Regulations of the Monetary Policy Committee of the People's Bank of China

(1997年4月15日中华人民共和国国务院令第215号发布　根据2024年1月13日《国务院关于修改部分行政法规和国务院决定的决定》修订)

(Issued by Decree No. 215 of the State Council of the People's Republic of China on April 15, 1997, and revised in accordance with the Decision of the State Council on Amending Certain Administrative Regulations and Decisions of the State Council on January 13, 2024)

为了有助于国家货币政策的正确制定，根据中国人民银行法的规定，制定本条例。

These Regulations are formulated in accordance with the Law of the People's Bank of China to facilitate the correct formulation of national monetary policy.

货币政策委员会工作坚持中国共产党的领导，推动健全现代货币政策框架，重要事项报党中央、国务院。

The work of the Monetary Policy Committee shall adhere to the leadership of the Communist Party of China, promote the improvement of the modern monetary policy framework, and report important matters to the Central Committee of the Communist Party of China and the State Council.

货币政策委员会是中国人民银行制定货币政策的咨询议事机构。

The Monetary Policy Committee is an advisory and deliberative body for the People's Bank of China in formulating monetary policy.

货币政策委员会依照本条例组成。

The Monetary Policy Committee shall be formed in accordance with these Regulations.

货币政策委员会的职责是，在综合分析宏观经济形势的基础上，依据国家的宏观经济调控目标，讨论下列货币政策事项，并提出建议：

The duties of the Monetary Policy Committee are to discuss the following monetary policy matters and make recommendations based on a comprehensive analysis of the macroeconomic situation and in accordance with the national macroeconomic regulation and control objectives:

(一)货币政策的制定、调整；

(1) Formulation and adjustment of monetary policy;

(二)一定时期内的货币政策控制目标；

(2) Monetary policy control targets for a certain period;

(三)货币政策工具的运用；

(3) Use of monetary policy tools;

(四)有关货币政策的重要措施；

(4) Important measures related to monetary policy;

(五)货币政策与其他宏观经济政策的协调。

(5) Coordination of monetary policy with other macroeconomic policies.

货币政策委员会通过全体会议履行职责。

The Monetary Policy Committee shall perform its duties through plenary meetings.

货币政策委员会由下列单位和人员组成：

The Monetary Policy Committee shall be composed of the following units and personnel:

中国人民银行行长；

Governor of the People's Bank of China;

国务院副秘书长1人；

One Deputy Secretary-General of the State Council;

国家发展和改革委员会副主任1人；

One Vice Chairman of the National Development and Reform Commission;

财政部副部长1人；

One Vice Minister of Finance;

中国人民银行副行长2人；

Two Deputy Governors of the People's Bank of China;

国家金融监督管理总局局长；

Director of the National Financial Regulatory Administration;

中国证券监督管理委员会主席；

Chairman of the China Securities Regulatory Commission;

国家统计局局长；

Commissioner of the National Bureau of Statistics;

国家外汇管理局局长；

Administrator of the State Administration of Foreign Exchange;

中国银行业协会会长；

President of the China Banking Association;

专家委员3人。

Three expert members.

货币政策委员会组成单位和人员的调整，由国务院决定。

Adjustments to the constituent units and personnel of the Monetary Policy Committee shall be decided by the State Council.

货币政策委员会委员包括当然委员和提名委员。中国人民银行行长、国家金融监督管理总局局长、中国证券监督管理委员会主席、国家外汇管理局局长为货币政策委员会的当然委员。货币政策委员会其他委员为提名委员，其人选由中国人民银行提名或者中国人民银行商有关部门提名，报请国务院任命。

Members of the Monetary Policy Committee include ex-officio members and nominated members. The Governor of the People's Bank of China, the Director of the National Financial Regulatory Administration, the Chairman of the China Securities Regulatory Commission, and the Administrator of the State Administration of Foreign Exchange are ex-officio members of the Monetary Policy Committee. Other members of the Monetary Policy Committee are nominated members, whose candidates shall be nominated by the People's Bank of China or jointly nominated by the People's Bank of China and relevant departments, and submitted to the State Council for appointment.

货币政策委员会设主席一人，副主席一人。主席由中国人民银行行长担任；副主席由主席指定。

The Monetary Policy Committee shall have one Chairperson and one Vice Chairperson. The Chairperson shall be the Governor of the People's Bank of China; the Vice Chairperson shall be designated by the Chairperson.

货币政策委员会委员应当具备下列条件：

Members of the Monetary Policy Committee shall meet the following conditions:

(一)年龄一般在65周岁以下，具有中华人民共和国国籍；

(1) Generally under 65 years of age, with nationality of the People's Republic of China;

(二)公正廉洁，忠于职守，无违法、违纪记录；

(2) Upright and honest, loyal to their duties, with no record of illegal or disciplinary violations;

(三)具有宏观经济、金融等方面的专业知识和实践经验，熟悉有关法律、法规和政策。

(3) Possess professional knowledge and practical experience in macroeconomics, finance, etc., and be familiar with relevant laws, regulations, and policies.

货币政策委员会中的专家委员除应当符合本条例第九条规定的条件外，还应当具备下列条件：

In addition to meeting the conditions specified in Article 9 of these Regulations, expert members of the Monetary Policy Committee shall also meet the following conditions:

(一)具有高级专业技术职称，从事经济金融工作10年以上，具有较高的学术水平；

(1) Hold a senior professional technical title, have been engaged in economic and financial work for more than 10 years, and have a high academic level;

(二)非国家公务员，并且不在任何营利性机构任职。

(2) Not be a national civil servant and not hold any position in a for-profit institution.

货币政策委员会委员中的中国银行业协会会长任期一般不超过5年；专家委员一届任期不超过3年，最长任期一般不超过两届。

The term of office of the President of the China Banking Association as a member of the Monetary Policy Committee shall generally not exceed five years; the term of office of expert members shall not exceed three years per term, and the maximum term of office shall generally not exceed two consecutive terms.

货币政策委员会委员有下列情形之一的，由中国人民银行报请国务院免去其货币政策委员会委员职务：

If a member of the Monetary Policy Committee falls under any of the following circumstances, the People's Bank of China shall submit a request to the State Council to remove the member from the Monetary Policy Committee:

(一)本人提出书面辞职申请的；

(1) The member submits a written resignation;

(二)任职期间因职务变动，已经不能代表有关单位担任货币政策委员会委员的；

(2) Due to a change in position during the term, the member can no longer represent the relevant unit as a member of the Monetary Policy Committee;

(三)依照本条例第十一条规定任期已满的；

(3) The term of office has expired in accordance with Article 11 of these Regulations;

(四)不履行委员义务或者因各种原因不能胜任委员工作的。

(4) The member fails to perform the duties of a member or is unable to perform the duties of a member for various reasons.

货币政策委员会设立秘书处，作为货币政策委员会的常设办事机构。

The Monetary Policy Committee shall establish a Secretariat as its permanent office.

货币政策委员会委员具有同等的权利与义务。

Members of the Monetary Policy Committee have equal rights and obligations.

货币政策委员会委员为履行职责需要，享有下列权利：

To perform their duties, members of the Monetary Policy Committee shall enjoy the following rights:

(一)了解经济、金融和货币政策方面的情况；

(1) To understand the situation regarding the economy, finance, and monetary policy;

(二)对货币政策委员会所讨论的问题发表意见；

(2) To express opinions on issues discussed by the Monetary Policy Committee;

(三)向货币政策委员会就货币政策问题提出议案，并享有表决权。

(3) To submit proposals to the Monetary Policy Committee on monetary policy issues and have the right to vote.

货币政策委员会委员应当出席货币政策委员会会议，并就有关货币政策事项提出意见和建议。

Members of the Monetary Policy Committee shall attend meetings of the Monetary Policy Committee and put forward opinions and suggestions on relevant monetary policy matters.

货币政策委员会委员应当恪尽职守，不得滥用职权、徇私舞弊。

Members of the Monetary Policy Committee shall diligently perform their duties and shall not abuse their powers or engage in malpractice for personal gain.

货币政策委员会委员应当保守国家秘密、商业秘密，遵守货币政策委员会的工作制度，不得违反规定透露货币政策及有关情况。

Members of the Monetary Policy Committee shall keep state secrets and commercial secrets, abide by the working system of the Monetary Policy Committee, and shall not disclose monetary policy and related information in violation of regulations.

货币政策委员会委员违反规定泄露国家秘密、商业秘密的，撤销货币政策委员会委员的职务，并依法追究法律责任。

If a member of the Monetary Policy Committee violates regulations by disclosing state secrets or commercial secrets, the member's position on the Monetary Policy Committee shall be revoked, and legal liability shall be pursued in accordance with the law.

货币政策委员会委员在任职期内和离职以后一年内，不得公开反对已按法定程序制定的货币政策。

Members of the Monetary Policy Committee shall not publicly oppose monetary policies that have been formulated in accordance with legal procedures during their term of office and within one year after leaving office.

货币政策委员会实行例会制度，每季度召开1次。

The Monetary Policy Committee shall implement a regular meeting system, convening once every quarter.

货币政策委员会主席或者1/3以上委员联名，可以提议召开临时会议。

The Chairperson of the Monetary Policy Committee or more than one-third of the members jointly may propose to convene an interim meeting.

中国人民银行在货币政策委员会例会召开后，采取多种方式加强预期引导和市场沟通。

After the regular meeting of the Monetary Policy Committee, the People's Bank of China shall adopt various methods to strengthen forward guidance and market communication.

货币政策委员会秘书处应当在货币政策委员会例会召开前，将会议议题及有关资料送达全部委员。

The Secretariat of the Monetary Policy Committee shall deliver the meeting agenda and relevant materials to all members before the regular meeting of the Monetary Policy Committee.

货币政策委员会会议有2/3以上委员出席，方可举行。

A meeting of the Monetary Policy Committee may be held only when more than two-thirds of the members are present.

货币政策委员会会议应当以会议纪要的形式记录各种意见。

Meetings of the Monetary Policy Committee shall record various opinions in the form of meeting minutes.

货币政策委员会委员提出的货币政策议案，经出席会议的2/3以上委员表决通过，形成货币政策委员会建议书。

Monetary policy proposals submitted by members of the Monetary Policy Committee shall be passed by more than two-thirds of the members present at the meeting to form a recommendation letter of the Monetary Policy Committee.

中国人民银行报请国务院批准有关利率、汇率或者其他货币政策重要事项的决定方案时，可以将货币政策委员会建议书或者会议纪要作为附件一并报送。

When the People's Bank of China submits to the State Council a decision plan for approval of important matters concerning interest rates, exchange rates, or other monetary policies, it may attach the recommendation letter or meeting minutes of the Monetary Policy Committee as an appendix.

货币政策委员会的内部工作制度，由货币政策委员会制定。

The internal working system of the Monetary Policy Committee shall be formulated by the Monetary Policy Committee.

本条例自发布之日起施行。

These Regulations shall come into force on the date of promulgation.