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Laws of the People's Republic of China |
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| Category | BANKING | Organ of Promulgation | The State Council | Status of Effect | In Force |
| Date of Promulgation | 1997-04-15 | Effective Date | 1997-04-15 |
|
Regulations on the Monetary Policy Commission of the People's Bank of China |
|---|
Article 1 These Regulations are formulated in pursuance of the
provisions of the Law on the People's Bank of China for the purpose
of being instrumental to the correct formulation of the state monetary
policy.
Article 2 The Monetary Policy Commission is the advisory and discussion
body of the People's Bank of China in the formulation of monetary policy.
The Monetary Policy Commission shall be formed pursuant to these
Regulations.
Article 3 The functions and responsibilities of the Monetary Policy
Commission are to discuss the following monetary policy matters and put
forth proposals on the basis of comprehensive analysis of the macroeconomic
situation in accordance with the macroeconomic regulatory and control goals
of the State:
(1) formulation and adjustment of monetary policy;
(2) monetary policy control goals within a specified period;
(3) employment of monetary policy tools;
(4) important measures concerning monetary policy; and
(5) coordination between monetary policy and other macroeconomic policies.
Article 4 The Monetary Policy Commission carries out its functions and Article 5 The Monetary Policy Commission shall be composed of the Governor of the People's Bank of China; Two Deputy Governors of the People's Bank of China; One Vice President of the State Planning Commission; One Vice President of the State Economic and Trade Commission; One Vice Minister of the Ministry of Finance; Director General of the State Administration of Foreign Exchange Control; President of China Securities Supervisory and Control Commission; Two Governors of commercial banks of sole state proprietorship; and One financial specialist. Adjustment in the units of which the Monetary Policy Commission is Article 6 The Governor of the People's Bank of China, Director General Candidacy for other members of the Monetary Policy Commission shall be Article 7 The Monetary Policy Commission shall have one President and Article 8 Members of the Monetary Policy Commission should have the (1) He or she should normally be under 65 years of age with citizenship (2) He or she should be upright and honest in performing official duties (3) He or she should have expertise in such areas as macro-economy, Article 9 The financial specialist on the Monetary Policy Commission (1) He or she should have senior special technical title with more than (2) He or she should be a non-public servant of the State and have no Article 10 The term of office of membership of the governors of the Article 11 Any member on the Monetary Policy Commission having any of (1) He or she who submits a written application for resignation; (2) He or she who is no longer capable of representing the unit concerned (3) He or she who fails to fulfil obligations of a member or is incapable Article 12 Change in the membership of the Monetary Policy Commission Article 13 The Monetary Policy Commission shall set up a secretariat Article 14 Members of the Monetary Policy Commission have equal rights Article 15 Members of the Monetary Policy Commission enjoy the (1) to get to know the situation in financial and monetary policies; (2) to express views on questions discussed in the Monetary Policy (3) to put forward proposals to the Monetary Policy Commission on Article 16 Members of the Monetary Policy Commission should be In case of inability of a member to be present at the meeting owing to Article 17 Members of the Monetary Policy Commission should scrupulously Article 18 Members of the Monetary Policy Commission should keep state Any member of the Monetary Policy Commission divulging state secrets and Article 19 Any member of the Monetary Policy Commission shall not Article 20 The Monetary Policy Commission shall practise the system of An ad hoc meeting can be held on the proposal of the President of the Article 21 The secretariat of the Monetary Policy Commission should, Article 22 The meeting of the Monetary Policy Commission can only be The meeting of the Monetary Policy Commission shall be presided over by Article 23 Various views expressed at the meeting of the Monetary A monetary policy motion put forward by members of the Monetary Policy Article 24 The People's Bank of China should, while submitting its The People's Bank of China should, while submitting its report on the Article 25 Internal working rules for the Monetary Policy Commission Article 26 These Regulations shall come into force as of the date of
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responsibilities through its plenary meeting.
Chapter II Organization
personnel of the following units:
composed shall be determined by the State Council.
of the State Administration of Foreign Exchange Control and President of China
Securities Supervisory and Control Commission are members with automatic
qualification of the Monetary Policy Commission.
nominated by either the People's Bank of China or the People's Bank of China
in consultation with the departments concerned and submitted to the State
Council for appointment.
one Vice President. The Governor of the People's Bank of China shall be the
President; and the Vice President shall be nominated by the President.
following qualifications:
of the People's Republic of China;
with no law-breaking and discipline-breaking record; and
monetary matters and banking and practical experiences, and be conversant
with relevant laws, regulations and policies.
should, in addition to meeting the qualifications prescribed in Article 8 of
these Regulations, have the following qualifications:
ten years in financial research; and
position in any profit-making institution.
commercial banks with sole state proprietorship and the financial specialist
on the Monetary Policy Commission shall be two years.
the following circumstances, the People's Bank of China shall submit a
report to the State Council for the relief of the said member from the
membership of the Monetary Policy Commission:
to serve as a member of the Monetary Policy Commission due to change in
position during the term of office; and
of carrying out the duties as a member owing to various reasons.
shall be handled in accordance with the provisions of Article 6 of these
Regulations.
as the standing office of the Monetary Policy Commission.
Chapter III Rights and Obligations of Members
and obligations.
following rights in the fulfillment of their duties and responsibilities:
Commission; and
monetary policy questions and have the right to vote.
present at the meetings of the Monetary Policy Commission and put forth
suggestions and proposals relating to monetary policy matters.
extraordinary circumstances, he or she should delegate a relevant person
who is conversant with the situation as his or her representative to take
part in the meeting with his or her written remarks, and the representative
has no right to vote.
abide by their duties and not abuse their powers and engage in malpractices
for selfish purposes.
secrets and commercial secrets, comply with the working rules of the
Monetary Policy Commission and shall not divulge monetary policy and
related information in contravention of provisions.
commercial secrets in contravention of provisions shall be removed from the
membership of the Monetary Policy Commission and his or her legal
responsibilities investigated in accordance with law.
openly object to the monetary policy formulated according to legal procedures
during his or her term of office and within one year after leaving the post.
Chapter IV Working Procedures
regular meetings.
Monetary Policy Commission or the joint proposal of over one third of the
members.
ten days before the convocation of the regular meeting of the Monetary Policy
Commission, deliver the topics of the meeting and relevant materials to all
the members; and during the meeting provide latest statistics and relevant
technical analyses to all the members.
held when there are over two thirds of the members present.
the President. The meeting shall be presided over by the Vice President
on behalf of the President in case of the inability of the President to
carry out his or her duties due to unforeseen reasons.
Policy Commission should be recorded in the form of summary of minutes.
Commission shall, when passed by vote by over two thirds of the members
present at the meeting, form a proposal of the Monetary Policy Commission.
report on proposal for decision of yearly money supply, interest rates,
exchange rates or other important monetary policy matters to the State
Council for approval, enclose the proposal of the Monetary Policy Commission
or the summary of minutes of its meeting as appendices.
decision of other related matters concerning the monetary policy to the
State Council for the record, also submit the proposal of the Monetary
Policy Commission or the summary of minutes of its meeting for the record.
shall be worked out by the Monetary Policy Commission.
Chapter V Supplementary Provision
promulgation.
URL: http://www.asianlii.org/cn/legis/cen/laws/rotmpcotpboc686