The central bank is seeking public opinions on the "Regulations on the Management of Large Amount Deposit Certificates."

On June 12, the People's Bank of China publicly solicited opinions on the "Management Measures for Large Denomination Certificates of Deposit." The draft of the "Management Measures for Large Denomination Certificates of Deposit (Solicitation of Opinions)" mentions that issuers of large denomination certificates of deposit should file an annual issuance plan with the People's Bank of China before the issuance of the first large denomination certificate of deposit each year. If the issuer needs to adjust the annual issuance plan, they should re-file it with the People's Bank of China. The interest rate for the issuance of large denomination certificates of deposit is determined in a market-oriented manner. Fixed-rate certificates of deposit calculate interest in the form of the annual yield rate on the face value, while floating-rate certificates of deposit calculate interest based on the Shanghai Interbank Offered Rate (Shibor), Deposit Receipt (DR) rates from banks in Shanghai, or other rates recognized by the People's Bank of China. Full text: Notice from the People's Bank of China on the Public Solicitation of Opinions on the "Management Measures for Large Denomination Certificates of Deposit" In order to promote the healthy development of the large denomination certificate of deposit market, strengthen financial supervision, and revise the "Interim Measures for the Management of Large Denomination Certificates of Deposit" (Announcement of the People's Bank of China [2015] No.13) and Announcement of the People's Bank of China [2016] No. 13, the People's Bank of China has revised them to form the "Management Measures for Large Denomination Certificates of Deposit" and is now soliciting public opinions. The public can provide feedback through the following channels and methods: 1. Send opinions via email to: [email protected] 2. Send opinions by mail to: Monetary Policy Department, People's Bank of China, 30 Financial Street, Xicheng District, Beijing, Postcode: 100033. Please indicate "Solicitation of Opinions on the Revision of Management Measures for Large Denomination Certificates of Deposit" on the envelope. The deadline for feedback is July 12, 2026. Management Measures for Large Denomination Certificates of Deposit (Draft for Solicitation of Opinions) Article 1: In order to standardize the development of large denomination certificates of deposit business, this regulation is formulated in accordance with the Law of the People's Bank of China of the People's Republic of China and other laws and regulations. Article 2: Large denomination certificates of deposit, as referred to in this regulation, refer to large-sum deposit certificates issued by banking financial institutions to non-financial institutional investors, which are accounted for and are financial products of banking institutions, belonging to general deposits. Issuers of large denomination certificates of deposit (referred to as issuers) include policy banks, commercial banks, rural cooperative financial institutions, and other financial institutions recognized by the People's Bank of China. Non-financial institutional investors (referred to as investors) as referred to in this regulation include individuals, non-financial enterprises, organizations, and other units recognized by the People's Bank of China. Article 3: Issuers of large denomination certificates of deposit should meet the following conditions: (1) Be a member unit of the market interest rate pricing self-discipline mechanism; (2) Have formulated the management measures for large denomination certificates of deposit in their own organization and established a business management system for large denomination certificates of deposit; (3) Other conditions required by the People's Bank of China. Article 4: Issuers of large denomination certificates of deposit should file an annual issuance plan with the People's Bank of China before the issuance of the first large denomination certificate of deposit each year. If the issuer needs to adjust the annual issuance plan, they should re-file it with the People's Bank of China. Article 5: Issuers should actively transmit monetary policy, follow the self-discipline requirements of interest rate pricing, and continuously improve the rationality and transparency of the issuance pricing. Article 6: The issuance of large denomination certificates of deposit is conducted electronically. Large denomination certificates of deposit can be issued through the issuers' business outlets, electronic banking, third-party platforms, and other channels recognized by the People's Bank of China. Article 7: Large denomination certificates of deposit are in the form of standard terms. The minimum subscription amount for individual investors for large denomination certificates of deposit is not less than RMB 200,000, and for institutional investors, it is not less than RMB 10 million. The terms of large denomination certificates of deposit include 1 month, 3 months, 6 months, 9 months, 1 year, 18 months, 2 years, 3 years, and 5 years, totaling 9 varieties. Article 8: The interest rate for the issuance of large denomination certificates of deposit is determined in a market-oriented manner. Fixed-rate certificates of deposit calculate interest in the form of the annual yield rate on the face value, while floating-rate certificates of deposit calculate interest based on the Shanghai Interbank Offered Rate (Shibor), Deposit Receipt (DR) rates from banks in Shanghai, or other rates recognized by the People's Bank of China. Article 9: Issuers should clearly specify in the issuance terms before each issue whether transfers, early withdrawals, and redemptions are allowed for large denomination certificates of deposit, as well as the corresponding interest calculation rules. Article 10: For large denomination certificates of deposit issued through the issuers' business outlets, electronic banking, and other self-owned channels, early withdrawals, redemptions, and transfers can be processed through self-owned channels according to the issuance terms, limited to non-financial institutional investors. Early withdrawals, redemptions, and transfers of large denomination certificates of deposit can also be carried out through third-party platforms. Article 11: The determination of interest rates and interest calculation rules for the issuance, trading, transfer, early withdrawal, and redemption of large denomination certificates of deposit should comply with the relevant regulations of the People's Bank of China. Article 12: For large denomination certificates of deposit issued through the issuers' business outlets and electronic banking, the issuers provide services such as registration, settlement, and redemption for holders of large denomination certificates of deposit; the Shanghai Clearing House Limited Liability Company (referred to as Shanghai Clearing House) registers the end-of-day balances of each issue of large denomination certificates of deposit. For large denomination certificates of deposit issued through third-party platforms, the Shanghai Clearing House should provide registration, custody, settlement, and redemption services. Article 13: Large denomination certificates of deposit can be used for pledge transactions, including but not limited to pledge loans and pledge financing. At the request of the holders of large denomination certificates of deposit issued through the issuers' business outlets and electronic banking, the issuers should issue a certificate of holding for large denomination certificates of deposit registered in their name; for large denomination certificates of deposit issued through third-party platforms, the Shanghai Clearing House should issue a certificate of holding for large denomination certificates of deposit registered in their name. Article 14: Each period of large denomination certificates of deposit should have a unique sequential number and name. The issuers or the Shanghai Clearing House should accurately and sequentially record the holders of the large denomination certificates of deposit under their name, and should not confuse the investment information with other product information. The issuers should open a dedicated account for large denomination certificates of deposit holders, and investors purchasing large denomination certificates of deposit should comply with the real-name system regulations. Article 15: When issuing large denomination certificates of deposit through third-party platforms, the issuers should disclose the issuance terms of the current period of large denomination certificates of deposit on the institutions' official website and the information disclosure platform authorized by the People's Bank of China at least one working day before the issuance, and should disclose the issuance situation of the current period of large denomination certificates of deposit on the next working day after the issuance ends. For large denomination certificates of deposit issued through the issuers' business outlets and electronic banking, the issuers should file relevant issuance information with the People's Bank of China on the next working day following the end of the issuance. Article 16: In the duration of the existence of large denomination certificates of deposit, if there are any major events that affect the issuer's ability to fulfill its obligations, the issuers should promptly disclose them on their official website and information disclosure platform. Information disclosure should follow the principles of honesty and credit, and should not contain false records, misleading statements, or significant omissions. Article 17: The People's Bank of China authorizes the National Interbank Borrowing Center (referred to as the interbank borrowing center) to provide third-party issuance, trading, and information disclosure services for the large denomination certificate of deposit business. Article 18: The market interest rate pricing self-discipline mechanism implements self-discipline management for the determination of interest rates, interest calculation rules, and other aspects of the issuance, trading, transfer, early withdrawal, and redemption of large denomination certificates of deposit according to market developments. Article 19: Large denomination certificates of deposit should be separately managed and accounted for in accounting; separate statistical indicators should be established for reflection in statistics. Article 20: When conducting large denomination certificate of deposit business, the issuers should strictly implement the relevant regulations on anti-money laundering and anti-terrorist financing to prevent illegal activities such as money laundering through the large denomination certificate of deposit business. Article 21: The People's Bank of China, in accordance with this regulation and other relevant regulations, supervises and manages the issuance, trading, transfer, early withdrawal, and redemption of large denomination certificates of deposit. If an issuer fails to fulfill the information disclosure obligations as required by this regulation, violates norms related to the issuance, trading, transfer, early withdrawal, and redemption of large denomination certificates of deposit, or engages in other market-disrupting behaviors, the People's Bank of China will impose penalties in accordance with the relevant laws, regulations, and the Law of the People's Republic of China on the People's Bank of China. Article 22: The interbank borrowing center and the Shanghai Clearing House shall summarize the registration and registration, custody, settlement, and redemption situations of large denomination certificates of deposit each month and report them to the People's Bank of China. Article 23: The People's Bank of China is responsible for the interpretation of this regulation. Article 24: This regulation shall come into force on X day of X month in 2026. The "Interim Measures for the Management of Large Denomination Certificates of Deposit" (Announcement of the People's Bank of China [2015] No.13) and Announcement of the People's Bank of China [2016] No. 13 are simultaneously repealed. This article is excerpted from the official website of the People's Bank of China, GMTEight Editor: Xu Wenqiang.