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Notice of the People 's Bank of China on Expanding the Pilot Project of Macro - prudential Management of Cross - border Finance
time：2017-09-14 15:13:00
"Notice of the People's Bank of China on Expanding the Pilot Project of Macro-prudential Management of Cross-border Financing for Full-caliber" (Yinfa (2016) No. 18)
According to the "People's Republic of China People's Bank Law" and other laws and regulations, in order to grasp the macroeconomic heat, the overall solvency and balance of payments to adapt to the level of cross-border financing level, control leverage and currency mismatch risk, to achieve foreign currency Integrated management, the People's Bank of China in the pre-regional and local pilot on the basis of the expansion of the full-caliber cross-border financing macro and prudent management policy pilot. The relevant matters are hereby notified as follows:
1. The cross-border financing referred to in this Circular refers to the behavior of domestic institutions from non-residents to the local and foreign currency funds. This notice is applicable to enterprises registered in China (Shanghai) Free Trade Experimental Zone, China (Guangdong) Free Trade Experimental Zone, China (Tianjin) Free Trade Experimental Zone, China (Fujian) Free Trade Experimental Zone (hereinafter referred to as Free Trade Area) Hereinafter referred to as pilot enterprises), and 27 banking financial institutions (hereinafter referred to as pilot financial institutions). The pilot enterprises applicable to this notice are limited to non-financial enterprises and do not include government financing platforms and real estate enterprises.
Second, the People's Bank of China according to the macroeconomic heat, the balance of payments and macroeconomic regulation and control needs of cross-border financing leverage, risk conversion factors, macro prudential adjustment parameters to adjust, and pilot financial institutions cross-border financing macro-prudent management The The State Administration of Foreign Exchange (SAFE) manages the cross-border financing of pilot enterprises and carries out full-caliber cross-border financing statistics monitoring of enterprises and financial institutions. The People's Bank of China and the State Administration of Foreign Exchange to establish information sharing mechanism.
Third, the establishment of macro-prudential rules based on micro-subject capital or net assets of the cross-border financing constraints mechanism, pilot enterprises and pilot financial institutions are required to carry out foreign currency cross-border financing.
Pilot-to-business and pilot financial institutions to carry out cross-border financing risk-weighted balance (refer to the outstanding balance, the same below), the risk-weighted balance shall not exceed the upper limit, namely: cross-border financing risk weighted balance ≤ cross-border financing risk weighted balance Upper limit.
Cross-border financing risk weighted balance = Σ foreign currency cross-border financing balance * maturity risk conversion factor * category risk conversion factor Σ foreign currency cross-border financing balance * exchange rate risk conversion factor.
Term risk conversion factor: the maturity period of 1 year (not included) above the long-term cross-border financing of the time limit of the risk conversion factor of 1, the repayment period of 1 year (inclusive) of the short-term cross-border financing of the maturity risk conversion factor Is 1.5.
Category Risk Conversion Factor: The category risk financing factor is set to 1, and the category risk conversion factor for off-balance sheet financing (contingent liabilities) is set to 0.2 and 0.5 second gears.
Exchange rate risk factor: 0.5.
Cross-border financing of cross-border financing risk The cross-border financing of foreign and foreign currencies in the calculation of cross-border financing risks includes funds from non-residents in local and pilot financial institutions (excluding foreign branches) in local and foreign currencies, covering in-house financing and off-balance sheet financing The The following types of business are not included in the cross-border financing risk weighted balance calculation:
(A) RMB passive liabilities: the pilot enterprises and pilot financial institutions due to foreign institutions to invest in the domestic bond market arising from the passive debt; foreign entities deposited in the pilot financial institutions of RMB deposits.
(2) trade credit, RMB trade finance: the pilot enterprises involved in real cross-border trade arising from trade credit (including to cope with and received) and from foreign financial institutions to obtain the RMB trade finance; pilot financial institutions due to real cross-border trade settlement Of various types of RMB trade finance.
(3) Internal fund-to-business activities: The external liabilities arising from the centralized management business of the approved cross-border funds (cash flow generated by compliance activities such as production and operation and industrial investment) organized by the pilot enterprises.
(4) Foreign counterparts, joint ventures and affiliated institutions: External liabilities arising from the inter-bank deposits, joint ventures and affiliated institutions of the pilot financial institutions.
(5) Pilgrims for personal use: The overseas parent company of the pilot enterprise issues Renminbi bonds in China and is used in the form of loans for domestic subsidiaries.
(6) Transfer and relief: The amount of the cross-border financing of the pilot enterprises and the pilot financial institutions has been transferred to the capital or the debts have been waived.
The People's Bank of China may adjust the type of business that does not include the cross-border financing risk-weighted balance according to macroeconomic regulation and control needs and business development. If necessary, the pilot enterprises and pilot financial institutions may not be allowed to cross certain cross- Calculation of weighted risk balance of financing risk.
5. The various types of financing that are included in the cross-border financing of foreign currencies are calculated on the cross-border financing risk weighted balance as follows:
(1) Foreign currency trade financing: Foreign trade in pilot enterprises and pilot financial institutions is calculated on the basis of 20% of the cross-border financing risk weighted balance, and the term risk conversion factor is calculated on the basis of 1.
(2) Off-balance sheet financing (contingent liabilities): Internal insurance provided by the pilot financial institutions to customers, due to the provision of customers based on real cross-border transactions and asset liability currency and maturity risk hedge management services required to form a derivative products Of the external contingent liabilities, according to 20% into the cross-border financing risk weighted balance calculation; pilot financial institutions due to their currency and maturity risk hedging management needs, participation in international financial market transactions arising from contingent liabilities, according to 50% Calculation of weighted risk of financing risk.
(3) Other: The remaining types of cross-border financing are included in the actual situation into the cross-border financing risk weighted balance calculation.
The People's Bank of China can adjust the calculation methods of the various types of financing in the weighted balance of cross-border financing risks according to the macro-financial control needs and business development.
6. Calculation of the upper limit of the cross-border financing risk weighted balance: cross-border financing risk weighted balance cap = capital or net assets * cross-border financing leverage * macro prudential adjustment parameters.
Capital or net assets: the pilot enterprise according to the net assets, the pilot financial institutions according to the core capital (ie, capital), the most recent audited financial report shall prevail.
Cross-border financing leverage: pilot enterprises 1, the pilot financial institutions to 0.8.
Macro prudent adjustment parameters: 1.
Seven, cross-border financing of pilot enterprises and pilot financial institutions Signed currency, withdrawal currency and repayment currency must be consistent.
8. The weighted balance of cross-border financing risk and the calculation of the upper limit are in Renminbi. Foreign currency cross-border financing is translated at the exchange rate of the withdrawal date in the following manner: The transaction has been listed in the China Foreign Exchange Trading Center (including the regional listing) Foreign currency, applicable to the central parity of the RMB exchange rate or regional trading reference price; not listed in the China Foreign Exchange trading currency, applicable to the China Foreign Exchange Trade Center announced the RMB reference exchange rate.
9, the People's Bank of China to establish cross-border financing macro risk monitoring index system, cross-border financing macro risk indicators hit the early warning value, to take counter-cyclical control measures to control the systemic financial risks.
Counter-cycle control measures can be carried out using a single measure or combination of measures, but also for a single, multiple or all of the pilot enterprises and pilot financial institutions. Total control measures include adjustment of cross-border financing leverage and macro-prudential adjustment parameters, structural adjustment measures, including the adjustment of various types of risk conversion factors. If necessary, according to the maintenance of national financial stability needs, to take the risk reserve and other counter-cyclical control measures to prevent systemic financial risks.
Pilot enterprises and pilot financial institutions due to risk conversion factors, cross-border financing leverage and macro-prudential adjustment parameters adjustment led to cross-border financing risk balance exceeds the upper limit, the original cross-border financing contracts can hold maturity; cross-border financing risk The new cross-border financing business, including cross-border financing rollovers, should not be applied until the weighted balance is adjusted to the upper limit.
10, pilot enterprises cross-border financing business: pilot enterprises in accordance with the requirements of this request for cross-border financing business, the specific details of the State Administration of Foreign Exchange issued a separate rules clear.
(1) The pilot enterprises shall sign the cross-border financing of the capital account information system of the State Administration of Foreign Exchange three days after the conclusion of the cross-border financing contract but not later than the withdrawal. For the pilot enterprises for cross-border financing business settlement bank should be submitted to the People's Bank of China RMB cross-border payment and payment information management system, the pilot enterprise financing information, account information, RMB cross-border revenue and expenditure information. All cross-border financing business materials are retained for the period of 5 years after the end of the cross-border financing business.
(2) After the pilot enterprises have gone through cross-border financing and after the filing of the cross-border financing, the relevant financial institutions can handle the cross-border financing information, and the relevant funds can be settled according to the withdrawal and repayment arrangement. Submitted to the People's Bank of China and the State Administration of Foreign Exchange related systems to complete the cross-border financing information updates.
Pilot enterprises should update cross-border financing and equity-related information (including foreign creditors, borrowings, amounts, interest rates and own net assets, etc.) every year. If the audited net assets, financing contracts involved in the foreign creditors, borrowing period, amount, interest rate and other changes, the pilot enterprises should be promptly for record changes.
(3) to carry out cross-border financing involved in the capital transactions, pilot enterprises can use the general foreign currency accounts for processing, can also be used free trade account.
(D) pilot enterprises into foreign exchange funds if the actual needs, can be used for settlement. The use of funds into the pilot enterprises should be consistent with the relevant provisions of the state, for their own production and business activities, and in line with national and FTA industrial macro-control direction.
XI. Pilot financial institutions Cross-border financing business: During the pilot period, the head office of the People's Bank of China shall conduct unified management of the cross-border financing business of the pilot financial institutions. The pilot financial institutions shall submit the relevant materials to the head office of the People's Bank of China. Before the pilot financial institutions to carry out cross-border financing business, should be in accordance with the requirements of this notice, combined with their own circumstances to develop foreign currency cross-border financing business operating procedures and internal control system, reported to the People's Bank of China after the record.
(1) Before the pilot financial institution conducts the cross-border financing business for the first time, it shall, in accordance with the cross-border financing leverage ratio and macro-prudential adjustment parameters of this Circular, and the latest audited core capital (ie, first-level capital) The cross-border financing risk balance of the cross-border financing and cross-border financing risk weighted balance, and the detailed process of calculation submitted to the People's Bank of China head office.
Pilot financial institutions for cross-border financing business, should be in the cross-border financing risk balance of the agency within the upper limit of the situation. If the cross-border financing risk weighted balance is lower than the upper limit, the pilot financial institutions may enter into financing contracts with overseas institutions.
(2) The pilot financial institutions may open their foreign currency accounts in accordance with the Administrative Measures on the Administration of Renminbi Bank Settlement Accounts (issued by the People's Bank of China [2003] No. 5) and handle the payment and collection of funds involved in cross-border financing.
(3) The pilot financial institutions shall submit the core capital amount and the cross-border financing contract information to the People's Bank of China and the State Administration of Foreign Exchange before the implementation of the cross-border financing contract, and submit the foreign currency Income information, payment of interest and repayment of the principal after the submission of foreign currency cross-border expenditure information. If the audit of the core capital, financing contracts involved in the foreign creditors, borrowing period, amount, interest rate changes, the pilot financial institutions should be timely in the system to update the relevant information.
The pilot financial institutions shall report to the head office of the People's Bank of China on the statistical information of the occurrence and balance of the cross-border financing of the local and foreign currencies in the last five working days. All cross-border financing business materials are kept for a period of five years after the end of the cross-border financing business.
(D) the pilot financial institutions into the funds can be used to supplement the capital, service entity economic development, and in line with the national industry macro-control direction. With the approval of the State Administration of Foreign Exchange, the integration of pilot financial institutions into foreign exchange funds can be used for settlement.
(5) The branch of the pilot financial institution in the China (Shanghai) Free Trade Experimental Zone shall be included in the unified management of its head office and shall no longer apply. "China (Shanghai) Free Trade Experimental Zone Sub-accounting Business Cross-border financing and cross-border capital flow Macro and prudent management of the implementation details (Trial) "(silver headquarters issued 〔2015〕 8 issued).
12. The People's Bank of China and the State Administration of Foreign Exchange shall conduct on-site verification and on-site inspection on cross-border financing of pilot financial institutions and pilot enterprises on a regular basis or on a regular basis, and the pilot financial institutions and pilot enterprises shall cooperate with each other.
Found that the timely submission and change of cross-border financing information, the People's Bank of China and the State Administration of Foreign Exchange will be verified after the pilot financial institutions involved or pilot enterprises to criticize the deadline for rectification and in accordance with the "People's Republic of China People's Bank Law" And "Regulations of the People's Republic of China on Foreign Exchange Administration" and other laws and regulations to investigate and deal with.
The People's Bank of China and the State Administration of Foreign Exchange may order it to correct it immediately and may, according to the actual situation, according to the actual situation of the People's Republic of China, the People's Bank of China and the State Administration of Foreign Exchange may, The People's Bank of China Law of the People's Republic of China and the Regulations on the Administration of Foreign Exchange of the People's Republic of China, and so on. If the circumstances are serious, the cross-border financing business may be suspended. The People's Bank of China will incorporate the cross-border financing of the pilot financial institutions into the macro-prudential assessment system (MPA). The People's Bank of China may also impose a directional risk reserve on its circumstances.
The People's Bank of China will order the rectification of the cross-border financing settlement of financial institutions, the People's Bank of China will suspend its cross-border financing settlement business for many financial institutions that have overdue cross-border financing settlement.
Thirteen, the pilot enterprises and pilot financial institutions, the People's Bank of China, the State Administration of Foreign Exchange does not implement external debt prior approval, the pilot enterprises to sign in advance for the record, the pilot financial institutions to post-record, the original management mode of cross-border financing The unexpired balance is included in this notice management. The People's Bank of China and the State Administration of Foreign Exchange (SAFE), which are implemented in various trade fairs and pilot areas, will be managed in accordance with this notice mode after one year of transition.
Foreign-invested enterprises in pilot enterprises and foreign-funded banks in pilot financial institutions may apply one model to the current cross-border financing management mode and this notification mode and file with the management department. Once selected, in principle no longer change. If there is a reasonable reason to change, it is necessary to apply to the management.
14. This Circular shall enter into force as of January 25, 2016. If the relevant provisions of the People's Bank of China and the State Administration of Foreign Exchange do not conform to this notice, the notice shall prevail.
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