affairs of the People's Bank of China shall be governed by laws, administrative regulations and the unified financial accounting system of the state, and shall be subject to the audit supervision of the auditing organ and the financial department of the State Council respectively according to law.
Article 41 The People's Bank of China shall, within three months after the end of each fiscal year, prepare a balance sheet, a profit and loss statement and relevant financial and accounting statements, and prepare an annual report, which shall be published in accordance with relevant state regulations.
The fiscal year of the People's Bank of China starts from 1 October 1 and ends on February1.
Chapter VII Legal Liability
Article 42 Whoever forges or alters RMB, sells forged or altered RMB or knowingly transports it constitutes a crime, shall be investigated for criminal responsibility according to law; If it does not constitute a crime, the public security organ shall detain it for less than fifteen days and impose a fine of less than ten thousand yuan.
Article 43 Whoever buys forged or altered RMB or knowingly holds or uses it, which constitutes a crime, shall be investigated for criminal responsibility according to law; If it does not constitute a crime, the public security organ shall detain it for less than fifteen days and impose a fine of less than ten thousand yuan.
Forty-fourth illegal use of RMB patterns in publicity materials, publications or other commodities shall be ordered by the People's Bank of China to make corrections, and the illegally used RMB patterns shall be destroyed, the illegal income shall be confiscated, and a fine of not more than 50,000 yuan shall be imposed.
Article 45 Where a token ticket is printed or sold in the market instead of RMB, the People's Bank of China shall order it to stop the illegal act and impose a fine of less than 200,000 yuan.
Article 46 If the acts listed in Article 32 of this Law violate the relevant provisions and are punished according to relevant laws and administrative regulations, they shall be punished according to their provisions; If the relevant laws and administrative regulations do not stipulate punishment, the People's Bank of China shall give a warning according to different situations, confiscate the illegal income and impose a fine of more than one time and less than five times the illegal income; If there is no illegal income or the illegal income is less than 500,000 yuan, a fine of not less than 500,000 yuan but not more than 2 million yuan shall be imposed; Give a warning to the directors, senior managers and other persons who are directly responsible, and impose a fine of not less than 50,000 yuan but not more than 500,000 yuan; If a crime is constituted, criminal responsibility shall be investigated according to law.
Article 47 If a party refuses to accept the administrative punishment, he may bring an administrative lawsuit in accordance with the Administrative Procedure Law of the People's Republic of China.
Article 48 If the People's Bank of China commits any of the following acts, the directly responsible person in charge and other directly responsible personnel shall be given administrative sanctions according to law; If the case constitutes a crime, criminal responsibility shall be investigated according to law:
(1) Providing loans in violation of the provisions of the first paragraph of Article 30 of this Law;
(2) Providing guarantees to units and individuals;
(three) unauthorized use of the issuance fund.
If one of the acts listed in the preceding paragraph causes losses, the person in charge and other persons directly responsible shall bear part or all of the liability for compensation.
Article 49 Where local governments, government departments at all levels, social organizations and individuals force the People's Bank of China and its staff to provide loans or guarantees in violation of the provisions of Article 30 of this Law, the directly responsible person in charge and other directly responsible personnel shall be given administrative sanctions according to law; If the case constitutes a crime, criminal responsibility shall be investigated according to law; If losses are caused, it shall bear part or all of the liability for compensation.
Article 50 Any staff member of the People's Bank of China who divulges state secrets or business secrets he knows, which constitutes a crime, shall be investigated for criminal responsibility according to law; If it does not constitute a crime, it shall be given administrative sanctions according to law.
Article 51 Any staff member of the People's Bank of China who commits corruption, accepts bribes, engages in malpractices for selfish ends, abuses his power or neglects his duty, which constitutes a crime, shall be investigated for criminal responsibility according to law; If it does not constitute a crime, it shall be given administrative sanctions according to law.
Chapter VIII Supplementary Provisions
Article 52 Banking financial institutions mentioned in this Law refer to commercial banks, urban credit cooperatives, rural credit cooperatives and other financial institutions and policy banks established in People's Republic of China (PRC) to absorb public deposits.
The provisions of this Law on banking financial institutions are applicable to financial asset management companies, trust and investment companies, finance companies, financial leasing companies and other financial institutions established with the approval of the State Council Banking Regulatory Authority.
Article 53 This Law shall come into force as of the date of promulgation.