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(2) The transaction date of interbank borrowing;
(3) The transaction amount of interbank borrowing;
(4) The term of the interbank borrowing trading;
(5) The interbank offered rate, rules for calculation of such rate and rules for payment of interests;
(6) Liabilities for breach of contract; and
(7) Other items as required to be specified by the PBC.
Article 18 A transaction contract may be the transaction sheet as formed by the Electronic Trading System of the National Interbank Funding Center, or other written form as the contract, letter and data message, etc.
Article 19 In case different banks are involved in the capital settlement for interbank borrowing, it shall be handled directly by the financial institutions themselves or by authorizing their account opening banks through the PBC Large-Amount Real-Time Payment System. Any capital settlement for interbank borrowing that can be implemented inside a same bank shall be conducted by way of capital transfer. No capital settlement for interbank borrowing may be performed by cash.
Chapter IV Risk Control
Article 20 The interbank borrowing risk management shall be integrated into the overall risk management framework by a financial institution, and the systems for interbank borrowing risk management shall be established and perfected in light of the features of inter-bank borrowing. A specialized interbank borrowing risk management body shall be established, and the internal operating rules and control measures for interbank borrowing risk management shall be formulated.
Article 21 A financial institution shall appropriately keep all the transaction records on the interbank borrowing, and all the relevant documents, accounts, original vouchers, statements, telephone recording and other materials to the said transaction records as well.
Article 22 The use of the capital borrowed from interbank borrowing by a financial institution shall comply with relevant provisions in the Law of the People's Republic of China on Commercial Banks.
Article 23 The interbank borrowing term shall be determined upon negotiations of both trading parties on the premise that the following provisions are observed:
(1) The term of interbank borrowing for a policy bank, Chinese-invested commercial bank, first-class branch of a Chinese-invested commercial bank, solely foreign-invested bank, Chinese-foreign joint venture bank, branch of a foreign bank, urban credit cooperative or a county-level union of rural credit cooperative shall not be more than one year;
(2) The term of interbank borrowing for a financial assets management company, financial leasing company, auto financing company or insurance company shall not be more than three months;
(3) The term of interbank borrowing for a corporate finance company, trust company, securities company or insurance assets management company shall not excess seven days; and
(4) The term of interbank lending for a financial institution shall not be in excess of the term of interbank borrowing for the other party as prescribed by the PBC.
The PBC may alter the term of interbank borrowing for financial institutions according to market development and management requirements.
Article 24 No interbank borrowing may be extended upon expiration.
Article 25 The quota management will be performed for the interbank borrowing of financial institutions, and the interbank borrowing quota shall be verified by the PBC and its branches in accordance with the principles as follows:
(1) The maximum amount of interbank borrowing or interbank lending for a policy bank shall not be more than 8 percent of the balance of its financial bonds to be repaid at the end of the last year;
(2) The maximum amount of interbank borrowing or interbank lending for a Chinese-invested commercial bank, urban credit cooperative or a county level union of rural credit cooperative shall not be more than 8 percent of the balance of all kinds of deposits in it;
(3) The maximum amount of interbank borrowing or interbank lending for a solely foreign-funded bank or Chinese-foreign joint venture bank shall be no more than twice of its paid-in capital;
(4) The maximum amount of interbank borrowing or interbank lending for a branch of a foreign bank shall not exceed twice of its renminbi operating capital;
(5) The maximum amount of interbank borrowing or interbank lending for a corporate finance company, financial assets management company, financial leasing company, auto financial company or insurance company shall be no more than 100 percent of its paid-in capital;
(6) The maximum amounts of interbank borrowing or interbank lending for a trust company or insurance assets management company shall not exceed 20 percent of its net assets;
(7) The maximum amount of interbank borrowing or interbank lending for a securities company shall be no more than 80 percent of its net capitals; and
(8) The maximum amount of interbank borrowing or interbank lending for a first-class branch as authorized by a Chinese-invested commercial bank (excluding urban commercial banks, rural commercial banks and rural cooperative banks) shall be decided upon authorization of the headquarters thereof, and shall be included into the corresponding amount of its headquarters for unified assessment.
The PBC may alter the interbank borrowing quotas of financial institutions according to market development and management requirements.
Article 26 Where a financial institution applies for adjusting the interbank borrowing quota, it shall hand in application materials to the PBC or its branches according to the procedures for applying for entering the interbank borrowing market.
Article 27 The PBC may temporarily adjust the interbank borrowing quota upon an application as submitted by a financial institution.
A PBC branch may temporarily alter interbank borrowing quotas of financial institutions within its jurisdiction within the scope as authorized by the PBC.
Chapter V Information Disclosure Management
Article 28 Where a financial institution has entered the interbank borrowing market, it shall bear the obligation for information disclosure to the interbank borrowing market. The director or legal representative of that financial institution shall guarantee the genuineness, accuracy, integrity and timeliness of the disclosed information.
Article 29 The PBC shall be responsible for formulating the bylaws for information disclosure by various kinds of financial institutions in the interbank borrowing market, and supervising the implementation of such bylaws.
Article 30 The National Interbank Funding Center is a service intermediary for the interbank borrowing market, which provides services for the transactions of financial institutions and information disclosure in the interbank borrowing market.
The National Interbank Funding Center shall enact the operational bylaws for transactions and information disclosure in the interbank borrowing market in accordance with these Measures, and implement such bylaws upon the approval of the PBC.
Article 31 The National Interbank Funding Center shall publicize to the market such market information and statistical data as the interest rate, transaction volume, significant abnormal transactions, etc. in a timely manner.
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