On May 24, the People's Bank of China issued the "Administrative Measures on Short-term Financing Voucher" and other documents, allowing eligible companies to issue short-term financing bills to qualified institutional investors in the interbank bond market, marking a major breakthrough in China's financing methods.
Pursuant to the “Measures for the Management of Short-term Financing Voucher,†the People’s Bank of China will supervise and administer the issuance and transaction of financing vouchers according to law, and the issuance of financing vouchers shall be reported to the People’s Bank of China for the record; financing vouchers will be issued only to institutional investors in interbank bond Public issuance; Financing vouchers take the form of filing and issuance; Financing vouchers are issued with balance management, deadlines are subject to cap management, and the issuance rates are not regulated. Financing vouchers are centralized and centralized in paperless centralized settlement companies; issuers should perform credit ratings. , CPAs should be hired for auditing, lawyers should be invited to issue legal opinions, and the issuer’s information disclosure should be standardized.
It is understood that in terms of market access, the short-term financing bills insist on weakening administrative intervention and resolutely let the administrative departments emerge from the substantive judgments of the issuer; in terms of issuance methods, the short-term financing bills insist on marketization such as agency sales, underwriting, and bidding. The issuance method and the issuance interest rate are formed through market competition; in the process of market development, adherence to market development must follow an objective law and pay attention to gradual and orderly progress.
Pursuant to the “Measures for the Management of Short-term Financing Voucher,†the People’s Bank of China will supervise and administer the issuance and transaction of financing vouchers according to law, and the issuance of financing vouchers shall be reported to the People’s Bank of China for the record; financing vouchers will be issued only to institutional investors in interbank bond Public issuance; Financing vouchers take the form of filing and issuance; Financing vouchers are issued with balance management, deadlines are subject to cap management, and the issuance rates are not regulated. Financing vouchers are centralized and centralized in paperless centralized settlement companies; issuers should perform credit ratings. , CPAs should be hired for auditing, lawyers should be invited to issue legal opinions, and the issuer’s information disclosure should be standardized.
It is understood that in terms of market access, the short-term financing bills insist on weakening administrative intervention and resolutely let the administrative departments emerge from the substantive judgments of the issuer; in terms of issuance methods, the short-term financing bills insist on marketization such as agency sales, underwriting, and bidding. The issuance method and the issuance interest rate are formed through market competition; in the process of market development, adherence to market development must follow an objective law and pay attention to gradual and orderly progress.
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