Laws of the People's Republic of China

Circular on the Notification of the Exchange Instrument and Starting Time for the Repurchase of Open Market Business Bonds

[2003] No.5

All primary dealers:

Pursuant to the spirit of the Notice of the People's Bank of China on the Listing and Exchange of Bonds in the National Inter-Bank Bond Market (Yin Fa [2003] No. 71), as from the date of promulgation of the present Announcement, the national debts newly released on the national inter-bank bond market, the financial bonds of national development banks and the financial bonds of China import and export banks, save and except those that may not be regarded as exchange instrument for repurchase of open market business as determined by the People's Bank of China, may be utilized as exchange instrument for the repurchase of open market business bonds. The starting time shall be the listing date of each period of bond as publicized by China Government Securities Depository Trust & Clearing Co., Ltd. and the National Inter-bank Funding Center based on the authorization of the People's Bank of China.

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

April 7, 2003