Laws of the People's Republic of China

Circular of the People's Bank of China for the Industrial and Commercial Bank of China and Other 11 Financial Institutions to Undertake Underwriting of Short-term Financing Bonds

Yin Fa [2005] No. 133 May 25, 2005

The Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, CITIC Industrial Bank, China Everbright Bank, China Minsheng Bank, China Merchants Bank, CITIC Securities Co. Ltd., Guotai Junan Securities Co. Ltd., and China International Capital Corporation Limited,

We have received your application materials for undertaking the underwriting of short-term financing bonds have been received. According to the related provisions of the Measures for the Administration on Short-term Financing Bonds (Decree [2005] No. 2 of the People's Bank of China) and the Procedures for the Underwriting of Short-term Financing Bonds (see the Announcement No. 10, 2005 of the People's Bank of China), we hereby render our circular as follows,

1.

It is approved that Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, CITIC Industrial Bank, China Everbright Bank, China Minsheng Bank, China Merchants Bank, CITIC Securities Co. Ltd., Guotai Junan Securities Co. Ltd., and China International Finance Corporation Limited may undertake the underwriting of short-term financing bonds.

2.

It is approved that ndustrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and China Everbright Bank may undertake the leading underwriting of short-term financing bonds.

3.

You shall fulfill obligations according to the Measures for the Administration on Short-term Financing Bonds and the Procedures for the Underwriting of Short-term Financing Bonds.

4.

You are requested to contact the National Inter-bank Funding Center and China Government Securities Depository Trust & Clearing Co. Ltd., and well make the related preparations.