Announcement No. 19 [2015] of the People's Bank of China—Announcement on Matters concerning Effectively Administering the Cross-Border Settlement of Domestic Crude Oil Futures Transactions[Effective]

Announcement of the People's Bank of China

(No. 19 [2015])
To effectively administer the cross-border settlement of domestic crude oil futures transactions, the relevant matters are hereby announced as follows:

I. “Foreign traders” means legal persons and other economic organizations legally formed outside the territory of the People's Republic of China (including Hong Kong, Macao and Taiwan Regions) or natural persons legally hold the identities of citizens outside the territory of the People's Republic of China (including Hong Kong, Macao and Taiwan Regions) that engage in domestic crude oil transactions and assume trading results. “Foreign brokerage agencies” means financial institutions that are legally formed outside the territory of the People's Republic of China (including Hong Kong, Macao and Taiwan Regions) and qualified for accepting traders' funds and trading orders and conduct futures transactions for traders in their own names as recognized by futures regulatory authorities of their countries (regions).

II. Domestic crude oil futures transactions shall be priced and settled in RMB.

III. A futures exchange shall provide domestic crude oil futures transaction settlement services for futures companies or other institutions qualified for settlement through the special RMB settlement account opened at the designated futures margin depository bank (hereinafter referred to as the “depository bank”).

IV. A futures company or any other institution qualified for settlement shall provide domestic crude oil futures transaction settlement services for foreign traders and foreign brokerage agencies through the special RMB margin account opened at the depository bank.

V. Foreign traders and foreign brokerage agencies may, in accordance with the Measures for the Administration of RMB Bank Settlement Accounts of Overseas Institutions (No. 249 [2010], PBC), the Notice of the People's Bank of China on Issues concerning the Opening and Use of RMB Bank Settlement Accounts of Overseas Institutions (No. 183 [2012], PBC) and other provisions on the administration of bank settlement accounts, open at depository banks RMB futures settlement accounts to handle the relevant fund transfer for domestic crude oil futures transactions. If a foreign trader or a foreign brokerage agency has no basic deposit account, its RMB futures settlement account shall be included in the basic deposit account for management.

VI. Scope of revenues and expenditures of a special RMB margin account of a futures company or any other institution qualified for settlement
(1) Scope of revenues:
(a) RMB funds remitted from its same-name special RMB margin account.
(b) RMB funds remitted from RMB futures settlement accounts of domestic clients.
(c) RMB funds remitted from RMB futures settlement accounts of foreign traders and foreign brokerage agencies.
(d) RMB funds remitted from its same-name special foreign exchange margin account after foreign exchange settlement.
(e) Account interest income.
(f) Other revenues prescribed by the People's Bank of China (“PBC”).
(2) Scope of Expenditures:
(a) RMB funds remitted to its same-name special RMB margin account.
(b) RMB funds remitted to RMB futures settlement accounts of domestic clients.
(c) RMB funds remitted to RMB futures settlement accounts of foreign traders and foreign brokerage agencies.
(d) Taxes and dues on futures transactions.
(e) Expenditures of handling charges relating to accounts.
(f) Other expenditures prescribed by the PBC.
VII. Scope of revenues and expenditures of RMB futures settlement accounts of foreign traders and foreign brokerage agencies
(1) Scope of revenues:
(a) RMB funds remitted from overseas.
(b) RMB funds remitted from its same-name RMB bank settlement account.
(c) RMB funds remitted from special RMB margin accounts of futures companies or other institutions qualified for settlement.
(d) Account interest income.
(e) Other revenues prescribed by the PBC.
(2) Scope of Expenditures:
(a) RMB funds remitted overseas.
(b) RMB funds remitted to its same-name RMB bank settlement account.
(c) RMB funds remitted to special RMB margin accounts of futures companies or other institutions qualified for settlement.
(d) Taxes and dues on futures transactions.
(e) Expenditures of handling charges relating to accounts.
(f) Other expenditures prescribed by the PBC.

VIII. The interest on funds in RMB futures settlement accounts of foreign traders and foreign brokerage agencies shall be calculated based on the current deposit interest rate, and the funds shall be deposited in special accounts and subject to closed management in China, and shall not be used for any purpose other than futures transactions.

IX. A foreign trader or foreign brokerage agency may directly use foreign exchange as the margin, and the foreign exchange margin may not be used for the settlement of domestic crude oil futures funds until it has been settled. If foreign exchange settlement or purchase is required for the settlement of profits and losses of domestic crude oil futures transactions, payment of handling charges, delivery of payment for goods or making up the gap of settlement funds, it shall be handled through the depository bank, and be governed by the provisions on foreign exchange administration.

X. Depository banks shall, in a timely, accurate and complete manner, submit the relevant account information and the information on cross-border RMB fund receipts and payments to the RMB Cross-Border Payment and Receipt Management Information System (RCPMIS). Futures exchanges shall, on a monthly basis, report to the PBC the basic information on domestic crude oil futures transactions conducted by foreign traders and foreign brokerage agencies, capital outflow and inflow, and other relevant business information.

XI. Futures exchanges, depository banks, and futures companies, among others, shall, in accordance with the Anti-Money Laundering Law of the People's Republic of China and the relevant provisions of the PBC, effectively perform the obligations of anti-money laundering and combating financing of terrorism, and prevent money laundering, financing of terrorism and other illegal and criminal activities.

XII. The PBC and the relevant regulatory authorities shall oversee and administer the settlement of domestic RMB crude oil futures transactions, and punish the violations of the relevant provisions in accordance with the law.

XIII. This Announcement shall apply, mutatis mutandis, to the cross-border settlement of transactions in futures of other specific varieties approved by the China Securities Regulatory Commission.

XIV. This Announcement shall come into force on August 1, 2015.

People's Bank of China

July 20, 2015

中国人民银行公告〔2015〕第19号
发布日期：2018-03-13

为做好境内原油期货交易跨境结算管理工作，现就有关事宜公告如下：
一、“境外交易者”是指从事境内原油期货交易并承担交易结果，在中华人民共和国境外（含港澳台地区）依法成立的法人、其他经济组织，或者依法拥有中华人民共和国境外（含港澳台地区）公民身份的自然人。“境外经纪机构”是指在中华人民共和国境外（含港澳台地区）依法成立、具有所在国（地区）期货监管机构认可的可以接受交易者资金和交易指令并以自己名义为交易者进行期货交易资质的金融机构。
二、境内原油期货交易以人民币计价、结算。
三、期货交易所应通过在期货保证金指定存管银行（以下简称存管银行）开立的人民币专用结算账户，为具有结算资格的期货公司或者其他机构提供境内原油期货交易结算服务。
四、具有结算资格的期货公司或者其他机构应通过在存管银行开立的人民币保证金专用账户，为境外交易者、境外经纪机构提供境内原油期货交易结算服务。
五、境外交易者、境外经纪机构可以按照《境外机构人民币银行结算账户管理办法》（银发〔2010〕249号文印发）和《中国人民银行关于境外机构人民币银行结算账户开立和使用有关问题的通知》（银发〔2012〕183号）等银行结算账户管理规定，在存管银行开立人民币期货结算账户，用于办理境内原油期货交易的相关资金往来。境外交易者、境外经纪机构未开立基本存款账户的，该人民币期货结算账户纳入基本存款账户管理。
六、具有结算资格的期货公司或者其他机构的人民币保证金专用账户的收支范围。
（一）收入范围：
1.从其同名人民币保证金专用账户汇入的人民币资金；
2.从其境内客户人民币期货结算账户汇入的人民币资金；
3.从境外交易者和境外经纪机构人民币期货结算账户汇入的人民币资金；
4.其同名外汇保证金专用账户结汇后汇入的人民币资金；
5.账户利息收入；
6.中国人民银行规定的其他收入。
（二）支出范围：
1.汇往其同名人民币保证金专用账户的人民币资金；
2.汇往其境内客户人民币期货结算账户的人民币资金；
3.汇往境外交易者和境外经纪机构人民币期货结算账户的人民币资金；
4.期货交易相关税费支出；
5.账户相关手续费支出；
6.中国人民银行规定的其他支出。
七、境外交易者、境外经纪机构的人民币期货结算账户收支范围。
（一）收入范围：
1.从境外汇入的人民币资金；
2.从其同名人民币银行结算账户汇入的人民币资金；
3.从具有结算资格的期货公司或者其他机构人民币保证金专用账户汇入的人民币资金；
4.账户利息收入；
5.中国人民银行规定的其他收入。
（二）支出范围：
1.汇往境外的人民币资金；
2.汇往其同名人民币银行结算账户的人民币资金；
3.汇往具有结算资格的期货公司或者其他机构人民币保证金专用账户的人民币资金；
4.期货交易相关税费支出；
5.账户相关手续费支出；
6.中国人民银行规定的其他支出。
八、境外交易者、境外经纪机构人民币期货结算账户的资金按照活期存款利率计息，在境内实行专户存放和封闭管理，不得用于期货交易以外的其他用途。
九、境外交易者、境外经纪机构可以直接使用外汇作为保证金，外汇保证金结汇后方可用于境内原油期货资金结算。境内原油期货交易盈亏结算、缴纳手续费、交割货款或补充结算资金缺口等需要结汇、购汇的，通过存管银行办理，按外汇管理有关规定执行。
十、存管银行应当及时、准确、完整地向人民币跨境收付信息管理系统（RCPMIS）报送有关账户信息以及跨境人民币资金收支信息。期货交易所应按月向中国人民银行报送境外交易者、境外经纪机构从事境内原油期货交易业务的基本情况、资金流出流入等相关业务信息。
十一、期货交易所、存管银行、期货公司等应当按照《中华人民共和国反洗钱法》和中国人民银行的有关规定，切实履行反洗钱和反恐怖融资义务，预防洗钱、恐怖融资等违法犯罪活动。
十二、中国人民银行及相关监管部门对境内人民币原油期货交易结算业务活动进行监督管理，对违反有关规定的，依法进行处理。
十三、中国证券监督管理委员会批准的其他境内特定品种期货交易的跨境结算业务，参照本公告办理。
十四、本公告自2015年8月1日起施行。

中国人民银行
2015年7月20日