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| REGULATIONS ON THE TREASURY BILLS OF THE PEOPLE'S REPUBLIC OF CHINA |
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(Effective Date：1981.01.28--Ineffective Date：) Article 1. The Treasury Bills of the People's Republic of China are determined to be issued from the year 1981 in order to regulate and stabilize the national economy, properly centralise financial resources from all quarters, carry out the socialist modernization construction and gradually raise the standards of the material and cultural life of the people. Article 2. The Treasury Bills shall be mainly distributed and issued to state enterprises, enterprises of collective ownership, competent authorities of enterprises and local governments. They shall be properly subscribed for by Party and government organizations, bodies, units of armed forces, institutions and opulent rural people's communes, production brigades and teams. Individuals shall also be allowed to volunteer to subscribe for them. Article 3. The number of Treasury Bills to be issued each year shall be determined by the State Council and the issue shall begin as of January 1 of that current year. All payments must be made on or before June 30 and the interest therein shall be calculated from July 1 of that current year. Article 4. The annual interest shall be fixed at 4% for the Treasury Bills. The interest of the Treasury Bills shall be paid in one lump sum when the principal is repaid and no compound interest shall be calculated. Article 5. The Treasury Bills shall be calculated in Renminbi. The Treasury Bills are of 8 different denominations: 10 yuan, 50 yuan, 100 yuan, 500 yuan, 1,000 yuan, 10,000 yuan, 100,000 yuan and 1,000,000 yuan. Article 6. From the sixth year of the issue of the Treasury Bills, lots shall be drawn at a time specified and the principal shall be repaid by 5 different payments in 5 years in accordance with the amount of issue, no less than 20% of the total amount to be repaid each time. Article 7. The issue of the Treasury Bills, the repayment of the principal and the payment of the interest shall be handled by the People's Bank of China and its subordinate organizations. Article 8. The funds raised by means of the Treasury Bills shall be used in a unified way by the State Council in accordance with the development and overall balance of the national economy. Article 9. The Treasury Bills shall not be circulated as money and shall not be freely bought and sold. Article 10. Those who forge the Treasury Bills or damage their reputation shall be punished according to law. Article 11. The Ministry of Finance shall be authorized by the State Council to handle the interpretation of the Regulations on the Treasury Bills. |
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