Laws of the People's Republic of China

Announcement No.4, 2004 of Open Market Business

[2004] No.4

Circular concerning Increasing the Repurchase Operations of Open Market Business

Each primary trader of open market business:

The People's Bank of China will implement the operation of issuing central bank bills every Tuesday and the operation of repurchases every Thursday as from this week. The operation of issuing central bank bills shall be implemented toward each primary dealer, and the operation of repurchases shall be implemented toward the deposit institutions among the primary dealers (including commercial banks and rural credit cooperation associations). The bidding time of the operation of repurchases is at 9:00-10:00am every Thursday.

The Operating Office of the Open Market Business of the People's Bank of China

May 12, 2004