Announcement [2011] No. 6 of the People’s Bank of China and the Ministry of Finance

中国人民银行、财政部公告〔2011〕第6号

Promulgating Institution: The People's Bank of China; Ministry of Finance

Document Number: Announcement [2011] No. 6 of the People’s Bank of China and the Ministry of Finance

Promulgating Date: 04/15/2011

Effective Date: 06/01/2011

颁布机关: 中国人民银行; 财政部  

文      号: 中国人民银行、财政部公告[2011]第6号  

颁布时间: 04/15/2011  

实施时间: 06/01/2011

In order to further improve the market price discovery mechanism and promote the sound development of the bond market, matters related to newly issued key term treasury bonds are hereby announced as follows in accordance with the Law of the People's Republic of China on People's Bank of China, the Provisions on the Administration of Market Makers in the National Interbank Bond Market (promulgated under the Announcement [2007] No. 1 of the People's Bank of China), and other relevant laws and regulations:

    为进一步完善市场价格发现机制,推动债券市场健康发展,根据《中华人民共和国中国人民银行法》、《全国银行间债券市场做市商管理规定》(中国人民银行公告〔2007〕第1号公布)等有关法律法规,现就新发关键期限国债做市有关事宜公告如下:

1. For the purposes of this Announcement, "newly issued key term treasury bonds" shall mean key term treasury bonds among the newly issued book-entry and interest-bearing treasury bonds, excluding those non-key term treasury bonds and book-entry discount treasury bonds among the book-entry and interest-bearing treasury bonds.

       一、本公告所称新发关键期限国债是指新近发行的记账式附息国债中的关键期限国债,不包括记账式附息国债中的非关键期限国债和记账式贴现国债。

2. Market makers in the national interbank bond market (hereinafter referred to as "market makers") shall make markets for at least four key terms of newly issued treasury bonds among the five key terms, namely, the one-year term, three–year term, five–year term, seven-year term, and ten–year term; and select at least one treasury bond among the four treasury bonds which are newly issued recently for each key term to make a market therefor.

       二、全国银行间债券市场做市商(以下简称做市商)应当对1年、3年、5年、7年和10年5个关键期限中至少4个关键期限的新发国债进行做市,并且在每个关键期限最近新发的4只国债中至少选择1只进行做市。

3. With respect to newly issued key term treasury bonds, the nominal value of the minimum quotation quantity for a bond class shall be RMB 10 million for each transaction.

       三、新发关键期限国债做市券种单笔最小报价数量为面值1000万元人民币。

4. A market maker shall not change the bond class on the day when it determines to use the bond class for the newly issued key term treasury bonds, and shall provide bilateral quotation consecutively for the bond class to be used for the market making. The cumulative time for bilateral quotation shall not be less than four hours, and the quotation shall be made within 30 minutes after the market opening.

       四、做市商确定新发关键期限国债券种之后,当日不能变更,并且应当对所选定的做市券种进行连续双边报价,双边报价累计时间不能少于4小时,并且在开盘后30分钟内报价。

5. Market makers shall actively carry out market making business and perform the relevant duties in accordance with this Announcement and the Provisions on the Administration of Market Makers in the National Interbank Bond Market.

       五、做市商应当根据本公告和《全国银行间债券市场做市商管理规定》,积极开展做市业务,履行相关义务。

6. The People's Bank of China and the Ministry of Finance shall provide the relevant supporting measures to the market makers in respect of market making for newly issued key term treasury bonds.

       六、中国人民银行、财政部将为做市商对新发关键期限国债做市提供相关支持措施。

7. The National Interbank Funding Center shall further improve the trading system so as to facilitate the market makers' market making activities for newly issued key term treasury bonds.

       七、全国银行间同业拆借中心应当进一步完善交易系统,为做市商对新发关键期限国债做市提供便利。

8. The People's Bank of China shall further improve the evaluation indicator system for market makers, and carry out adjustments to market makers in light of appraisal and evaluation results.

       八、中国人民银行将进一步推动做市商评价指标体系的完善,并根据考评情况对做市商进行调整。

9. This Announcement shall take effect on June 1, 2011.

The People's Bank of China

Ministry of Finance

April 15, 2011

       九、本公告自2011年6月1日起施行。

    中国人民银行

    财政部

    二〇一一年四月十五日