Decision of the standing Committee of the National peoples congress on Amending the law of the peopl

（Adopted at the 6th Meeting of the standing committee of the tenth National people's congress on December 27，2003）

颁布日期：20031227 　实施日期：20040201 　颁布单位：全国人大常委会

　　Order of the president of the people's Republic of China No 12

　　The Decision of the Standing Committee of the National people's congress on amending the Law of the people's Republic of china on the people's Bank of China adopted at the 6th Meeting of the standing committee of the Tenth National people's congress of the people's Republic of china on December 27，2003，is hereby promulgated and shall go into effect as of February 1，2004.

　　Hu Jintao president of the people's Republic of china December27，2003

　　At its 6th Meeting， the standing committee of the Tenth National people's Congress decided to amend the law of the people's Republic of china on the people's Bank of china as follows：

　　1 Article 1 is revised to read， “This Law is enacted in order to define the status and make clear the functions and responsibilities of the people's Bank of china， ensure the correct formulation and implementation of the monetary polices of the state， establish and perfect a macro-control system through a central bank and maintain financial stability.”

　　2 The second paragraph of Article 2 is revised to read， “the people's Bank of china shall， under the leadership of the state council， formulate and implement monetary policies， guard against and eliminate financial risks， and maintain financial stability. ”

　　3 The first paragraph of article 4 is revised to read， “the people's Bank of china shall perform the following functions and responsibilities：

　　“（1）to promulgate and carry out the orders and regulations related to its functions and responsibilities；

　　“（2）to formulate and implement monetary policies in accordance with law；

　　“（3）to issue Renminbi （RMB）and control its circulation；

　　“（4）to supervise and administer the inter-bank lending market and the inter-bank bond marked；

　　“（5） to exercise control of foreign exchange and supervise and administer the inter-bank foreign exchange market；

　　“（6） to supervise and administer the gold market；

　　“（7）to hold， administer and manage the state foreign exchange reserve and gold reserve；

　　“（8）to manage the state Treasury；

　　“（9）to maintain the normal operation of the system for making payments and settling accounts；

　　“（10）to guide and make plans for the fight against money laundering in the banking industry， and to be responsible for monitoring the use of the funds earmarked for the fight against money laundering；

　　“（11） to be responsible for statistics， investigation， analysis and forecasting concerning the banking industry；

　　“（12）to engage in relevant international banking operations in its capacity as the central bank of the state； and

　　“（13）other functions and responsibilities prescribed by the state Council.”

　　4 article 6 is revised to read， “The people's Bank of china shall submit to the standing committee of the National people's congress work reports concerning matters of monetary policies and the operations of the banking industry.”

　　5 one article is added as Article 9， which reads， “The state council shall establish a coordinating a coordinating mechanism for financial supervision and administration. The specific measures therefor shall be formulated by the state council.”

　　6 Article 11 is changed to be article 12 and one paragraph is added as the second paragraph， which reads， “The monetary policy committee of the people's Bank of china shall play an important role in the state macro-control and the formulation and adjustment of monetary policies.”

　　7 Article 12 is changed to be Article 13 and is revised to read， “The people's Bank of china shall establish branches as its representative

organs in light of the need of performing its functions and responsibilities and exercise unified leadership and administration with respect to its branches.”

　　“the branches of the people's Bank of china shall， as authorized by the people's Bank of china， maintain financial stability in their respective districts and handle relevant business operations.”

　　8 Article 14 is changed to be Article 15 and is revised to read， “The governor， Deputy Governors and other staff members of the people's Bank of china shall safeguard state secrets according to law and be obligated to safeguard the secrets of the banking institutions and parties involved in the fulfillment of their functions and responsibilities.”

　　9 Article 22 is changed to be Article 23 and subparagraph（1）of the first paragraph is revised to read， “to require financial institutions of the banking industry to place a deposit reserve at a prescribed ratio”； subparagraph （3）is revised to and “to handle rediscount for financial institutions of the banking industry that have opened accounts in the people's Bank of china；” and subparagraph （5）is revised to read， “to deal in state bonds， other government bonds and financial bonds and foreign exchange， on the open market”。

　　10 Article 25 is changed to be Article 26 and is revised to read， “the people's Bank of china may open accounts for financial institutions of the banking industry as needed， but may not allow them to overdraw.”

　　11 Article 26 is changed to be article 27 and is revised to read， “The people's Bank of china shall organize or assist in organizing a clearing system among financial institutions of the banking industry， coordinate the efforts such institutions in matters of clearing and provide services in this regard. The specific measures therefor shall be formulated by the people's Bank of china.

　　The people's Bank of china shall， in conjunction with the banking regulatory authority under the state council， formulate regulations on payment and clearing.

　　12 article 30 is changed to be Article 31 and is revised to read， “the people's Bank of china shall， in accordance with law， monitor the operation of the financial markets， conduct macro-control of such markets and promote their coordinated development.”

　　13 article 31 is deleted.

　　14 Article 32 is revised to read， “the people's Bank of china shall have the power to inspect and supervise the following activities of the financial institutions and other units and individuals：

　　“（1）implementation of the regulations for control of deposit reserve；

　　“（2） activities related to the special loans of the people's Bank of china；

　　“（3）implementation of the regulations for control of Renminbi；

　　“（4）implementation of the regulations for control of the inter-bank lending market and the inter-bank bond market；

　　“（5）implementation of the regulations for control of foreign exchange；

　　“（6）implementation of the regulations for control of gold；

　　“（7）management of the state treasury on behalf of the people's Bank of china；

　　“（8）implementation of the regulations for control of clearing； and

　　“（9）implementation of the regulations against money laundering.

　　“The special loan mentioned in the preceding paragraph are loans granted， upon decision by the state council， by the people's Bank of china for special purposes.”

　　15one article is added as Article 33， which reads， “the people's Bank of china may， according to the need to implement monetary policies and maintain financial stability， propose that the banking regulatory authority under the state council inspect and supervise the financial institutions of the banking industry. The said authority shall， within thirty days from the date it receives the proposal， make a reply.”

　　16 one article added as Article 34， which reads， “when financial institutions

of the banking industry have difficulties in making payment that may trigger off financial risks， the people's Bank of china shall， with a view to maintaining financial stability， have the power to inspect and supervise the financial institutions with the approval of the state council.”

　　17 article 33 is changed to be Article 35 and is revised to read， “The people's Bank of china shall， according to the need to fulfill its functions and responsibilities， have the power to demand the financial institutions of the banking industry to submit the necessary balance sheets， statements of profit and other financial and accounting reports statistical reports， statistical reports and information.

　　“The people's Bank of china， the banking regulatory authority under the state council and the other financial regulatory institutions under the state council shall establish mechanism to share supervisory information.”

　　18 Article 35 is deleted.

　　19.Article 39 is changed to be article 40 and is revised to read， “The financial receipts and payments and according affairs of the people's Bank of china shall be governed by laws， administrative regulations and unified state financial and accounting systems and be subject to the auditing and supervision conducted， in accordance with law， separately by the audit institutions and the financial department under the state council.”

　　20.article 41 is changed to be article 42 and is revised to read， “Anyone who counterfeits or alters Renminbi， sells counterfeit or altered renminbi or knowingly transports counterfeit or altered Renminbi， which is serious enough to constitute a crime， shall be investigated for criminal responsibility in accordance with law； if the case is not serious enough to constitute a crime， he shal

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