| Chinese to English: 中国人民银行外汇一级交易商准入指引 |
Source text - Chinese
第一条 为有效执行货币政策，保持人民币汇率在合理、均衡水平上的基本稳定，根据《中华人民共和国中国人民银行法》，制定本指引。
第二条 本指引所称中国人民银行外汇一级交易商（以下称“外汇一级交易商”），是指由中国人民银行指定的、与中国人民银行进行外汇交易，并在银行间外汇市场履行做市义务的外汇指定银行。
第三条 本指引所称外汇交易指中国人民银行与外汇一级交易商进行的外汇交易。
第四条 中国人民银行公开市场业务操作室具体负责对外汇一级交易商的管理和交易。
第五条 中国人民银行不对外公布外汇一级交易商的名单、与外汇一级交易商的交易情况等信息。
第六条 符合下列条件的金融机构可向中国人民银行申请外汇一级交易商资格：
1、是外汇指定银行；
2、遵守国家有关经济、金融法律、法规和中国人民银行的各项规定；
3、符合监管当局的各项监管指标要求；
4、信用状况达到中国人民银行要求的标准；
5、上一会计年度在银行间外汇市场的外汇交易量排名前列；
6、有能力并承诺履行外汇一级交易商的各项义务。
第七条 外汇一级交易商的权利：
1、作为中国人民银行外汇交易的交易对手方；
2、中国人民银行规定的其他权利。
第八条 外汇一级交易商的义务：
1、进行外汇交易时诚实守信，提供市场最优报价；
2、不得操纵市场价格；
3、保证外汇交易相关工作的时效性和准确性；
4、按中国人民银行要求配备相关专业人员，并具备相应技术条件；
5、遵守中国人民银行对外汇一级交易商的有关保密规定；
6、与中国人民银行保持沟通，及时报告重大突发事件；
7、按要求向中国人民银行报送结售汇数量、分析报告等有关信息。
8、在银行间外汇市场履行做市义务。
第九条 中国人民银行每年对外汇一级交易商履行义务的情况进行评估。评估的内容为外汇一级交易商报价、成交、清算等相关行为，以及报送信息的质量和时效性。对评估不合格的外汇一级交易商，中国人民银行将要求其改进并在6个月后重新进行评估，重新评估仍不合格的将取消其外汇一级交易商资格。
第十条 对违反本指引的外汇一级交易商，中国人民银行视情节轻重，暂停或取消其外汇一级交易商资格。
第十一条 被暂停外汇一级交易商资格的金融机构，在恢复资格前不再享有本指引第七条规定的各项权利，但须继续履行其未尽义务。
第十二条 被取消外汇一级交易商资格的金融机构，将被终止享有本指引第七条规定的各项权利，但须继续履行其未尽义务。
第十三条 被主管部门吊销营业执照的金融机构，其外汇一级交易商资格及相关权利自动终止。
第十四条 被取消或自动放弃外汇一级交易商资格的金融机构，原则上两年内不得重新申请外汇一级交易商资格。
第十五条 发生机构更名、合并的外汇一级交易商，须报中国人民银行办理资格变更手续。
第十六条 本指引的解释权和修订权属中国人民银行。
第十七条 本指引自发布之日起实行。
| Translation - English
Guidance on Access of Primary Foreign Exchange Dealers of the PBOC
June 2, 2006
Article 1 In order to carry out effectively the monetary policy and keep RMB exchange rate basically stable on the whole at a reasonable and balanced level, this Guidance is formulated according to the PRC Law of the PBOC.
Article 2 "Primary foreign exchange dealer of the PBOC" (hereinafter referred to as "Primary foreign exchange dealer") herein means a designated foreign exchange bank that is appointed by the PBOC for undertaking foreign exchange transactions with the People's Republic of China (the "PBOC"), which perform the obligations of market making in the inter-bank foreign exchange market.
Article 3 "Foreign exchange transaction" herein means a foreign exchange transaction between the PBOC and a primary foreign exchange dealer.
Article 4 The Open-market Operation Office of the PBOC shall take charge of the administration of primary foreign exchange dealers and their transactions.
Article 5 The PBOC shall not publish the information including the list of primary foreign exchange dealers and the transactions with primary foreign exchange dealers.
Article 6 A financial institution may apply to the PBOC for the qualification as a primary foreign exchange dealer if it meets all the following conditions:
(1) being a designated foreign exchange bank;
(2) abiding by the relevant state economic and financial laws and regulations and other relevant regulations of the PBOC;
(3) meeting all requirements of regulatory indexes required by regulatory authorities;
(4) meeting the requirements of credit rating required by the PBOC;
(5) top ranking in the inter-bank foreign exchange market in terms of volume foreign exchange transactions of the previous fiscal year; and
(6) being able to and promising to perform all the obligations of a primary foreign exchange dealer.
Article 7 The rights of a primary foreign exchange dealer shall include:
(1) Acting as a counterpart of the PBOC in foreign exchange transactions;
(2) Other rights specified by the PBOC.
Article 8 Obligations of a primary foreign exchange dealer shall include:
(1) Engaging in foreign exchange transactions in good faith and offering best quotations;
(2) Not manipulating market prices;
(3) Ensuring the time efficiency and accuracy of the work relating to foreign exchange;
(4) Having professional personnel as required by the PBOC and corresponding technological conditions;
(5) Adhering to the confidential regulations of the PBOC on primary foreign exchange dealers;
(6) Keeping in contact with the PBOC and promptly reporting to it major outburst events;
(7) Reporting to the PBOC the information on the amount of the sale and purchase of foreign exchange, and analysis report; and
(8) Performing the obligations of market making in the inter-bank foreign exchange market.
Article 9 The PBOC shall assess the performance of the obligations of primary foreign exchange dealers. The content of such assessment shall include quotations, delivery and settlements and other relevant conducts of primary foreign exchange dealers, as well as the quality and time efficiency of the information reported. If any primary foreign exchange dealer is found disqualified through such assessment, the PBOC will require it to make improvement and undergo a reassessment 6 months later, while in case of a failure in such reassessment, its qualification as a primary foreign exchange dealer shall be cancelled.
Article 10 The qualification of a primary foreign exchange dealer shall be suspended or cancelled by the PBOC if it is found in violation of this Guidance according to the degree of such violation.
Article 11 A financial institution whose qualification as a primary foreign exchange dealer is suspended shall no longer enjoy the rights under Article 7 before its qualification is resumed, while it shall continue performing its obligations that have not been fulfilled.
Article 12 A financial institution whose qualification as a primary foreign exchange dealer has been cancelled shall not enjoy the rights under Article 7, while it shall continue performing the obligations that are not fulfilled.
Article 13 If the business license of a financial institution is revoked by the competent authority, its qualifications as a primary foreign exchange dealer and the relevant rights shall automatically terminate.
Article 14 A financial institution whose qualification as a primary foreign exchange dealer has been cancelled or has been automatically abandoned shall not apply for such qualification within two years in principle.
Article 15 In case of modification of name of an institution and merger of a primary foreign exchange dealer, such modification and merger shall be reported to the PBOC for handling of the procedure of qualification modification.
Article 16 The interpretation and amendment of this Guidance shall be vested with the PBOC.
Article 17 This Guidance becomes effective on the date of its promulgation.
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