| Announcement of the People's Bank of China | | 中国人民银行公告 |
| (No. 18 [2017]) | | （〔2017〕第18号） |
| For the purposes of regulating the automatic pledge financing business, enhancing the payment and clearing efficiency, and preventing payment and clearing risks, the People's Bank of China (“PBC”) has developed the Measures of the People's Bank of China for the Administration of the Automatic Pledge Financing Business, which are hereby issued and shall come into force on January 29, 2018. The Interim Measures of the People's Bank of China for the Administration of the Automatic Pledge Financing Business (Announcement No. 25 [2005], PBC) shall be repealed concurrently. | | 为规范自动质押融资业务，提高支付清算效率，防范支付清算风险，中国人民银行制定了《中国人民银行自动质押融资业务管理办法》，现予公布，自2018年1月29日起施行。《中国人民银行自动质押融资业务管理暂行办法》（中国人民银行公告〔2005〕第25号）同时废止。 |
| People's Bank of China | | 中国人民银行 |
| December 13, 2017 | | 2017年12月13日 |
| Measures of the People's Bank of China for the Administration of the Automatic Pledge Financing Business | | 中国人民银行自动质押融资业务管理办法 |
Article 1 For the purposes of regulating the automatic pledge financing business, enhancing the payment and clearing efficiency, and preventing payment and clearing risks, these Measures are developed in accordance with the Law of the People's Republic of China on the People's Bank of China | | 第一条 为规范自动质押融资业务，提高支付清算效率，防范支付清算风险，根据《中华人民共和国中国人民银行法》及相关法律法规，制定本办法。 |
| Article 2 For the purposes of these Measures, “automatic pledge financing business” means the activity in which a member institution pledges its bonds and borrows funds from the PBC through the automatic pledge financing system when its daytime position of the clearing account is insufficient for clearing, and the pledge of bonds will be automatically released when the funds are repaid. | | 第二条 本办法所称自动质押融资业务，是指成员机构清算账户日间头寸不足清算时，通过自动质押融资业务系统向人民银行质押债券融入资金，待资金归还后自动解押债券的行为。 |
| Article 3 For the purposes of these Measures, “member institutions” means the deposit taking corporate financial institutions that are legally formed within the territory of the People's Republic of China and handle the automatic pledge financing business, and other corporate financial institutions recognized by the PBC. | | 第三条 本办法所称成员机构，是指在中华人民共和国境内依法设立并办理自动质押融资业务的存款类金融机构法人，以及人民银行认可的其他金融机构法人。 |
| Article 4 For the purposes of these Measures, the “automatic pledge financing business system” means the application system which handles the automatic pledge, financing, repayment, and automatic release of pledge of bonds of member institutions. | | 第四条 本办法所称自动质押融资业务系统，是指办理成员机构债券自动质押、融资、还款、债券自动解押等业务的应用系统。 |
| Article 5 For the purposes of these Measures, “pledged bonds” includes book-entry treasury bonds, central bank bills, development and policy bank financial bonds, as well as local government bonds and other negotiable securities recognized by the PBC. | | 第五条 本办法所称质押债券，包括记账式国债、中央银行票据、开发性和政策性银行金融债券，以及人民银行认可的地方政府债券及其他有价证券。 |
| Article 6 A corporate financial institution that applies for being a member institution shall meet the following conditions: | | 第六条 申请成为成员机构的金融机构法人应具备以下条件： |
| (1) It is a direct participant of the High Value Payment System. | | （一）是大额支付系统直接参与者； |
| (2) It is a Class A or B clearing member in the interbank market. | | （二）为银行间市场甲类或乙类结算成员； |
| (3) It has opened a bond custody account at the bond registration, custody and settlement institution designated by the PBC (hereinafter referred to as the “bond registration, custody and settlement institution”). | | （三）在人民银行指定的债券登记托管结算机构（以下简称债券登记托管结算机构）开立债券托管账户； |
| (4) It meets other conditions prescribed by the PBC. | | （四）人民银行规定的其他条件。 |
| Article 7 A corporate financial institution that applies to the PBC for handling the automatic pledge financing business shall submit the following materials: | | 第七条 金融机构法人向人民银行申请办理自动质押融资业务应提交以下材料： |
| (1) A written application for handling the automatic pledge financing business. | | （一）办理自动质押融资业务申请书； |
(2) The license for engaging in the financial business and the letter of confirmation on opening an account by the bond registration, custody and settlement institution (photocopies).
．．．．．． | | （二）经营金融业务许可证、债券登记托管结算机构开户确认书（均为复印件）；
．．．．．． |
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