· Document Number：No. 165 [2017] of the People's Bank of China

· Area of Law： Negotiable Instruments

· Level of Authority： Departmental Regulatory Documents

· Date issued：07-06-2017

· Effective Date：07-06-2017

· Issuing Authority： People's Bank of China

· Status： Effective

Notice of the People's Bank of China on Matters concerning Strengthening the Administration of Electronic Commercial Draft Transactions
(No. 165 [2017] of the People's Bank of China)
The Shanghai Head Office of the People's Bank of China (“PBC”) and all branches, operations offices, and central sub-branches in capital cities of provinces (autonomous regions) of the PBC; China Development Bank, all policy banks, state-owned commercial banks, joint-stock commercial banks and Postal Savings Bank of China; and Shanghai Commercial Paper Exchange Corporation Ltd, the Clearing Center for City Commercial Banks and the Rural Credit Banks Funds Clearing Center:
For the purposes of promoting the construction of a unified market of negotiable instruments and strengthening the administration of electronic commercial draft (“ECD”) transactions, you are hereby notified of the following matters concerning ECD transactions:
I. Beginning on August 28, 2017, all ECD transactions shall be governed by the Measures for the Administration of Trading in Negotiable Instruments (Announcement No. 29 [2016], PBC).
II. Post-discount ECD business will be switched to the trading system of Shanghai Commercial Paper Exchange Corporation Ltd. between October 1 and October 7, 2018, and the post-discount business functions of the Electronic Commercial Draft System (“ECDS”) will be disabled.
III. Shanghai Commercial Paper Exchange Corporation Ltd. shall, under the guidance of the PBC, be specifically responsible for the construction of systems related to ECD transactions and the switch of post-discount ECD business. Shanghai Commercial Paper Exchange Corporation Ltd. shall closely communicate with the relevant entities, and implement the concrete tasks in a proactive, steady and effective manner.
IV. Shanghai Commercial Paper Exchange Corporation Ltd. and all relevant entities shall attach great importance to and cooperate closely with each other in making good preparations for the implementation of various operational, technical and engineering tasks, ensure the smooth progress of the relevant work, and guarantee the smooth operation of the trading system and market of negotiable instruments.
The Shanghai Head Office of the PBC and all branches, operations offices, and central sub-branches in capital cities of provinces (autonomous regions) of the PBC shall forward this Notice to all urban commercial banks, rural commercial banks, rural cooperative banks, village banks, urban credit cooperatives, rural credit cooperatives, foreign-funded banks, and finance companies within their respective jurisdictions.
The People's Bank of China
July 6, 2017