Notice of the Ministry of Finance, the People’s Bank of China, and the China Securities Regulatory Commission on Transaction of Discount Treasury Bonds on the Basis of Clean Price

财政部、中国人民银行、中国证券监督管理委员会关于贴现国债实行净价交易的通知

Promulgating Institution: Ministry of Finance; People’s Bank of China; China Securities Regulatory Commission

Document Number: Cai Ku [2007] No.21

Promulgating Date: 03/12/2007

Effective Date: 03/12/2007

颁布机关: 财政部; 中国人民银行; 中国证券监督管理委员会

文      号: 财库[2007]21号

颁布时间: 03/12/2007

实施时间: 03/12/2007

For the purpose of improving the transaction system of treasury bonds on the basis of clean price and facilitating the regular rolling issue of short-term treasury bonds, in accordance with the relevant provisions of the Notice on Relevant Issues Concerning the Trial Implementation of Treasury Bonds Transaction on the Basis of Clean Price (Cai Ku [2001] No. 12) jointly issued by the Ministry of Finance, the People's Bank of China and the China Securities Regulatory Commission, relevant issues concerning transaction of the discounted zero-coupon treasury bonds on the basis of clean price are hereby notified as follows:

    为完善国债净价交易制度,便于短期国债定期滚动发行,依照财政部、中国人民银行、中国证监会联合印发的《关于试行国债净价交易有关事宜的通知》(财库〔2001〕12号)有关规定,现就贴现发行的零息国债净价交易有关事宜通知如下:

1. Method for calculating the accrued interest

The accrued interest of the discount zero-coupon treasury bonds shall be calculated on the basis of the actual days:

Accrued interest = (due amount repaid-issue price)/days from value date to expiry date × days from value date to settlement date

The accrued interest, the due amount repaid and the issue price shall be indicated with the unit of RMB 100.

       一、应计利息额计算方法

    贴现发行的零息国债应计利息额采用实际天数法计算:

    应计利息额=到期兑付额-发行价格起息日至到期日的天数×起息日至结算日的天数

    其中，应计利息额、到期兑付额和发行价格均按壹百元人民币为单位表示。

2. Specific time for implementation

Where the discount zero-coupon treasury bonds are transacted on the basis of clean price, the issuing system, trading system, settlement system and relevant auxiliary systems shall be altered accordingly. All relevant entities shall make technical preparations and system debugging as soon as possible and carry out transactions of the discount zero-coupon treasury bonds on the basis of clean price prior to August 2007.

       二、具体实施时间

    贴现发行的零息国债实行净价交易,需要对发行系统、交易系统、结算系统以及有关辅助系统进行改造。各有关单位应尽快做好相关技术准备和系统调试工作,并在2007年8月份以前对贴现发行的零息国债实施净价交易。

3. The matters not covered herein shall be governed by the Notice on Relevant Issues Concerning the Trial Implementation of Treasury Bonds Transaction on the Basis of Clean Price (Cai Ku [2001] No. 12).

       三、本通知未尽事宜,依照《关于试行国债净价交易有关事宜的通知》(财库〔2001〕12号)执行。

This Notice is hereby notified.

    特此通知。