中华人民共和国中国人民银行法 LAW OF THE PEOPLES REPUBLIC OF CHINA ON THE PEOPLES BANK OF CHINA

（Adopted at the Third Session of the Eighth National People's Congress on March 18， 1995， promulgated by Order No. 46 of the President of the People's Republic of China on March 18， 1995）
时效性：已被修正　 颁布日期：19950318 　实施日期：19950318 　失效日期：20040201 　颁布单位：全国人大

　　Chapter I General Provisions

　　Article 1 This Law is formulated for the purpose of defining the status and functions of the People's Bank of China， ensuring the correct formulation and implementation of the state monetary policy， establishing and perfecting macro control under a central bank and strengthening the supervision and control of the financial industry.

　　Article 2 The People's Bank of China is the central bank of the People's Republic of China.

　　The People's Bank of China shall formulate and implement monetary policies and exercise supervision and control over the financial industry under the leadership of the State Council.

　　Article 3 The aim of monetary policies is to maintain the stability of the value of currency and thereby promote economic growth.

　　Article 4 The People's Bank of China shall perform the following functions：

　　（1） to formulate and implement monetary policies in accordance with the law；

　　（2） to issue Renminbi（RMB） and control its circulation；

　　（3） to approve， supervise and administer financial institutions in accordance with regulations；

　　（4） to supervise and control the financial market in accordance with regulations；

　　（5） to promulgate ordinances and rules concerning financial administration and business；（6） to hold， administer and manage the state foreign exchange reserve and bullion reserve；

　　（7） to act as fiscal agent for the State；

　　（8） to maintain the normal operation of payment， clearing and settlement systems；

　　（9） to be responsible for statistics， investigation， analysis and forecasting for the financial industry；

　　（10） to engage in relevant international financial activities in the capacity of the central bank of China； and

　　（11） other functions assigned by the State Council.

　　In order to implement monetary policies， the People's Bank of China may carry out financial businesses in accordance with the relevant provisions of Chapter IV of this Law.

　　Article 5 The People's Bank of China shall report its decisions concerning the annual supply of bank notes， interestrates， foreign exchange rates and other major issues specified by the State Council to the State Council for approval before implementation.

　　The People's Bank of China shall immediately implement decisions on matters concerning monetary policies not specified in the preceding paragraph， and report them to the State Council for the record.

　　Article 6 The People's Bank of China shall submit work reports to the Standing Committee of the National People's Congress on matters concerning monetary policies and its work of supervision and control over the financial industry.

　　Article 7 The People's Bank of China shall， under the leadership of the State Council， independently implement monetary policies， exercise its functions and carry on its operation according to the law and be free from intervention by local governments， or other administrative organs at all levels， public organizations or individuals.

　　Article 8 The entire paid-up capital of the People's Bank of China is allocated by the State and owned solely by the State.

　　Chapter II Institutional Structure

　　Article 9 The People's Bank of China shall have a governor and a number of deputy governors.

　　The person for the Governor of the People's Bank of China shall， on the basis of nomination by the Premier of the State Council， be decided upon by the National People's Congress； and when the NPC is not in session， determined by the NPC Standing Committee and appointed or removed by the P

resident of the People's Republic of China. The deputy governors of the People's Bank of China shall be appointed and removed by the Premier of the State Council.

　　Article 10 The People's Bank of China shall institute a system wherein the governor assumes the overall responsibility. The governor shall direct the work of the People's Bank of China. The deputy governors shall assist the governor in his or her work.

　　Article 11 The People's Bank of China shall establish a monetary policy committee whose functions， organization and working procedure shall be prescribed by the State Council and reported to the Standing Committee of the National People's Congress for the record.

　　Article 12 The People's Bank of China shall， as necessitated by the performance of its functions， establish its branches as its representative organs. The People's Bank of China shall exercise centralized and unified leader ship and control over its branches.

　　The branches of the People's Bank of China shall， as authorized by the People's Bank of China， be responsible for the supervision and control over the financial operations and for handling relevant business operations in areas under their respective jurisdiction.

　　Article 13 The governor， deputy governors and other staff of the People's Bank of China shall be diligent in carrying out their functions， refrain from abuse of power or malpractice for private interests or holding posts concurrently in any other financial institutions， enterprises or foundations.

　　Article 14 The governor， deputy governors and other staff of the People's Bank of China shall keep State secrets in accordance with the law and be obligated to keep the secrets of the financial institutions and the clients under their supervision and control.

　　Chapter III Renminbi

　　Article 15 The legal tender of the People's Republic of China is Renminbi（RMB）。 The Renminbi shall be used for repaying all public or private debts according to its face value within the territory of the People's Republic of China， which may not be rejected by any organization or individual.

　　Article 16 The basic unit of Renminbi is the yuan and the units of fractional currency of Renminbi are the jiao and the fen.

　　Article 17 Renminbi shall be printed， minted and issued solely by the People's Bank of China.

　　The People's Bank of China shall make public announcement of the date， face value， designs， patterns and specifications of a new RMB issue.

　　Article 18 Any counterfeiting or altering of Renminbi is prohibited. Selling or buying counterfeit or altered Renminbi is prohibited. Transportation， possession or use of counterfeit or altered Renminbi is prohibited. It is illegal to destroy Renminbi intentionally. Illegal use of the image of Renminbi on propaganda material， publications and other commodities is prohibited.

　　Article 19 No organization or individual shall be allowed to print or issue coupons as substitutes of Renminbi for circulation.

　　Article 20 Damaged or soiled Renminbi notes shall be exchanged in accordance with the regulations of the People's Bank of China and the People's Bank of China shall be responsible for collecting and destroying the aforesaid Renminbi.

　　Article 21 The People's Bank of China shall establish a Renminbi issue treasury and its branches shall establish subsidiary treasury. The subsidiary treasury in allocating Renminbi issue fund shall act on the order of its superior treasury. No organization or individual shall use the issue fund in violation of the relevant regulations.

　　Chapter IV Business Operations

　　Article 22 The People's Bank of China may， for the purpose of implementing monetary policies， apply the following monetary policy instruments：

　　（1） to require a financial institution to place a deposits reserve fund at a required ratio；

　　（2） to fix the base interest

rates；

　　（3） to provide rediscount business for financial institutions having current accounts in the People's Bank of China；

　　（4） to provide loans for commercial banks；

　　（5） to buy and sell state bonds and other government bonds and foreign exchange in the open market operation； and

　　（6） other monetary policy instruments defined by the State Council.

　　The People's Bank of China may work out specific conditions and procedure when applying the monetary policy instruments set forth in the preceding paragraph to implement monetary policies.

　　Article 23 The People's Bank of China shall act as fiscal agent for the State in accordance with the law and administrative decrees and regulations.

　　Article 24 The People's Bank of China may organize financial institutions in issuing and cashing state bonds and other government bonds on behalf of the financial department of the State Council.

　　Article 25 The People's Bank of China may open accounts for financial institutions as needed， but may not provide the financial institutions with overdraft facilities.

　　Article 26 The People's Bank of China shall organize or assist in organizing financial institutions in settling inter-institutional accounts， coordinating such activities and providing such services. Specific measures shall be formulated by the People's Bank of China.

　　Article 27 The People's Bank of China may， as needed for implementing monetary policies， determine the amounts， duration， rate of interest and form of loans to commercial banks， but the duration shall not exceed one year.

　　Article 28 The People's Bank of China may not provide the State with overdraft facilities， and may not directly subscribe and underwrite state bonds and oth

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