Decision of the Standing Committee of the National People's Congress on Revising the Law of the People's Republic of China on the People's Bank of China
Decision of the Standing Committee of the National People's Congress on Revising the Law of the People's Republic of China on the People's Bank of China
Decision of the Standing Committee of the National People's Congress on Revising the Law of the People's Republic of China on the People's Bank of China
Order of the President of the People's Republic of China [2003] No. 12
December 27, 2003
The Decision of the Standing Committee of the National People's Congress on Revising the Law of the People's Republic of China on the People's Bank of China, which has been adopted by the sixth session 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 enter into force as of February 1, 2004.
President of the People's Republic of China Hu Jintao
Decision of the Standing Committee of the National People's Congress on Revising the Law of the People's Republic of China on the People's Bank of China
Adopted at the Sixth Session of Standing Committee of the Tenth National People's Congress on December 27, 2003
I. Article 1 shall be revised as "This Law is hereby constituted in order to establish the status of the People's Bank of China (PBC), clarify its functions, ensure the correct enactment and implementation of the state monetary policies, and set up and improve a macro-control system through the central bank, as well as safeguard the stability of the banking industry."
II. Paragraph 2 of Article 2 shall be revised as "The People's Bank of China shall, upon the guidance of the State Council, constitute and implement monetary policies, prevent and dissolve financial risks, and safeguard the stability of the banking industry in the country."
III. Paragraph 1 of Article 4 shall be revised as "The People's Bank of China shall fulfill the following duties:
1.Releasing and performing orders and regulations related to its functions;
2.Formulating and carrying out monetary policies according to the law;
3.Issuing Renminbi (RMB) and being in charge of its circulation;
4.Supervising the inter-bank borrowing or lending markets and inter-bank bonds markets;
5.Implementing administration on foreign exchange, and supervising inter-bank foreign exchange market;
6.Supervising and managing gold market;
7.Holding, supervising and managing the state foreign exchange reserve and gold reserve;
8. Managing the state treasury;
9.Maintaining the regular operation of the systems for payments and settlements of accounts;
10. Guiding and arranging the anti-money-laundering work of the financial industry, taking charge of capital surveillance and measurement over anti-money-laundering;
11.Being in charge of the statistics, investigation, analysis, and forecasting of the financial industry;
12.
......