| Treaty for the Establishment of a BRICS Contingent Reserve Arrangement | | 关于建立金砖国家应急储备安排的条约 |
| July 15, 2014 | | （2014年7月15日） |
| This BRICS Contingent Reserve Arrangement ("CRA") is between the Federative Republic of Brazil ("Brazil"), the Russian Federation ("Russia"), the Republic of India ("India"), the People's Republic of China ("China") and the Republic of South Africa ("South Africa") (henceforth referred to, individually, as "Party", and collectively, as the "Parties"). | | 金砖国家应急储备安排由巴西联邦共和国（以下简称巴西）、俄罗斯联邦（以下简称俄罗斯）、印度共和国（以下简称印度）、中华人民共和国（以下简称中国）和南非共和国（以下简称南非）共同成立（以下单称一方，统称各方）。 |
| WHEREAS, the Parties agree to establish a self-managed contingent reserve arrangement to forestall short-term balance of payments pressures, provide mutual support and further strengthen financial stability. | | 鉴于各方同意建立一个自我管理的应急储备安排以应对短期国际收支压力，提供相互支持，并进一步加强金融稳定； |
| WHEREAS, the Parties agree that this contingent reserve arrangement shall contribute to strengthening the global financial safety net and complement existing international monetary and financial arrangements. | | 鉴于各方同意应急储备安排将为补充现有的国际货币和金融安排、加强全球金融安全网做出贡献； |
| THEREFORE, this Treaty sets out the terms and conditions of such contingent reserve arrangement, as follows: | | 因此，本条约规定应急储备安排的具体条款如下： |
| Article 1 - Objective | | 第一条 目标 |
| The CRA is a framework for the provision of support through liquidity and precautionary instruments in response to actual or potential short-term balance of payments pressures. | | 应急储备安排是通过流动性工具和预防性工具提供支持的一个框架，以应对实际或潜在的短期国际收支压力。 |
| Article 2 - Size and Individual Commitments | | 第二条 规模与各方出资承诺 |
| a. The initial total committed resources of the CRA shall be one hundred billion dollars of the United States of America (USD 100 billion), with individual commitments as follows: | | 一、应急储备安排的初始承诺资金总规模为1000亿美元，各方承诺出资额如下： |
| i. China – USD 41 billion | | （一）中国410亿美元； |
| ii. Brazil – USD 18 billion | | （二）巴西180亿美元； |
| iii. Russia – USD 18 billion | | （三）俄罗斯180亿美元； |
| iv. India – USD 18 billion | | （四）印度180亿美元； |
| v. South Africa – USD 5 billion | | （五）南非50亿美元。 |
| b. The Parties shall be entitled to make a request to access committed resources at any time. Until such time as one of the Parties (the "Requesting Party") makes such a request and that request is acceded to by the other Parties (the "Providing Parties") and effected through a currency swap, each Party shall retain full ownership rights in and possession of the resources that it commits to the CRA. While commitments shall not involve outright transfers of funds, committed resources shall be made available for any eligible request. | | 二、各方有权随时申请获得应急储备安排下的资金。在一方（申请方） 提出借款申请且该申请经其他方（提供方）批准并以货币互换的方式生效前，各方对其在应急储备安排下所承诺的资金仍有全部所有权和掌控权。尽管承诺不涉及直接的资金转移，但一旦有符合条件的借款申请，各方应能提供已承诺的资金。 |
| Article 3 - Governance and Decision-Making | | 第三条 治理与决策 |
| a. Governance of the CRA shall be constituted by a Council of CRA Governors (the "Governing Council") and a Standing Committee. | | 一、应急储备安排的治理结构由部长理事会（以下简称理事会）及常务委员会组成。 |
| b. The Governing Council shall comprise one Governor and one Alternate Governor appointed by each Party. Governors must be a Finance Minister, Central Bank Governor, or hold an equivalent post. The Governing Council shall take decisions by consensus and shall be responsible for high level and strategic decisions of the CRA. It is hereby authorized to: | | 二、理事会应由各方任命的一名理事和一名副理事组成。理事必须由财长、中央银行行长或拥有相当职权者担任。理事会应以共识方式做出有关应急储备安排的高级别决策和战略性决策。理事会有权： |
| i. Review and modify the size of the committed resources of the CRA as well as approve changes in the size of individual commitments; | | （一）审议、修改应急储备安排的承诺资金规模并批准各方承诺资金额的变更； |
| ii. Approve the entry of new countries as Parties to the CRA; | | （二）批准新成员加入应急储备安排； |
| iii. Review and modify the CRA's instruments; | | （三）审议和修改应急储备安排的工具； |
| iv. Review and modify the framework for maturities, number of renewals, interest rates, spreads, and fees; | | （四）审议和修改期限、展期次数、利率、利差和费用的框架； |
| v. Review and modify the preconditions for drawings and renewals; | | （五）审议和修改提款和展期的条件； |
| vi. Review and modify the provisions concerning default and sanctions; | | （六）审议和修改有关违约和制裁的规定； |
| vii. Review and modify the provisions concerning access limits and multipliers; | | （七）审议和修改有关最大借款额和借款倍数的规定； |
| viii. Review and modify the percentage of access de-linked from IMF arrangements; | | （八）审议和修改最大借款额中与国际货币基金组织贷款安排的脱钩比例； |
| ix. Decide upon the creation of a permanent secretariat or the establishment of a dedicated surveillance unit; | | （九）决定创立永久秘书处或专门的监督小组； |
| x. Approve its own procedural rules; | | （十）批准其自身程序规则； |
| xi. Review and modify the rules pertaining to the appointment and functions of the coordinator for the Governing Council and the Standing Committee; | | （十一）审议和修改有关理事会和常务委员会协调国的任命规则及其职责； |
| xii. Review and modify voting power and decision rules of the Standing Committee; | | （十二）审议和修改常务委员会的投票权及决策规则； |
| xiii. Review and modify the authority and functions of the Standing Committee; | | （十三）审议和修改常务委员会的权限和职责； |
| xiv. Approve the procedural rules concerning the functioning of the Standing Committee; | | （十四）批准有关常务委员会运作的程序规则； |
| xv. Decide upon any other issues not specifically attributed to the Standing Committee. | | （十五）决定其他未明确由常务委员会负责的事项。 |
| c. The Standing Committee shall be responsible for the executive level and operational decisions of the CRA and shall comprise one Director and one Alternate Director appointed by each Party; these shall be appointed from central bank officials unless decided otherwise by the respective Party. It is hereby authorized to: | | 三、常务委员会负责应急储备安排的行政性和操作性决策，应由各方指定一名董事和一名副董事组成；除非各方另有规定，常务委员会成员应从中央银行官员中选派。常务委员会有权： |
| i. Prepare and submit to the Governing Council its own procedural rules; | | （一）制订其自身程序规则并提交理事会审议； |
| ii. Approve requests for support through the liquidity or precautionary instruments; | | （二）批准通过流动性工具或预防性工具获得支持的申请； |
| iii. Approve requests for renewals of support through the liquidity or precautionary instruments; | | （三）批准通过展期流动性工具或预防性工具获得支持的申请； |
| iv. Approve operational procedures for the liquidity and precautionary instruments; | | （四）批准流动性工具和预防性工具的操作程序； |
| v. In exceptional circumstances, determine the waiver of conditions of approval, safeguards and required documents under this Treaty; | | （五）在特殊情况下决定豁免本条约下规定的审批条件、安全保障以及所需要的文件； |
| vi. Approve a Party's encashment request; | | （六）批准一方提前赎回的申请； |
| vii. Decide whether to impose sanctions in case of a breach of this Treaty; | | （七）决定是否在违反本条约时实施制裁； |
| viii. Carry out other functions attributed to it by the Governing Council. | | （八）执行理事会赋予的其他职能。 |
| d. As a matter of principle, the Standing Committee shall strive for consensus on all matters. The decisions of the Standing Committee pertaining to items C.ii and C.iii shall be taken by simple majority of weighted voting of Providing Parties. The decisions pertaining to items C.v, C.vi and C.vii shall be taken by consensus of the Providing Parties. All other decisions of the Standing Committee shall be taken by consensus. | | 四、作为一条原则，常务委员会应努力争取在所有事项上达成共识。常务委员会就本条第三款第二项和第三项应以提供方的加权票简单多数做出决定，就第三款第五项至第七项应以提供方共识方式做出决定。其他事项应以常务委员会共识方式决定。 |
| e. Whenever a decision is taken by weighted voting, the weight attributed to each Party's vote shall be determined as follows: | | 五、当以投票做出决策时，各方投票权应按以下规则确定： |
| (i) 5 percent of total voting power shall be equally distributed among the Parties; and | | （一）5%的总投票权将在各方平均分配； |
| (ii) the remainder shall be distributed among the Parties according to the relative size of individual commitments. | | （二）余下部分将按各方承诺出资额相对规模分配。 |
| Article 4 - Instruments | | 第四条 工具 |
| The CRA shall include the following instruments: | | 应急储备安排应包括以下工具： |
| i. A liquidity instrument to provide support in response to short-term balance of payments pressures. | | 一、流动性工具，针对短期国际收支压力提供支持。 |
| ii. A precautionary instrument committing to provide support in light of potential short-term balance of payments pressures. | | 二、预防性工具，针对潜在的短期国际收支压力承诺提供支持。 |
| Article 5 - Access Limits and Multipliers | | 第五条 最大借款额与借款倍数 |
| a. The Parties shall be able to access resources subject to maximum access limits equal to a multiple of each Party's individual commitment set forth as follows: | | 一、各方可以最大借款额为限获得资金，最大借款额等于一国承诺出资额的倍数，各方借款倍数如下： |
| i. China shall have a multiplier of 0.5 | | （一）中国为0.5； |
| ii. Brazil shall have a multiplier of 1 | | （二）巴西为1； |
| iii. Russia shall have a multiplier of 1 | | （三）俄罗斯为1； |
| iv. India shall have a multiplier of 1 | | （四）印度为1； |
| v. South Africa shall have a multiplier of 2 | | （五）南非为2。 |
| b. The total amount available under both the precautionary and the liquidity instruments shall not exceed the maximum access for each Party. | | 二、各方在预防性工具和流动性工具下可获得的资金总和不得超过其最大借款额。 |
| c. A portion (the "De-linked portion"), equal to 30 percent of the maximum access for each Party, shall be available subject only to the agreement of the Providing Parties, which shall be granted whenever the Requesting Party meets the conditions stipulated in Article 14 of this Treaty. | | 三、部分借款（脱钩部分），相当于各方最大借款额的30%，只要申请方满足本条约第十四条规定的条件，并经提供方同意即可获得。 |
| d. A portion (the "IMF-linked portion"), consisting of the remaining 70 percent of the maximum access, shall be available to the Requesting Party, subject to both: | | 四、部分借款（与国际货币基金组织贷款挂钩部分），相当于最大借款额的70%，申请方需满足以下两个条件方可获得： |
| i. The agreement of the Providing Parties, which shall be granted whenever the Requesting Party meets the conditions stipulated in Article 14, and; | | （一）申请方需满足本条约第十四条规定的条件并经提供方同意； |
| ii. Evidence of the existence of an on-track arrangement between the IMF and the Requesting Party that involves a commitment of the IMF to provide financing to the Requesting Party based on conditionality, and the compliance of the Requesting Party with the terms and conditions of the arrangement. | | （二）有证据表明申请方与国际货币基金组织之间有正常运行的贷款安排，即国际货币基金组织承诺根据贷款条件向申请方提供资金，且申请方严格遵守该贷款安排的各项条款。 |
| e. Both instruments defined in Article 4 shall have IMF-linked and De-linked portions. | | 五、本条约第四条规定的两类工具均包括与国际货币基金组织贷款挂钩部分和脱钩部分。 |
| f. If a Requesting Party has an on-track arrangement with the IMF, it shall be able to access up to 100 percent of its maximum access limit, subject to the provisions under paragraph (d) above. | | 六、若申请方与国际货币基金组织之间有正常运行的贷款安排，根据本条第四款规定，应可具有100%的最大借款额。 |
| Article 6 - Inter-central Bank Agreement | | 第六条 中央银行间协议 |
| In order to carry out the transactions under the liquidity and precautionary instruments mentioned in Article 1, the Central Bank of Brazil, the Central Bank of the Russian Federation, the Reserve Bank of India, the People's Bank of China and the South African Reserve Bank shall enter into an inter-central bank agreement setting out the required operational procedures and guidelines. | | 为执行本条约第一条所提的流动性工具和预防性工具下交易，巴西中央银行、俄罗斯联邦中央银行、印度储备银行、中国人民银行和南非储备银行将签订一份中央银行间协议，规定必要的操作程序和指引。 |
| Article 7 - Currency Swaps | | 第七条 货币互换 |
| A Party may request support through one of the instruments specified in Article 4 according to the procedures established by the Standing Committee in accordance with Article 13 of this Treaty. Provision of USD to the Requesting Party shall be effected through currency swaps carried out between the Parties' central banks on the basis of common operational procedures to be defined by the Standing Committee in accordance with Article 3.C.iv and the inter-central bank agreement, entered into pursuant to Article 6. | | 一方可按照常务委员会根据本条约第十三条确定的程序，申请本条约第四条中规定的某一类工具支持。向申请方提供美元资金应以货币互换方式在各方中央银行间进行。货币互换的操作程序由常务委员会根据本条约第三条第三款第四项以及依据本条约第六条签订的中央银行间协议确定。 |
| Article 8 - Definitions | | 第八条 定义 |
| The following terms shall have the respective meanings specified in this Article: | | 本条约中出现的一些专有名词定义如下： |
| "Requesting Party Currency" shall mean the currency of the Party that requests to draw funds through a currency swap; | | “申请方货币”是指请求通过货币互换提取资金的一方的法定货币。 |
| "Swap Transaction" shall mean a transaction between the Requesting Party's central bank and a Providing Party's central bank by which the Requesting Party's central bank purchases US dollars (USD) from the Providing Party's central bank in exchange for the Requesting Party Currency, and repurchases on a later date the Requesting Party Currency in exchange for USD; | | “互换交易”是指申请方中央银行和提供方中央银行之间的交易。在交易中，申请方中央银行用申请方货币从提供方中央银行购买美元，并在未来某一日期用美元回购申请方货币。 |
| "Drawing" shall mean the purchase, at the Value Date (defined below), of USD by the Requesting Party's central bank; | | “提款”是指申请方中央银行在起息日（定义见下文）购买美元。 |
| "De-linked Drawing" shall mean a Drawing by the central bank of a Party that is not engaged in an IMF arrangement; | | “脱钩部分提款”是指一方的中央银行在没有国际货币基金组织贷款安排的情况下提款。 |
| "IMF-linked Drawing" shall mean a Drawing by the central bank of a Party that is engaged in an IMF arrangement; | | “国际货币基金组织贷款挂钩部分提款”是指一方的中央银行在有国际货币基金组织贷款安排的情况下提款。 |
| "Business Day" shall mean any day on which markets are open for business in all financial centers needed for the swap transactions to take place; | | “工作日”是指完成互换交易所需的所有金融中心金融市场对外营业的任何一天。 |
| "Trade Date" of a Drawing or renewal of Drawing shall mean the date in which the spot market exchange rate for the Drawing or renewal of Drawing is established; | | “提款或提款展期的交易日”是指提款或展期时确定即期市场汇率的当日。 |
"Value Date" of a Drawing or renewal of Drawing shall mean the date the Requesting and Providing Parties' central banks credit each other's accounts. The Value Date shall be the second Business Day after the Trade Date;
．．．．．． | | “提款或提款展期的起息日”是指申请方中央银行和提供方中央银行相互贷记对方账户的日期。起息日应为交易日后的第二个工作日。
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