-
中国人民银行上海总部，各分行、营业管理部，各省会（首府）城市中心支行，各副省级城市中心支行；国家外汇管理局各省、自治区、直辖市分局、外汇管理部，计划单列市分局；中国外汇交易中心，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；国家开发银行，各政策性银行、国有商业银行，中国邮政储蓄银行，各股份制商业银行： 为支持和规范境外机构投资者投资中国债券市场，根据《中华人民共和国中国人民银行法》《中华人民共和国外汇管理条例》等相关法律法规，中国人民银行、国家外汇管理局制定了《境外机构投资者投资中国债券市场资金管理规定》，现印发给你们，请遵照执行。 附件：境外机构投资者投资中国债券市场资金管理规定 中国人民银行 国家外汇管理局 2022年11月10日 附件 境外机构投资者投资中国债券市场资金管理规定 第一条 为支持和规范境外机构投资者投资中国债券市场，根据《中华人民共和国中国人民银行法》《中华人民共和国外汇管理条例》等相关法律法规，制定本规定。 第二条 本规定所称境外机构投资者是指符合《中国人民银行 中国证券监督管理委员会 国家外汇管理局公告》（〔2022〕第4号）规定，通过多级托管、结算代理等模式直接投资中国债券市场的境外机构。 第三条 本规定所称中国债券市场包括中国境内银行间债券市场和交易所债券市场。 第四条 境外机构投资者可自主选择汇入币种投资中国债券市场。鼓励境外机构投资者投资中国债券市场使用人民币跨境收付，并通过人民币跨境支付系统（CIPS）完成跨境人民币资金结算。 第五条 境外机构投资者的境内托管人（以下简称托管人）、结算代理人等应按本规定相关要求代境外机构投资者办理有关事项。 第六条 中国人民银行、国家外汇管理局及其分支机构依法对境外机构投资者投资中国债券市场涉及的账户、资金收付及汇兑等实施监督管理和检查。 第七条 国家外汇管理局对境外机构投资者投资中国债券市场资金实行登记管理。 境外机构投资者应在取得相关金融监管部门出具的中国债券市场投资备案通知书或其他同等效力文件后10个工作日内，指定托管人或结算代理人凭上述文件通过国家外汇管理局资本项目信息系统（以下简称资本项目信息系统）代境外机构投资者办理登记。 第八条 托管人或结算代理人应凭在资本项目信息系统生成的业务登记凭证，为境外机构投资者开立中国债券市场投资专用资金（人民币或和外汇）账户（以下简称债券市场资金专户）。 债券市场资金专户的收入范围是：境外机构投资者从境外汇入的本金和相关税费（税款、托管费、审计费、管理费等），出售债券所得价款，债券到期收回的本金，利息收入，符合规定的债券和外汇衍生产品交易相关资金划入，境内办理结售汇相关资金划入，同名债券市场资金专户内资金相互划转，同名合格境外机构投资者（QFII）人民币合格境外机构投资者（RQFII）境内专用账户内资金划入，以及符合中国人民银行和国家外汇管理局规定的其他收入。 债券市场资金专户的支出范围是：支付债券交易价款和相关税费，投资本金、收益汇出境外，符合规定的债券和外汇衍生产品交易相关资金划出，境内办理结售汇相关资金划出，同名债券市场资金专户内资金相互划转，同名QFIIRQFII境内专用账户内资金划出，以及符合中国人民银行和国家外汇管理局规定的其他支出。 债券市场资金专户内的资金不得用于投资中国债券市场以外的其他用途。 第九条 境外机构投资者名称、托管人或结算代理人等重要信息发生变更的，应由相关托管人或结算代理人代境外机构投资者在资本项目信息系统办理变更登记。 境外机构投资者退出中国债券市场并关闭相关资金账户的，应在关闭相关资金账户后30个工作日内通过托管人或结算代理人代境外机构投资者办理注销登记。 第十条 同一境外机构投资者的QFIIRQFII境内专用账户内资金与债券市场资金专户内资金可在境内直接双向划转并用于境内证券投资，后续交易及资金使用、汇兑等遵循划转后渠道的相关管理要求。 第十一条 境外机构投资者投资中国债券市场汇出与汇入资金币种原则上应保持一致，不得进行人民币与外币之间的跨币种套利。同时汇入“人民币+外币”进行投资的，累计汇出外币金额不得超过累计汇入外币金额的1.2倍（投资清盘汇出除外）。长期投资中国债券市场的，上述比例可适当放宽。 第十二条 境外机构投资者可按套期保值原则开展境内人民币对外汇衍生产品交易，管理投资中国债券市场所产生的外汇风险敞口。 第十三条 境外银行类机构投资者可选择下列一种渠道开展即期结售汇和外汇衍生产品交易： （一）作为客户与托管人、结算代理人或境内其他金融机构直接交易。 （二）申请成为中国外汇交易中心（以下简称外汇交易中心）会员直接进入银行间外汇市场交易。 （三）申请成为外汇交易中心会员通过主经纪业务进入银行间外汇市场交易。 第十四条 境外非银行类机构投资者可选择下列一种渠道开展即期结售汇和外汇衍生产品交易： （一）作为客户与托管人、结算代理人或境内其他金融机构直接交易。 （二）申请成为外汇交易中心会员通过主经纪业务进入银行间外汇市场交易。 第十五条 境外机构投资者选择本规定第十三条第一项、第十四条第一项规定的渠道的，如需在托管人或结算代理人以外的其他境内金融机构开立专用外汇账户，可凭业务登记凭证办理。该专用外汇账户专项用于办理即期结售汇和外汇衍生产品交易项下的资金交割、损益处理、保证金管理等，跨境资金收付应统一通过债券市场资金专户办理。 第十六条 境外机构投资者选择第十三条第一项、第十四条第一项规定的渠道开展外汇衍生产品交易的，应自行或通过托管人、结算代理人将金融机构名单事先向外汇交易中心备案；调整金融机构的，应事先向外汇交易中心备案。 第十七条 境外机构投资者开展外汇衍生产品交易应遵照以下规定： （一）外汇衍生产品敞口与外汇风险敞口具有合理的相关度。外汇风险敞口包括债券投资的本金、利息以及市值变化等。 （二）当债券投资发生变化而导致外汇风险敞口变化时，在5个工作日内或下月初5个工作日内对相应持有的外汇衍生产品敞口进行调整。 （三）根据外汇风险管理的实际需要，可灵活选择展期、反向平仓、全额或差额结算等交易机制，并以人民币或外币结算损益。 （四）首次开展外汇衍生产品交易前，境外机构投资者应向境内金融机构或外汇交易中心提交遵守套期保值原则的书面承诺。 第十八条 托管人或结算代理人在为境外机构投资者办理资金汇出汇入时，应对相应的资金收付进行真实性与合规性审查，并切实履行反洗钱和反恐怖融资等义务。境外机构投资者应配合托管人或结算代理人履行上述责任，并向托管人或结算代理人提供真实完整的资料和信息。 第十九条 托管人、结算代理人、相关境内金融机构等应按照《人民币银行结算账户管理办法》（中国人民银行令〔2003〕第5号发布）、《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，报送境外机构投资者相关信息数据。 境外机构投资者、托管人、结算代理人、相关境内金融机构等应按照《通过银行进行国际收支统计申报业务实施细则》（汇发〔2022〕22号文印发）、《通过银行进行国际收支统计申报业务指引（2019版）》（汇发〔2019〕25号文印发）、《对外金融资产负债及交易统计制度》（汇发〔2021〕36号文印发）、《国家外汇管理局关于发布〈金融机构外汇业务数据采集规范（1.3版）〉的通知》（汇发〔2022〕13号）等相关规定，报送相关信息数据。 第二十条 境内金融机构依照本规定第十三条第一项、第十四条第一项规定的渠道为境外机构投资者办理即期结售汇的，按照对客户即期结售汇业务向国家外汇管理局履行统计和报告义务；依照本规定第十三条第二项、第三项、第十四条第二项规定的渠道为境外机构投资者办理即期结售汇的，按照银行间外汇市场交易进行统计。 境内金融机构依照本规定第十三条第一项、第十四条第一项规定的渠道为境外机构投资者办理外汇衍生产品业务的，应遵守以下规定： （一）按照外汇交易中心规定每日报送境外机构投资者外汇衍生产品交易信息。 （二）作为对客户外汇衍生产品业务向国家外汇管理局履行统计和报告义务。 境外机构投资者选择银行间外汇市场直接入市模式或主经纪模式开展外汇衍生产品交易的，应按照外汇交易中心规定报送有关交易信息。 境内金融机构依照本规定第十三条第一项、第十四条第一项规定的渠道为境外机构投资者办理即期结售汇和外汇衍生产品业务的，若使用本机构内部交易系统以外的第三方交易系统、平台或设施，应符合有关监管规定。 第二十一条 境外机构投资者、托管人、结算代理人、相关境内金融机构等有以下相关行为的，中国人民银行、国家外汇管理局分别依据《中华人民共和国中国人民银行法》和《中华人民共和国外汇管理条例》等法律法规予以处罚： （一）未按规定办理登记的。 （二）未按规定办理资金结售汇、收付汇或资金汇出汇入的。 （三）未按规定办理账户开立或关闭，或未按规定使用账户的。 （四）未按规定办理外汇衍生产品业务的。 （五）未按规定报告信息和数据，或报告的信息和数据内容不全、不实，或提供虚假材料、数据或证明等。 （六）未按规定进行国际收支统计申报及有关结售汇统计报告的。 第二十二条 境外央行或货币当局、其他官方储备管理机构、国际金融组织以及主权财富基金通过托管人或结算代理人（商业银行）投资中国债券市场的，适用本规定。 第二十三条 境外机构投资者根据本规定报送的材料应为中文文本。同时报送中文文本和外文文本的，以中文文本为准。 第二十四条 本规定由中国人民银行、国家外汇管理局负责解释。 第二十五条 本规定自2023年1月1日起实施。《国家外汇管理局关于境外中央银行类机构投资银行间市场外汇账户管理有关问题的通知》（汇发〔2015〕43号）、《国家外汇管理局关于境外机构投资者投资银行间债券市场有关外汇管理问题的通知》（汇发〔2016〕12号）、《国家外汇管理局关于完善银行间债券市场境外机构投资者外汇风险管理有关问题的通知》（汇发〔2020〕2号）同时废止。 2022-11-21/ningxia/2022/1121/2039.html
-
中国人民银行上海总部，各分行、营业管理部，各省会（首府）城市中心支行，各副省级城市中心支行；国家外汇管理局各省、自治区、直辖市分局、外汇管理部，计划单列市分局；中国外汇交易中心，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；国家开发银行，各政策性银行、国有商业银行，中国邮政储蓄银行，各股份制商业银行： 为规范境外机构境内发行债券资金管理，根据《中华人民共和国中国人民银行法》《中华人民共和国外汇管理条例》等法律法规，现就境外机构境内发行债券有关事宜通知如下： 一、本通知所称境外机构境内发行债券是指境外机构依据《全国银行间债券市场境外机构债券发行管理暂行办法》（中国人民银行 财政部公告〔2018〕第16号公布）、《公司债券发行与交易管理办法》（中国证券监督管理委员会令第180号发布）等相关规定，经监管部门核准、注册或备案等，在境内银行间债券市场、交易所债券市场等公开或非公开发行债券的行为。 二、中国人民银行、国家外汇管理局及其分支机构依法对境外机构境内发行债券涉及的账户、资金收付及汇兑等实施监督管理。 三、国家外汇管理局对境外机构境内发行债券资金实行登记管理。境外机构应委托境内主承销商代为办理相关手续。 境外机构应在获得债券发行核准、注册或备案后且首期发行前，委托其境内主承销商凭以下材料，到为该境外机构开立相关募集资金账户的境内银行业金融机构（以下简称开户银行）办理登记： （一）《境外机构境内发行债券基本信息登记表》（附件1）。 （二）发行核准、注册或备案等相关文件。 （三）募集说明文件或定向发行协议等相关文件。 开户银行应认真履行职责，严格审核境外机构所提供材料的真实性，并留存上述材料。开户银行按规定为境外机构办理登记后，应将加盖银行业务印章的业务登记凭证反馈境外机构的境内主承销商。 境外机构应在每期债券发行结束后20个工作日内，委托当期境内主承销商，凭业务登记凭证、《境外机构境内发行债券募集资金信息登记表》（附件2），到当期开户银行更新实际募集资金登记信息。 四、境外机构凭业务登记凭证开立境内发行债券专用资金（人民币或/和外汇）账户（以下简称发债专户）。开立人民币账户的，可开立人民币银行结算账户或委托其主承销商开立托管账户，账户性质为专用存款账户。 发债专户的收入范围是：境内发行债券募集资金划入；还本付息和支付相关税费（税款、手续费等）资金划入；账户利息收入；发行债券募集资金按规定向境内主体放款产生的本息偿还收入；发行债券募集资金按规定投资于境内后产生的减资、撤资、股权转让及利润、分红等收入；同一境外机构境内发行债券募集资金相关账户内资金相互划转；中国人民银行、国家外汇管理局规定的其他收入。 发债专户的支出范围是：发行债券募集资金汇出或购汇汇出境外；支付或结汇支付发行债券本息和相关税费；发行债券募集资金按规定向境内主体放款；向境内主体放款产生的本息偿还收入汇出或购汇汇出境外；发行债券募集资金按规定投资于境内；投资于境内后产生的减资、撤资、股权转让及利润、分红等收入汇出或购汇汇出境外；同一境外机构境内发行债券募集资金相关账户内资金相互划转；中国人民银行、国家外汇管理局规定的其他支出。 五、境外机构境内发行债券募集资金可汇往境外，也可留存境内使用，资金用途应与募集资金说明文件等所列内容一致。留存境内使用的，应符合直接投资、外债等管理规定。 鼓励境外机构境内发行债券募集资金以人民币形式跨境收付及使用。 六、境外机构可通过具备代客人民币对外汇衍生品业务资格的境内金融机构，按照实需交易原则办理外汇衍生品业务，管理境内发行债券相关汇率风险。 七、境外机构偿还境内发行债券本金、利息、支付相关税费的，资金可从境外或境内汇入发债专户。还本付息资金需结汇的，应按照债券还本付息计划进行。 八、相关银行应按照《人民币银行结算账户管理办法》（中国人民银行令〔2003〕第5号发布）、《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）等规定，报送境外机构境内发行债券相关监督和统计数据。 九、境外机构境内发行债券相关涉外收付款境内主体、境内登记结算机构应按照本通知和《通过银行进行国际收支统计申报业务实施细则》（汇发〔2022〕22号文印发）、《通过银行进行国际收支统计申报业务指引（2019版）》（汇发〔2019〕25号文印发）、《对外金融资产负债及交易统计制度》（汇发〔2021〕36号文印发）、《国家外汇管理局关于发布〈金融机构外汇业务数据采集规范（1.3版）〉的通知》（汇发〔2022〕13号）等规定，及时、准确进行国际收支统计申报。 十、境外机构根据本通知报送的材料应为中文文本。同时报送中文文本和外文文本的，以中文文本为准。 十一、本通知发布前已在境内发行债券且债券仍在存续期，但未办理登记的境外机构，应委托其境内主承销商参照本通知第三条的规定及时补办登记。 十二、本通知由中国人民银行、国家外汇管理局负责解释。 十三、本通知自2023年1月1日起实施。《中国人民银行办公厅关于境外机构在境内发行人民币债务融资工具跨境人民币结算有关事宜的通知》（银办发〔2014〕221号）和《中国人民银行办公厅关于境外机构境内发行人民币债券跨境人民币结算业务有关事宜的通知》（银办发〔2016〕258号）同时废止。 附件： 1.境外机构境内发行债券基本信息登记表 2.境外机构境内发行债券募集资金信息登记表 中国人民银行 国家外汇管理局 2022年11月23日 2022-12-02/liaoning/2022/1202/1951.html
-
为深刻学习领悟党的十九届六中全会精神，普兰店市支局认真筹划，组织开展了一系列学习研讨活动。 一、高度重视 安排落实 党的十九届六中全会是在“两个一百年”奋斗目标历史交汇关键节点上召开的，全会听取和讨论了习近平受中央政治局委托作的工作报告，审议通过了《中共中央关于党的百年奋斗重大成就和历史经验的决议》和《关于召开党的第二十次全国代表大会的决议》，是我党在建党百年的历史条件下，立足开启全面建设社会主义现代化国家新征程、在新时代建设和发展中国特色社会主义，对党的百年奋斗重大成就和历史经验作出的科学总结。因此，支局领导高度重视，专门部署，要求外汇局全体干部职工扎实开展学习研讨工作。 二、多管齐下 稳扎稳打 一是组织全体干部职工线上观看中共中央新闻发布会现场直播，聆听相关领导对十九届六中全会精神的解读，认识领悟全会的精神主旨。二是采取多种形式开展线下自主学习，支局通过会议集中学习了《党的十九届六中全会公报》全文；组织干部职工学习聆听了《蔡奇宣讲党的十九届六中全会精神，从六个方面深入解读》；借助学习强国平台开展自学。通过以上丰富多样的学习形式，有效提升了干部职工对十九届六中全会精神的学习领悟程度。三是组织干部职工共同竞答关于十九届六中全会公报的知识点，检验学习情况，进一步巩固学习效果。 三、融会贯通 交流探讨 通过以上系统的学习，支局各干部职工对党的十九届六中全会精神有了更加全面、更为深入的理解和领会，尤其在联系了党的十九大以来以习近平同志为核心的党中央统筹国内国际两个大局、沉着应对各项风险挑战并不断取得重大进展的基础上，对习近平新时代中国特色社会主义思想也产生了为更多的理论认同和情感认同，大家畅谈学习体会，分享感悟心得，决定要把学习成果转化为做好手头每一份工作的强大动力。 2021-12-14/dalian/2021/1214/1738.html
-
根据国家外汇管理局关于2022年直接投资存量权益登记工作的安排，现就有关事项通知如下： 一、请2021年12月31日前设立的外商投资企业按照《外商投资法》相关规定，于2022年6月30日前，通过市场监督管理部门的国家企业信用信息公示系统（www.gsxt.gov.cn）报送2021年度年报数据（工商年检）。 二、请2021年12月31日前办理ODI登记的境外投资企业境内投资主体（含金融机构及特殊目的公司境内个人股东），于2022年6月30日前，通过国家外汇管理局数字外管平台（zwfw.safe.gov.cn/asone）报送2021年度境外投资企业存量权益数据。 三、相关申报主体可通过扫描“2022年直接投资存量权益登记微课堂二维码”（见附图）了解有关申报的具体操作流程。 特此通知。 国家外汇管理局广东省分局 2022年4月12日 附图： 2022-04-12/guangdong/2022/0412/2258.html
-
Dear Secretary Yin Li, Acting Mayor Yin Yong, President Fu Hua, and distinguished guests: Good afternoon, everyone! Since the beginning of this year, due to the impact of “high inflation” and “tight monetary policy”, the international financial market, including the foreign exchange market, has gone through a year of severe volatility, but China’s foreign exchange market has shown significant resilience. Now let me share some of my views on “U.S. dollar cycle and China’s foreign exchange market”, for your reference. The U.S. dollar is characterized by long-term fluctuations and is an important factor affecting the global financial market. Since the collapse of the Bretton Woods system, the U.S. dollar has experienced three major cycles of appreciation and depreciation. The current cycle of dollar appreciation has lasted 11 years since mid-2011. After the international financial crisis in 2008, the world experienced an environment of low growth, low inflation, and low interest rates for a long period of time. Until 2021, the inflation began to rise sharply. The big U.S. dollar cycle is driven by multiple factors. First, changes in long-term economic growth potential are an important determinant, and the growth rate of U.S. labor productivity is highly correlated with the trend of the U.S. dollar. Second, changes in interest rate spreads brought about by policy differentiation across countries drive cross-border capital flows and amplify cyclical fluctuations. Third, there is a self-reinforcing mechanism for the appreciation of the U.S. dollar. As the world’s leading financing currency, the U.S. dollar is caught in a cycle: “appreciation of the U.S. dollar → adjustment of asset prices in emerging markets → capital flowing back to the United States → appreciation of the U.S. dollar”. From the perspective of a long-term historical cycle, the global macro-environment may shift from “great moderation” to “high volatility”. From the 1980s to 2019, the global macro environment was characterized by low inflation and low volatility, which can be regarded as the “Great Moderation Era”. However, this trend has changed in 2021. After the epidemic, the massive stimulus policies of major developed countries boosted demand, but the supply recovery was restricted by supply chain disturbances, tight labor markets, and international geopolitical conflicts. As a result, inflation in major developed countries was much higher than the policy target. The volatility of economic record in major developed countries rose sharply, and the global macro environment may have entered an “Era of High Volatility”. To combat inflation, some of the world’s major central banks have rapidly tightened monetary policy. The Federal Reserve raised interest rates sharply and shrunk its balance sheet, tightening monetary policy in a speed rarely seen in history. The European Central Bank has also moved aggressively to raise interest rates, with the policy rate rising to the highest level since 2009. With inflation still high and economic drivers slowing down, the monetary policies of major central banks around the world are in a dilemma between stabilizing growth and controlling inflation. Since the beginning of this year, “high inflation” and “tight monetary policy” have caused severe shocks in the international financial market. Global equity, bond and other financial asset prices fell across the board, while the U.S. dollar has strengthened rapidly. The U.S. dollar index has appreciated by nearly 20% since the start of the year to above 114, hitting a 20-year high. Since October, based on the market expectation, major central banks would slow down interest rate hikes, and the U.S. dollar index would fall from its highs, but its year-to-date appreciation was still rare over the past 40 years. China’s foreign exchange market has shown new trend, and its resilience has been continuously enhanced. Compared with the previous two periods of U.S. dollar appreciation, the RMB exchange rate has become less sensitive to fluctuations in the U.S. dollar index since 2021. From a global perspective, the RMB depreciated at an average rate in comparison with currencies of the major developed and emerging market. Despite fluctuations, cross-border capital flows were in a stable and orderly manner on the whole. The strengthening of the resilience of the foreign exchange market was driven by various factors. First, the RMB exchange rate showed more two-way fluctuations with greater flexibility, and its role as automatic stabilizer in adjusting the balance of payments became more prominent, thus releasing external pressure in a timely and effective manner. Second, the basic balance of payments surplus played a leading role. In the first three quarters of this year, China recorded a current account surplus of USD 310.4 billion, the highest in history for the same period; and the ratio of the surplus to the GDP in the same period was 2.4%, which remained within a reasonable range of equilibrium. At the meantime, direct investment showed a net inflow, and cross-border capital flows were steady and orderly. Third, the overall external debt structure has been improved. The traditional financing type of external debt rose slightly, and the type structure, currency structure and maturity structure of external debt have been optimized. Fourth, the proportion of RMB used by enterprises in the cross-border transactions continued to increase, which helped reduce the risk of currency mismatch in cross-border transactions. Fifth, the exchange rate hedging tools have been popularized, which significantly enhanced enterprises’ adaptability to exchange rate fluctuations. The using of RMB assets as natural hedge has become increasingly prominent. Since the beginning of this year, the bond yields of major countries in the world have generally risen and prices have fallen, but RMB bonds have become one of the few financial assets with stable prices. Unlike other emerging market bonds, RMB bonds are quasi-safe assets, with risk-return characteristics closer to those of developed countries. China’s macroeconomic policy is dominated by itself, and the interest rate and exchange rate trend are relatively independent, which endows RMB bonds with a better diversification effect in global asset allocation. Looking ahead, China’s foreign exchange market will maintain a stable operation. On the one hand, the risk of economic recession in major developed countries is rising. As inflation is still above the policy target, the monetary policy will generally remain tight, and the U.S. dollar may remain high and volatile in the short term. Financial institutions predict that the momentum of U.S. dollar appreciation weakening, and the strong appreciation cycle may come to an end. On the other hand, the sound long-term economic fundamentals of China’s economy remain unchanged. The “20 optimized measures” will further improve the epidemic prevention and control in a more scientific and precise way, and make it more efficient in coordinating epidemic prevention and control as well as economic and social development. The effective implementation of various policy measures to stabilize economic growth in the early stage will further unleash the growth momentum of the Chinese economy. In addition, the financial authorities have issued a number of financial support policies in tandem with the real estate market authorities and local governments to support rigid and improvement demand for housing, to maintain stable and orderly real estate financing, to increase financial support for ensuring timely deliveries of presold homes, and to protect the legal rights and interests of housing consumers, which will help stop and weaken risk spillovers, and stabilize market expectations and confidence. The above-mentioned policies have played an active role in counter-cyclical adjustment and produced positive market effects. We will adhere to the guidelines and policies of the central government on the development of the real estate market. We will adhere to the principles of marketization and the rule of law, and promote the healthy and sustainable development of China’s real estate market by taking account of long-term and short-term factors, as well as seeking both temporary and permanent solutions. In the future, changes in the internal and external macro-environment will help maintain the sound operation of China’s foreign exchange market. Over the past ten years, we have coordinated opening-up and security, and have achieved remarkable results in the reform and opening-up of the foreign exchange sector. First, the market-oriented formation mechanism of the RMB exchange rate has been gradually improved. The exchange rate has become more flexible, two-way fluctuations have become normal, and the RMB exchange rate has remained basically stable at a reasonable and balanced level. Second, we have made steady progress in opening-up of the capital account, and a relatively high level of convertibility has been achieved. Specifically, cross-border direct investment has become basically convertible, cross-border securities investment has enjoyed two-way opening-up through multiple channels and at multiple levels, and independent cross-border financing activities by market entities have become operable under the framework of macro-prudential management. Third, the subjects, scale, and products of foreign exchange market transactions have grown rapidly, and at the meantime, an open and diversified foreign exchange market with sound functions and orderly competition has basically taken shape. Fourth, the international balance of payments was basically balanced, with greater stability and resilience. The ratio of the current account to GDP has always been maintained within a reasonable range, around 2% in recent years. Cross-border trade, investment and financing became more vibrant, and the scale of cross-border payments grew rapidly. Fifth, the “macro-prudential management plus micro regulation” framework of the foreign exchange market was established. The early warning and response mechanism for the supervision of cross-border capital flows has been continuously improved, and the macro-prudential tools have been further improved. Sixth, we have ensured the safety, liquidity, as well as value preservation and appreciation of the foreign exchange reserve assets. In the future, we will earnestly implement the guiding principles of the 20th National Congress of the Communist Party of China. Through coordinating financial opening-up and security, we will make every effort to build a foreign exchange management system that is compatible with a high-level of opening-up. We will deepen the reform and opening-up in the foreign exchange sector, and improve cross-border trade and investment and financing facilitation, so as to maintain the stable operation of the foreign exchange market as well as the national economic and financial security. I wish this year’s Annual Conference of the Financial Street Forum a complete success. Thank you! 2022-11-21/en/2022/1121/2022.html
-
Party Secretary Yin Li, Mayor Yin Yong, Managing Director Kristalina Georgieva, General Manager Agustín Carstens, Ladies and gentlemen, Good afternoon! Let me begin by extending my congratulations to the Beijing Financial Street on its great development achievement over the past 30 years. Under the leadership of the CPC Central Committee and the State Council, and with the vigorous support of the CPC Beijing Municipal Committee and the Beijing Municipal Government, the Financial Street has blazed a trail with Chinese characteristics and played a key role in China’s economic and social development over the past three decades. Today, I would like to take this opportunity to share with you some of my observations on issues related to monetary policy. First, China’s monetary policy has provided significant support to the real economy. This year, the Chinese economy is faced with some challenges and downward pressure due to COVID-19 and some external shocks, and we have re-calibrated monetary policy in a timely fashion so as to provide greater support to the real economy. According to the deployment of the CPC Central Committee and the State Council, we have made use of a host of policy instruments and cut the required reserve ratio (RRR) by 25bps. The drop in loan prime rate (LPR) has translated into lower financing costs for the real economy, and broad money M2, social financing and new RMB loans have all maintained pretty robust growth. Measured by economic performance, China’s macroeconomic policy has proven to be well-calibrated. We have kept the economy stable, preserved price stability at home despite surging inflationary pressure worldwide, and maintained a fine balance between internal and external equilibrium. China’s GDP grew by 3.9 percent year on year (YoY) in Q3. The CPI increased by 2.1 percent YoY in October and its annual growth rate has stayed at around 2 percent over the past five years. Since the beginning of the year, the RMB has seen some depreciation against the US dollar but of a smaller scale compared with other major currencies. The value and purchasing power of RMB has been basically stable. Second, while providing significant support to the real economy, the PBOC has not substantially expanded its balance sheet. As of end-September 2022, the PBOC’s balance sheet was around $6 trillion (RMB40 trillion). Its size has stayed relatively stable over the past five years with an average growth rate of 2.6 percent. In recent years, we have used RRR cuts to provide medium and long-term liquidity. As we know, commercial banks have to put aside a certain amount of deposits at the central bank as required reserves. Cutting the RRR thus increases commercial banks’ excess reserves and allows them to lend more. As lower RRRs lead to higher money multipliers, we have managed to support more credit creation in the absence of significant balance sheet expansion. Since 2018, the PBOC has cut the RRR 13 times and brought the average RRR down to around 8% from its previous level of 15% and released a total of $1.5 trillion equivalent (RMB 10.8 trillion) long-term liquidity. In the meantime, the PBOC’s balance sheet has stabilized at around $5.5-6 trillion equivalent (RMB38 trillion to RMB40 trillion). Yet outstanding M2 has increased to over $35 trillion equivalent (RMB260 trillion) from less than $25 trillion equivalent (RMB170 trillion) at end-2017, which is a telling evidence of substantive monetary support for the real economy. Raising the RRR has played a key role in keeping the RMB value stable and inflation subdued for quite some time in the past. So cutting the RRR this time around has the effect of releasing some of the “frozen-up” liquidity in the past. Since the beginning of this century, China had experienced foreign reserves increasing for quite many years, and the PBOC’s balance sheet continued to grow. We had thus to constantly “freeze up” the increasing RMB liquidity associated with the continuously accumulating foreign reserves through raising the RRR and other sterilization operations. During this period, the size of PBOC’s balance sheet had grown much larger than those of our peers in the major advanced economies. In recent years however, we have by contrast, made many proactive decisions and preemptive adjustments on liquidity supply through a host of measures ranging from RRR cuts, open market operations, to structural monetary policy instruments. It is a far cry from the previous situation when liquidity supply by the PBOC was mainly a passive consequence of accumulation in foreign reserves. The independence of monetary policy has increased noticeably. Third, another feature of China’s monetary policy is its combination of aggregate and structural considerations. Our sound monetary policy not only includes aggregate support, but also has structural characteristics. We have leveraged structural monetary policy tools to enhance the financial support for agriculture, small and medium enterprises (SMEs), the private companies and other structural weak links on the supply side. As a result, finance has now become more accessible, available and affordable. As of end-September 2022, nearly 54 million SMEs have gained access to inclusive loans, four times that of end-2017, with outstanding loans hitting $3.5 trillion equivalent (RMB23 trillion). The weighted average interest rate on new inclusive loans issued in September was 4.7 %, down by 180bps compared with the same period of 2017. Different structural monetary policy tools can be either long-term or ad-hoc. Central bank relending and re-discounts in support of the agrarian sector and SMEs, which you are all quite familiar with and have an outstanding value of $360 billion equivalent (RMB 2.5 trillion), are typical examples of long-term tools. The typical ad-hoc tools that we put in place in recent years, however, include the special-purpose relending facilities in support of scientific and technological innovation, transportation and logistics, equipment upgrading, etc. With an outstanding value of $430 billion equivalent (RMB3 trillion), these ad hoc instruments have well-defined expiration dates or exit plans. When their policy goals are met, they will be phased out in an orderly manner. Last but not least, I would like to talk about the role of structural monetary policy in housing and green finance. China’s housing sector is linked to a lot of upstream and downstream industries. Therefore, its healthy development is of great significance to the overall economy. The housing market is undergoing some adjustments. Joining hands with relevant ministries and local governments, we have tailored policy solutions to local specificities. Such tools include cutting mortgage rates and down payment ratios, with an aim of supporting real housing needs. In some previous incidents, some troubled developers were unable to complete pre-sold housing projects on time. In response, we’ve issued $30 billion equivalent (RMB200 billion) worth of special loans to ensure their timely completion, and have put in place structural policy tools to encourage active participation by commercial banks. Meanwhile, we’ve also expanded support for bond issuance by private firms, including private housing developers, through credit enhancement facilities. We’ve also rolled out a carbon reduction tool to foster green development. Operating on market principles, this tool supports financial institutions’ lending to enterprises focusing on clean energy, emission reduction and carbon reduction. Tapping this tool, financial institutions need to estimate and disclose the carbon cuts financed by such loans. This will help promote the mentality of green development, and the practice of carbon accounting and disclosure. By the end of September 2022, around $35 billion equivalent (RMB240 billion) worth of carbon reduction credit facility has been used, mobilized around $60 billion equivalent (RMB400 billion) worth of carbon reduction loans, and financed carbon cuts of more than 80 million tons. Recently, we’ve included two foreign-funded banks to the list of financial institutions eligible for extending such loans. Going forward, the People’s Bank of China will continue to take Xi Jinping Thought on Socialism with Chinese Characteristics as our guide and implement the guiding principles set forth by the 20th CPC National Congress. We will continue to build a modern central banking system, implement sound monetary policy to serve the real economy, prevent financial risks and deepen financial reforms. We will also continue to support the Financial Street in developing into the national center of financial administration and in contributing even more to China’s modernization. Finally, I wish the Forum a complete success. Thank you! 2022-11-21/en/2022/1121/2020.html
-
中国人民银行上海总部，各分行、营业管理部，各省会（首府）城市中心支行，各副省级城市中心支行；国家外汇管理局各省、自治区、直辖市分局、外汇管理部，计划单列市分局；中国外汇交易中心，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；国家开发银行，各政策性银行、国有商业银行，中国邮政储蓄银行，各股份制商业银行： 为规范境外机构境内发行债券资金管理，根据《中华人民共和国中国人民银行法》《中华人民共和国外汇管理条例》等法律法规，现就境外机构境内发行债券有关事宜通知如下： 一、本通知所称境外机构境内发行债券是指境外机构依据《全国银行间债券市场境外机构债券发行管理暂行办法》（中国人民银行 财政部公告〔2018〕第16号公布）、《公司债券发行与交易管理办法》（中国证券监督管理委员会令第180号发布）等相关规定，经监管部门核准、注册或备案等，在境内银行间债券市场、交易所债券市场等公开或非公开发行债券的行为。 二、中国人民银行、国家外汇管理局及其分支机构依法对境外机构境内发行债券涉及的账户、资金收付及汇兑等实施监督管理。 三、国家外汇管理局对境外机构境内发行债券资金实行登记管理。境外机构应委托境内主承销商代为办理相关手续。 境外机构应在获得债券发行核准、注册或备案后且首期发行前，委托其境内主承销商凭以下材料，到为该境外机构开立相关募集资金账户的境内银行业金融机构（以下简称开户银行）办理登记： （一）《境外机构境内发行债券基本信息登记表》（附件1）。 （二）发行核准、注册或备案等相关文件。 （三）募集说明文件或定向发行协议等相关文件。 开户银行应认真履行职责，严格审核境外机构所提供材料的真实性，并留存上述材料。开户银行按规定为境外机构办理登记后，应将加盖银行业务印章的业务登记凭证反馈境外机构的境内主承销商。 境外机构应在每期债券发行结束后20个工作日内，委托当期境内主承销商，凭业务登记凭证、《境外机构境内发行债券募集资金信息登记表》（附件2），到当期开户银行更新实际募集资金登记信息。 四、境外机构凭业务登记凭证开立境内发行债券专用资金（人民币或和外汇）账户（以下简称发债专户）。开立人民币账户的，可开立人民币银行结算账户或委托其主承销商开立托管账户，账户性质为专用存款账户。 发债专户的收入范围是：境内发行债券募集资金划入；还本付息和支付相关税费（税款、手续费等）资金划入；账户利息收入；发行债券募集资金按规定向境内主体放款产生的本息偿还收入；发行债券募集资金按规定投资于境内后产生的减资、撤资、股权转让及利润、分红等收入；同一境外机构境内发行债券募集资金相关账户内资金相互划转；中国人民银行、国家外汇管理局规定的其他收入。 发债专户的支出范围是：发行债券募集资金汇出或购汇汇出境外；支付或结汇支付发行债券本息和相关税费；发行债券募集资金按规定向境内主体放款；向境内主体放款产生的本息偿还收入汇出或购汇汇出境外；发行债券募集资金按规定投资于境内；投资于境内后产生的减资、撤资、股权转让及利润、分红等收入汇出或购汇汇出境外；同一境外机构境内发行债券募集资金相关账户内资金相互划转；中国人民银行、国家外汇管理局规定的其他支出。 五、境外机构境内发行债券募集资金可汇往境外，也可留存境内使用，资金用途应与募集资金说明文件等所列内容一致。留存境内使用的，应符合直接投资、外债等管理规定。 鼓励境外机构境内发行债券募集资金以人民币形式跨境收付及使用。 六、境外机构可通过具备代客人民币对外汇衍生品业务资格的境内金融机构，按照实需交易原则办理外汇衍生品业务，管理境内发行债券相关汇率风险。 七、境外机构偿还境内发行债券本金、利息、支付相关税费的，资金可从境外或境内汇入发债专户。还本付息资金需结汇的，应按照债券还本付息计划进行。 八、相关银行应按照《人民币银行结算账户管理办法》（中国人民银行令〔2003〕第5号发布）、《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）等规定，报送境外机构境内发行债券相关监督和统计数据。 九、境外机构境内发行债券相关涉外收付款境内主体、境内登记结算机构应按照本通知和《通过银行进行国际收支统计申报业务实施细则》（汇发〔2022〕22号文印发）、《通过银行进行国际收支统计申报业务指引（2019版）》（汇发〔2019〕25号文印发）、《对外金融资产负债及交易统计制度》（汇发〔2021〕36号文印发）、《国家外汇管理局关于发布〈金融机构外汇业务数据采集规范（1.3版）〉的通知》（汇发〔2022〕13号）等规定，及时、准确进行国际收支统计申报。 十、境外机构根据本通知报送的材料应为中文文本。同时报送中文文本和外文文本的，以中文文本为准。 十一、本通知发布前已在境内发行债券且债券仍在存续期，但未办理登记的境外机构，应委托其境内主承销商参照本通知第三条的规定及时补办登记。 十二、本通知由中国人民银行、国家外汇管理局负责解释。 十三、本通知自2023年1月1日起实施。《中国人民银行办公厅关于境外机构在境内发行人民币债务融资工具跨境人民币结算有关事宜的通知》（银办发〔2014〕221号）和《中国人民银行办公厅关于境外机构境内发行人民币债券跨境人民币结算业务有关事宜的通知》（银办发〔2016〕258号）同时废止。 附件：1 境外机构境内发行债券基本信息登记表 2 境外机构境内发行债券募集资金信息登记表 中国人民银行 国家外汇管理局 2022年11月23日 2022-12-08/ningxia/2022/1208/2041.html
-
The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors in October 2022. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China’s foreign exchange receipts and payments of October 2022. Q: Could you brief us on China’s foreign exchange receipts and payments in October 2022? A: China’s cross-border capital flow remained within a reasonable range in October. Trade in goods, foreign direct investment and other projects continued to play a fundamental role in stabilizing capital inflows. In October, cross-border funds related to the current account showed a certain scale of net inflow, up by 43% year-on-year. Specifically, trade in goods in terms of foreign-related receipts and payments saw a net inflow of USD 32.9 billion, a year-on-year increase of 19%. Besides, foreign direct investment capital maintained a net inflow. To be more specific, foreign investment in China’s bond market continued to recover, which reflected the resilience of China’s foreign-related economic development. It showed that foreign investors’ willingness to invest in China and allocate RMB assets in the long term remained generally stable. At the end of the year, it is usually a period of time when Chinese export enterprises collect payments and foreign investment companies plan out their investment intensively, and as a result, the related cross-border capital inflows tend to increase, which helps further strengthen the support for the foreign exchange market. In the future, the external environment will remain complex and volatile. With the development of economy and the evolution of inflation dynamics, there will be adjustments and changes in the monetary policies of major developed economies and their spillover effects on the world. Recently, the US dollar exchange rate has declined somewhat. China maintained strong resilience, great potential, and large room for maneuver in its economy. As China has continued to further optimize the epidemic prevention and control measures, the recovery of the Chinese economy will continue to consolidate. In the meantime, the structure of China’s international balance of payments has become more stable, the resilience of the foreign exchange market has been significantly enhanced through reform and opening-up, the macro-prudential adjustment tools have continued to improve, and the foundation and conditions for resisting external shocks have become more solid. As a result, China’s cross-border capital flow and foreign exchange market are expected to continue the steady and orderly development. 2022-11-15/en/2022/1115/2021.html
-
国家外汇管理局宁夏回族自治区分局辖内经营外汇业务区级保险机构情况表（截至2022年10月31日） 2022-11-10/ningxia/2022/1201/2037.html
-
宁夏回族自治区外币代兑业务机构名单（截至2022年10月31日） 2022-11-10/ningxia/2022/1208/2043.html