Interim Measures for the Administration of Central Treasury Cash

中央国库现金管理暂行办法

 

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

Document Number:Cai Ku [2006] No. 37

Promulgating Date:05/26/2006

Effective Date:01/01/2006

颁布机关:财政部; 中国人民银行

文      号:财库[2006]37号

颁布时间:05/26/2006

实施时间:01/01/2006

 

Chapter 1: General Provisions

第一章  总则

  Article 1   These Measures are formulated in accordance with relevant provisions of the Budget Law of the People's Republic of China, the Regulations of the People's Republic of China on the State Treasury in order to deepen the reform of the financial management system of the State Treasury, regulate the management of central treasury cash, improve the utilization efficiency of the central treasury cash, and strengthen coordination and cooperation of financial policies and monetary policies.

       第一条  为深化财政国库管理制度改革,规范中央国库现金管理行为,提高国库现金的使用效益,并加强财政政策与货币政策的协调配合,根据《中华人民共和国预算法》、《中华人民共和国国家金库条例》等有关规定,制定本办法。

  Article 2   For the purposes of these Measures, the "central treasury cash" shall mean the current deposits of the Ministry of Finance in the State Treasury.

The management of central treasury cash (hereinafter referred to as "treasury cash management") shall mean a series of financial management behaviors targeted to minimizing the balance of the treasury cash and maximizing investment incomes under the precondition to ensure the demands of central fiscal treasury payment.

       第二条  本办法所称中央国库现金,是指财政部在中央总金库的活期存款。

    中央国库现金管理(以下简称国库现金管理),是指在确保中央财政国库支付需要前提下,以实现国库现金余额最小化和投资收益最大化为目标的一系列财政管理活动。

  Article 3   The treasury cash management shall follow the principle of unification of safety, fluidity and profitability, and shall be carried out in a from-simple-to-complicated manner and following the principle of steady and orderly development.

       第三条  国库现金管理遵循安全性、流动性和收益性相统一的原则,从易到难、稳妥有序地开展。

  Article 4   The operation modes of the treasury cash management include fixed deposits in commercial banks, government bond buyback, government bond repurchase and reverse repurchase; While fixed deposits at commercial banks and government bond buyback are two major modes adopted at the initial phase of the treasury cash management.

       第四条  国库现金管理的操作方式包括商业银行定期存款、买回国债、国债回购和逆回购等。在国库现金管理初期,主要实施商业银行定期存款和买回国债两种操作方式。

  Article 5   The Ministry of Finance shall carry out treasury cash management in conjunction with the People's Bank of China.

The Ministry of Finance shall take main responsibility of treasury cash forecasting and formulation of operational planning based on the forecasting results, while the People's Bank of China shall take main responsibility of supervising money market conditions. The Ministry of Finance shall sign and issue operation instruction after consultation with the People's Bank, and the Peoples' Bank of China shall be responsible for performing the specific operation.

       第五条  财政部会同中国人民银行开展国库现金管理工作。

    财政部主要负责国库现金预测并根据预测结果制定操作规划,中国人民银行主要负责监测货币市场情况,财政部与中国人民银行协商后签发操作指令;中国人民银行进行具体操作。

  Article 6   The Ministry of Finance and the People's Bank of China shall, under the precondition of making clear the division of relevant responsibilities, establish a necessary coordination mechanism, including a system of quarterly and monthly regular meeting, and necessary communications prior to operation of each issue.

       第六条  财政部、中国人民银行在明确相关职责分工的前提下,建立必要的协调机制,包括季度、月度例会制度以及在每期操作之前进行必要的沟通。

Chapter 2: Operation of Commercial Bank Fixed Deposit

第二章  商业银行定期存款操作

  Article 7  For the purposes of these Measures, "fixed deposits at commercial banks" shall mean the trading behaviors that the treasury cash is deposited in commercial banks which obtain deposits with the government bond as collateral and pay interest to the Ministry of Finance.

The deposit term for the fixed deposits at commercial banks shall be in general within one year (including one year).

       第七条  本办法所称商业银行定期存款,是指将国库现金存放在商业银行,商业银行以国债为质押获得存款并向财政部支付利息的交易行为。

    商业银行定期存款期限一般在1年(含1年)以内。

  Article 8   Fixed deposits of treasury cash management shall, through the "business system of fixed deposits of commercial banks for central treasury cash management", be operated by public bidding to the government bond underwriting syndicate and the head offices of commercial banks among the primary dealers of the open market operations.

       第八条  国库现金管理定期存款操作通过中国人民银行“中央国库现金管理商业银行定期存款业务系统”,面向国债承销团和公开市场业务一级交易商中的商业银行总行公开招标进行。

  Article 9   Prior to the commercial bank fixed deposit bidding of each issue, the Ministry of Finance shall, based on the plan drafted at the monthly regular meeting and through consultation with the People's Bank of China, issue operation directives stating such factors as bidding mode, bidding time, bidding amount and deposit term.

The People's Bank of China shall, in accordance with the operation directives of the Ministry of Finance, release the bidding information to the society in the name of the "Central Treasury Cash Management Office" three working days prior to the bidding date.

       第九条  每期商业银行定期存款招标前,财政部依据月度例会拟定的计划,经与中国人民银行协商后签发操作指令,操作指令包括招标方式、招标时间、招标金额、存款期限等要素。

    中国人民银行于招标日的三个工作日前,按照财政部操作指令以“中央国库现金管理操作室”名义向社会发布招标信息。

  Article 10   On the same day of the completion of the commercial bank fixed deposit bidding, the People's Bank of China shall, in the name of the "Central Treasury Cash Management Office", publicize the bidding results confirmed by the Ministry of Finance and the People's Republic of China to the public, including total bidding amount, bid winners' rate, actual deposit amount, etc.

       第十条  商业银行定期存款招标结束当日,中国人民银行以“中央国库现金管理操作室”名义向社会公布经财政部、中国人民银行确认的招标结果,包括总投标金额、中标利率、实际存款额等。

  Article 11   For the purpose of ensuring the safety of the central treasury cash, the treasury cash management deposit bank ("hereinafter referred to as "deposit bank") must take negotiable treasury bonds as collateral when receiving the treasury deposits, and the face value denomination of government bond under pledge shall be 120% of the deposit amount. The Ministry of Finance may, jointly with the People's Bank of China, adjust the pledge proportion according to the changes of the bond market.

       第十一条  为保证中央国库现金安全,国库现金管理存款银行(以下简称存款银行)在接受国库存款时,必须以可流通国债现券作为质押,质押国债的面值数额为存款金额的120%.财政部会同中国人民银行可根据债券市场的变化情况调整质押比例。

  Article 12   The Ministry of Finance shall issue the "telegraphic transfer receipt for central budget appropriation" according to the bidding results of treasury cash fixed deposit and such receipt shall be the appropriation directive.

The People's Bank of China shall, on the following working day of the bidding, and after the freezing sufficient amount of the government bond employed by the deposit bank as pledge, pay the bond buyback fund to the deposit bank according to the appropriation directive.

       第十二条  财政部依据国库现金定期存款招标结果,向中国人民银行开具“中央预算拨款电汇凭证”,该凭证为划款指令。

    中国人民银行于招标次一工作日,在足额冻结存款银行用于质押的国债后,根据划款指令向存款银行划拨资金。

  Article 13   After fund appropriation to the deposit bank, the People's Bank of China shall be responsible for providing the Ministry of Finance with the deposit certificate stating such factors as name of the deposit bank, deposit amount, interest rate and term.

       第十三条  中国人民银行向存款银行划拨资金后,负责向财政部提供存款证明,存款证明应当记录存款银行名称、存款金额、利率以及期限等要素。

  Article 14   Within the term of commercial bank fixed deposit of the treasury cash, the People's Bank of China shall regularly monitor the market value changes of the government bond under pledge of the deposit bank, and urge the deposit bank to ensure sufficient pledge amount.

       第十四条  在国库现金商业银行定期存款期限内,中国人民银行定期监测存款银行质押国债的市值变化,督促存款银行确保质押足额。

  Article 15   After the commercial bank fixed deposit of the treasury cash becomes mature, the deposit bank shall transfer the principal and interest of the deposit to the State treasury as agreed. When the amount is paid, the deposit certificate shall become null and void and the government bond pledged by the deposit bank shall be unfrozen accordingly.

Where the deposit bank fails to transfer in sufficient amount the principal and interest of fixed deposit that has become mature, the People's Bank of China may urge the deposit bank to pay principal and interest balance, and at the same time, collect penalty interest from such bank.

       第十五条  国库现金商业银行定期存款到期后,存款银行应按照约定将存款本息划入中央总金库,款项入库时,存款证明自动失效,同时,存款银行质押的国债相应解冻。

    存款银行未将到期定期存款本息足额划入中央总金库的,中国人民银行在催缴差额本息款项的同时,对存款银行收取罚息。

  Article 16   The Ministry of Finance and the People's Bank of China shall sign an annual master agreement on the commercial bank fixed deposit of treasury cash management with the relevant deposit bank, further defining rights and responsibilities of each party.

       第十六条  财政部、中国人民银行与存款银行签定国库现金管理商业银行定期存款年度主协议,进一步明确各方的权利和义务。

  Article 17   Unless otherwise stipulated by laws and regulations, no unit may deduct or freeze the commercial bank fixed deposit of treasury cash.

       第十七条  除法律法规另有规定外,任何单位不得扣划、冻结国库现金商业银行定期存款。

Chapter 3: Government Bond Buyback Operation

第三章  买回国债操作

  Article 18   For the purposes of these Measures, "government bond buyback" shall mean the trading behaviors of the Ministry of Finance using the treasury cash to buy back the immature negotiable government bonds and writing-off or holding them till the maturity.

       第十八条  本办法所称买回国债,是指财政部利用国库现金从国债市场买回未到期的可流通国债并予以注销或持有到期的交易行为。

  Article 19   Government bond buyback shall be operated by the Ministry of Finance through public bidding to the book-entry government bond underwriting syndicate.

The supervisor of the People's Bank of China shall supervise at the bidding site.

       第十九条  买回国债操作由财政部通过公开招标的方式面向记账式国债承销团公开进行。

    中国人民银行观察员在招标现场观察。

  Article 20   In the case of public bidding of government bond buyback of each issue, the Ministry of Finance shall publish bidding information to the public, including such factors as bidding mode, bidding time, time limit for government bond buyback and bond type.

       第二十条  每期买回国债招标,财政部提前五个工作日向社会发布招标信息,包括招标方式、招标时间、买回国债的期限、品种等要素。

  Article 21   On the date of completion of bond buyback bidding, the Ministry of Finance shall make an announcement to the public on the bidding result confirmed by the Ministry of Finance and the People's of China, including total bidding amount, government bond buyback price, actual buyback amount, etc.

       第二十一条  买回国债招标结束当日,财政部向社会公布经财政部、中国人民银行确认的招标结果,包括总投标额、买回国债价格、实际买回额等。

  Article 22   The Ministry of Finance shall, according to the bidding results of government bond buyback and the information on successful freezing of the government bond bought back, provided by the China Government Securities Depository Trust & Clearing Co. Ltd. (hereinafter referred to as "CDC"), issue the "telegraphic transfer receipt for central budget appropriation" and such receipt shall be the appropriation directive.

The People's Bank of China shall, on the working day following the bidding, and according to the appropriation directive, pay the bond buyback funds to the member of the book-entry government bond underwriting syndicate.

       第二十二条  财政部依据买回国债招标结果,以及中央国债登记结算有限责任公司(以下简称中央国债公司)对买回国债的冻结成功信息,向中国人民银行开具“中央预算拨款电汇凭证”,该凭证为划款指令。

    中国人民银行于招标次一工作日,根据划款指令向记账式国债承销团成员支付买回国债资金。

  Article 23   The Ministry of Finance shall open a Class B bond account at the CDC for keeping records of the credit of the government bonds bought back. The Ministry of Finance shall possess the title to the credit of such bonds after the government bond fund is paid, and shall write off or continue to hold such bonds as required.

       第二十三条  财政部在中央国债公司设立乙类债券账户,用于记录买回国债的债权。财政部交付买回国债资金后,即拥有买回国债的债权,并根据需要注销或继续持有买回国债。

  Article 24   The government bond buyback operation shall be implemented following the principle of reasonable type and structure, as well as appropriated scale, so as to facilitate the stable development of the government bond market.

       第二十四条  买回国债操作应按照品种结构合理、规模适当的原则进行,以有利于国债市场稳定发展。

Chapter 4: Supervision and Examination

第四章  监督检查

  Article 25   The Ministry of Finance and the People's Bank of China shall be responsible for supervising and examining the market institutions participating in the treasury cash management.

       第二十五条  财政部、中国人民银行负责对市场机构参与国库现金管理活动进行监督检查。

  Article 26   In the case that the deposit bank has the following behaviors during the commercial bank fixed deposit operation, the Ministry of Finance shall, jointly with the People's Bank of China, give warning, persuade such bank to quit and even terminate the relationship of commercial bank fixed deposit agreement of treasury cash management in light of the seriousness of the consequence.

(1) Involving in serious infractions or deterioration in financial status;

(2) Involving major improper bidding activities;

(3) Failure to provide sufficient amount of government bond under pledge in line with provisions;

(4) Failure to turn over the principal and interest of the deposits due to the State treasury; and

(5) Other behaviors impairing the treasury fund security.

       第二十六条  在商业银行定期存款操作中,存款银行出现以下行为,财政部将会同中国人民银行根据后果严重程度,给予警告、劝退、直至解除国库现金管理商业银行定期存款协议关系。

    (一)出现重大违法违规情况或财务恶化;

    (二)进行严重不正当投标;

    (三)不能按照规定提供足额的质押国债;

    (四)不能及时将到期存款本息足额缴入国库;

    (五)其它妨害国库资金安全的行为。

  Article 27   If a member of the book-entry government bond underwriting syndicate involves the following behaviors during the government bond buyback operation, the Ministry of Finance and the People's Bank of China shall, according to the seriousness of the consequences, give warning, persuade such member to quit or even terminate the relationship of book-entry government bond underwriting agreement:

(1) The behaviors as stated in Items (1), (2) and (5) of Article 26 of these Measures; and

(2) Failure to deliver on schedule the Ministry of Finance with the sufficient amount of government bond sold.

       第二十七条  在买回国债操作中,记账式国债承销团成员出现以下行为,财政部将会同中国人民银行根据后果严重程度,给予警告、劝退、直至解除记账式国债承销协议关系:

    (一)本办法第二十六条规定的(一)、(二)及(五)款行为;

    (二)不能按时足额向财政部交付卖出的国债额度。

Chapter 5: Supplementary Provisions

第五章  附则

  Article 28   The market institutions participating in the treasury cash management operation must reserve specimen signatures at the Ministry of Finance.

       第二十八条  参与国库现金管理操作的市场机构须在财政部预留印鉴。

  Article 29   With respect to the accounting treatment involved in the treasure cash management operation, the relevant prevailing provisions and procedures shall continue to apply.

       第二十九条  国库现金管理操作涉及的账务处理,继续按照现行有关规定和程序执行。

  Article 30   The repurchase and reverse repurchase of government bonds, as well as other operation modes of treasury cash management shall be separately stipulated.

       第三十条  国债回购、逆回购等其它国库现金管理操作方式另行规定。

  Article 31   The Ministry of Finance shall, in conjunction with the People's Bank of China, be responsible for the interpretation of these Measures.

       第三十一条  本办法由财政部会同中国人民银行解释。

  Article 32   These Measures shall take effect from January 1, 2006.

       第三十二条  本办法自2006年1月1日起施行。