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Administrative Measures for Commercial Draft Acceptance, Discount and Rediscount Revised
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Chinese
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Category：Legislative Updates
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Subject：Banking
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Keywords：commercial draft; acceptance; discount; rediscount
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Source：Pkulaw
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Publish Date：11-24-2022
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Recently, the People's Bank of China and the China Banking and Insurance Regulatory Commission jointly issued the Measures for the Administration of Commercial Draft Acceptance, Discount and Rediscount (2022 Revision), effective from January 1, 2023.
First, the nature and classification of commercial drafts are clarified. Commercial drafts mainly include bank acceptance drafts, acceptance drafts of financial companies and commercial acceptance drafts in paper or electronic forms, while supply chain drafts pertain to electronic commercial drafts. Second, a real transaction relationship is stressed. The acceptor of a bank, rural credit cooperative or financial company should, when conducting acceptance business, prudently examine the drawer's real transaction relationship and the creditor-debtor relationship. Third, the mechanism for information disclosure and credit-based restraint is intensified. The acceptor of a bank acceptance draft is required to disclose its credit information on the basis of the requirements for information disclosure of commercial acceptance drafts brought forth by previous announcements. Fourth, risk control is strengthened. The Revision sets a proportional ceiling for maximum acceptance balance and margin balance of bank acceptance drafts and acceptance drafts of financial companies, with the maximum payment term of commercial drafts adjusted from one year to six months.
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