PBC and CBIRC Release the Revised Rules on Acceptance, Discount and Rediscount of Commercial Bills
In order to standardize the business of commercial bill acceptance, discount and rediscount and promote the healthy development of the bill market, the People's Bank of China and the CBRC jointly revised and issued the Administrative Measures for Commercial Bill Acceptance, Discount and rediscount (hereinafter referred to as the Measures).
The Measures, based on the actual development of commercial bill business in recent years, adhere to the problem orientation, and in accordance with the principles of marketization and legalization, have revised and improved the management system of commercial bill acceptance, discount and rediscount from the aspects of clarifying the nature and classification of relevant bills, emphasizing the true transaction relationship, strengthening information disclosure and credit constraint mechanism, and strengthening risk control. The Measures will come into force on January 1, 2023. At the same time, in order to maintain the smooth operation of the bill market, the Measures require a one-year transition period for the proportional limit of bank acceptance bills and financial company acceptance bills.
The promulgation of the Measures is conducive to strengthening the risk prevention of the bill market, enhancing the universality of bills, better serving small, medium-sized and micro enterprises, promoting the improvement of the resilience of the industrial chain supply chain, further giving play to the role of bills in serving the real economy, and promoting the standardized and healthy development of the bill market. Next, the People's Bank of China and the CBRC will thoroughly implement the spirit of the Twentieth National Congress of the Communist Party of China, make policy cohesion, strengthen supervision and implementation, and ensure the smooth implementation of the Measures.
Appendix(In Chinese): Administrative Measures for Acceptance, Discount and Rediscounting of Commercial Bills
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