Why restrict the promissory note business?

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Suning: Overview and Prospect of Bill Business in China

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February 8, 2006 2 1:25 China Finance

—— Suning, Vice Governor of China People's Bank

As one of the important non-cash payment tools, bill is not only a carrier for economic actors to transfer funds safely and efficiently, but also one of the main financial products in the money market. Bill rediscount is also an important monetary policy tool of the central bank. The bill market plays an important role in fund allocation, liquidity management, risk dispersion, monetary policy transmission and easing the financing bottleneck of small and medium-sized enterprises, and is a consideration for the central bank to formulate monetary policy. Generally speaking, bills are very important in economy and finance.

The importance of is increasingly prominent.

I. Overview of the development of bill business in China

The bills used in China mainly include checks, bank drafts, commercial drafts and promissory notes. In recent years, the bill business has developed rapidly in the standard, not only in quantity, but also in the aspects of participants, transaction varieties, management methods and liquidation system.

(1) The bill usage increased steadily, and the bill business continued to innovate.

At present, the use and circulation of bills are increasing year by year. Among all kinds of bills, check is the most common non-cash payment tool in China, which is used to withdraw cash and transfer money in the same city. The annual circulation is about 654.38+08 billion, amounting to about 350 trillion yuan. Bank drafts are widely used and used in large quantities, which has played a positive role in facilitating payment in different places. At present, bank draft has become the most widely used payment tool in different places in China. The annual circulation of bank bills is about 654.38 billion, amounting to 70 trillion yuan. Commercial bills are divided into commercial acceptance bills and bank acceptance bills according to different acceptors. 39 million commercial bills are issued every year, amounting to 4.5 trillion yuan, mainly bank acceptance bills, and commercial acceptance bills are rarely used at present. Cashier's note is a new payment tool introduced by China People's Bank after the comprehensive reform of 1988 bank settlement system. At present, it is used in some economically developed cities and areas with developed small commodity markets.

While the bill business volume continues to grow, bill innovations are constantly emerging, meeting the financial needs of different market players. First, the diversification pattern of the main body of the bill market has basically taken shape. In recent years, under the guidance of relevant national policies and measures, the scope of promotion and use of bills has gradually expanded, and market participants have gradually increased. Some small and medium-sized banking financial institutions, small and medium-sized enterprises and individuals have gradually participated in the bill market. Second, innovative varieties of bills have been continuously introduced, meeting the payment and financing needs of various market entities. Financial institutions generally began to pay attention to the financing needs of different enterprises, and tailored personalized bill service models for enterprises, such as bill discount buyer's interest payment business, bill package purchase business and so on. Improving financial services and enhancing competitiveness through bill innovation has become an important means for financial institutions to explore the bill market. In May 2005, the People's Bank of China launched short-term financing bonds. Short-term financing bonds refer to the securities issued by non-financial enterprises with legal personality in the inter-bank bond market, and agreed to repay the principal and interest within a certain period of time. Short-term financing bill is essentially a kind of financing unsecured commercial promissory note. The reason why short-term financing bills don't use the name of "bill" is mainly because China's "Bill Law" adopts the theory of real bills, which requires the issuance, acquisition and transfer of bills to have real trading relationship and creditor-debtor relationship; Moreover, the drawer of the promissory note is limited to banks, and there is no room for commercial promissory note financing in law. In order to meet the market demand for financing bonds and avoid legal risks, the concept of "short-term financing bonds" is adopted, which has the same nature as commercial bills abroad. Short-term financing bonds are an important measure for the central bank to promote the reform and development of financial markets. The issuance of short-term financing bills enriches the varieties of the money market, which is conducive to changing the imbalance between direct financing and indirect financing, improving the transmission mechanism of monetary policy, maintaining the stability of the overall financial situation and promoting the comprehensive, coordinated and sustainable development of the financial market. Since May 26th, 2005, with the great concern and active participation of all parties in the market, the short-term financing bonds of enterprises have developed rapidly. In just half a year, hundreds of billions of yuan were issued. As of June 5438+065438+1October 17, 2005, * * 4 1 company successfully issued 54 short-term financing bonds to qualified institutional investors in the inter-bank bond market, with a total denomination of 1009 billion yuan. The short-term financing bill market broke through 1000 billion yuan in half a year, indicating that short-term financing bills are financial innovative products suitable for market participants.

(2) The bill market has developed into an important part of China's money market and an effective way to conduct monetary policy.

The money market mainly solves the liquidity problem of market participants. Developing the money market is an important task of China's financial market reform. China's money market consists of bill market, repurchase market, lending market and treasury bond market. As the market with the closest connection with the real economy, the development of the bill market has played an active role in broadening the financing channels of enterprises, alleviating the debt default between enterprises, improving the quality of credit assets of commercial banks, and strengthening the indirect regulation function of the central bank. According to statistics, in the last four years, the annual issuance and acceptance of commercial bills in China increased by 3. 1 times, and the discount of bills increased by 7.7 times. From June 5438 to September 2005, the total amount of commercial bills issued was 32 1 trillion yuan, a year-on-year increase of 31%; The accumulated discount was 4.74 trillion yuan, a year-on-year increase of 41%; The proportion of new bill financing in new loans reached 20.3%, an increase of 12.3 percentage points year-on-year. At the end of September, the outstanding balance of commercial paper was 2.07 trillion yuan, a year-on-year increase of 46%; Discounted balance 1.32 trillion yuan, up 38% year-on-year.

The bill market plays an important role in the transmission mechanism of monetary policy, and rediscount is one of the channels to put the base currency. The central bank can effectively conduct monetary policy by adjusting the rediscount rate of commercial paper. At present, the rediscount rate has gradually become an important benchmark interest rate of the central bank. Before 1998, the rediscount rate was linked to the refinancing rate of the same grade, and fell down according to a certain proportion. Since March 1998, the rediscount rate is no longer directly linked to the refinancing rate, but is determined by the central bank alone.

In recent years, the bill market has further developed steadily in standardization, and the development of bill business has the following characteristics: First, with the further increase in the proportion of bill financing in new loans of financial institutions, bill financing has become the most important short-term direct financing method for enterprises, and the short-term financing trend is obvious. The proportion of bill financing in loan balance rose from 1.6% at the end of 2000 to 8% at the end of September 2005, and the proportion of new bill financing in new loans rose from 7.4% in 2000 to 20% in the first three quarters of 2005. Second, the competition in the bill market has further intensified and centralized management has been strengthened. Bill business has become a business type that commercial banks develop vigorously because of its low risk, high liquidity and stable income. Commercial banks have strengthened the intensive operation and centralized management of bill business through the exclusive mode of bill business in the system. Third, the function of the transaction subject in the bill market is further divided. The acceptance link is mainly small and medium-sized financial institutions such as joint-stock commercial banks, and the discount link is mainly state-owned commercial banks. Fourth, bank acceptance bills are still the most important tool in the bill market. The cumulative issued amount and unexpired balance of bank acceptance bills account for more than 95% of all commercial bills, and there are few commercial acceptance bills. Fifth, bill financing has become an important tool in the money market, and the bill market interest rate has increasingly become an important carrier for financial macro-control and money supply and demand in the money market.

(3) The bill clearing system is becoming more and more perfect, and cross-regional bill exchange has become a development trend.

Bill clearing system is an important part of China payment clearing system. Due to the vast territory and the restriction of traffic and communication, there is no unified bill clearing system in China at present, and all localities organize bill clearing on their own according to the actual situation. From the perspective of administrative divisions, there are two kinds of liquidation in China: intra-city clearing houses and inter-city regional clearing houses. Among the national 1936 clearing institutions, urban clearing institutions 19 18 and regional clearing institutions 18. Branches of the People's Bank of China play a leading role in the construction and management of local clearing houses, and capital settlement of bills is also completed through the People's Bank of China. Local liquidation includes all different organizational forms, such as membership system, legal person system of public institutions, and internal organs of the People's Bank of China. At present, the clearing house handles 2,066,600 transactions every day, amounting to 266.009 billion yuan. Among them, checks are the most commonly used exchange notes, and the daily average number of check transactions is 1 167 10000, and the amount is120818 million yuan, accounting for 56.5% of the daily average number of check transactions and the daily average check transaction amount of the clearing house respectively.

Today, with the rapid economic development, the interdependence and complementarity of economic development between cities have been greatly enhanced. Frequent economic exchanges have made the payment and settlement in different places between them closer, and the demand for using bills across administrative regions has become more urgent. In order to meet the growing demand for cross-regional use of bills and support the rapid and healthy development of regional economy, Beijing, Tianjin, Hebei, Shanghai, Nanjing, Guangzhou, Shenzhen and other places have established regional bill exchange centers, expanding the same bill exchange center to surrounding areas. The establishment of regional clearing centers has accelerated the capital turnover of enterprises and institutions and greatly improved the efficiency of the use of social funds; It is conducive to promoting the development of bill business in surrounding areas and expanding the scope and coverage of bills; It is conducive to strengthening the horizontal economic ties between central cities and surrounding areas, speeding up the circulation of funds and materials, and promoting the development of local and regional economies.

(D) The embryonic form of specialized bill institutions appeared, and a unified bill information platform began to be established.

Bill business has the characteristics of strong professionalism, wide coverage and concentrated risk, which is especially suitable for specialized operation. Judging from the operation practice of bill business in China, compared with other businesses, it obviously shows the characteristics and trend of centralization. At present, China has initially formed two modes of bill market intermediaries, mainly engaged in commercial bill trading and consulting services. One is the national bill business department represented by ICBC; The other is the bill discount window set up by various joint-stock financial institutions. The rapid development of intermediary institutions in bill market has played a positive role in promoting the formation of regional bill market based on central cities.

After more than ten years of development, China's bill market has developed rapidly, but compared with other money markets such as bond market, repurchase market and lending market, it has not yet formed a relatively unified regional or national bill market, and its automation is low. The traditional manual operation of bill market is an important factor restricting its development. In order to improve market efficiency, guard against market risks and improve operational means, the National Interbank Funding Center established "China Bill Network" in June 2003, and launched a national unified bill market service platform to provide quotation and inquiry services for bill discounting and bill repurchase among financial institutions. Although the network platform is only a bill information service platform at present, through this platform, all members accessing the network can obtain or send bill business information from the Internet and choose appropriate transaction objects, bill types and transaction methods, which not only expands and promotes the business field of financial institutions, but also increases the credibility and transparency of transaction objects, improves the efficiency of bill market transactions, and lays a certain foundation for establishing a unified bill business platform.

Second, the development prospect of bill business in China

The emergence and development of market economy led to the emergence and perfection of bill system, which promoted the prosperity and development of market economy to a great extent. In a highly developed market economy society, bills are indispensable tools. With the establishment and perfection of China's market economy system, various functions such as bill exchange, credit, payment, settlement and financing will also be brought into play, and the functions of currency substitution and currency creation derived from it will be more prominent. At present, in order to promote the development of bill business and the prosperity and stability of bill market, we should adhere to the direction of market development, break the bottleneck of bill development and broaden the development space of bill market by improving the legal environment and following the internal logic of bill business development.

(1) Improve the laws and regulations on bills and strengthen the infrastructure construction of the bill market.

The first is to improve the legal system construction of the bill market. As an important commercial legal system, the bill law plays a leading role in ensuring the normal use and circulation of bills. China's Negotiable Instruments Law has been implemented since 1996 1 year 10, and it has been ten years since then. At the same time, great changes have taken place in China's economy and finance. The current Bill Law, as a law regulating bill behavior and protecting the rights and interests of the parties under the imperfect market economy, has shown many limitations and inadaptability in building the civil and commercial legal basis of modern market economy, maintaining fair market order and advocating credit union, which can no longer meet the needs of the development of China's market economy. Therefore, it is urgent to revise Bill Law. At present, the most urgent thing is to adapt to economic development and technological innovation and establish the legal status of financing bills, electronic bills and bill image interception.

The second is to improve the construction of social credit system. The basis of bills is credit. The credit environment is directly related to the development of bill business, and the imperfection of China's credit system is the biggest obstacle to the development of bill market. Some enterprises, individuals and financial institutions have bad credit, which affects the use and circulation of bills. Individual enterprises use the information asymmetry between financial institutions to defraud the bank's credit, forcing banks to adopt conservative principles in business activities such as acceptance and discount, which greatly hinders the development of bill business.

The establishment and perfection of credit system is the guarantee for the effective operation of bill system. Conversely, the establishment of bill system can also promote the formation of credit system, and the two promote each other and complement each other. At present, the credit information system in China, which meets the needs of the development of market economy, is being accelerated. Great progress has been made in the infrastructure construction of credit information system, the development of credit information market, the promotion of credit information culture, and the establishment and improvement of credit information laws and regulations. Credit has gradually become the basis for the development of various production relations in the market economy, and the establishment and improvement of the bill system will have a solid credit foundation.

The third is to improve the scientific and technological means of bill business processing and establish a unified national bill market. In China's financial market system, only the bill market does not have a national unified transaction clearing service platform, which leads to the inefficiency and incomplete function of the bill market, and innovation can't keep up with the needs of market development. At present, although the primary bill market has been formed, it lacks an effective market base and its functions are not perfect. The bill circulation market is still limited to systems, parts and regions. Bills are still manually operated from issuance, acceptance, endorsement and transfer to discount and discount. This makes the bill market unable to get rid of the restrictions of physical bills, and it is difficult to form a unified registration, custody and transaction clearing system. Under the condition of informationization, we should actively explore the application of electronic bills, consider the custody, inquiry, transaction and liquidation of electronic bills as a whole, and use advanced scientific and technological means in the process of bill trading to improve transaction efficiency and prevent transaction risks. From the practice of foreign bills, bill imaging technology can obtain more complete bill information, which represents a development direction of bill processing. The experience of the United States, Europe and Hong Kong shows that check interception is conducive to reducing bill delivery costs, shortening bill payment time and improving settlement efficiency. This is also conducive to expanding the use of checks and strengthening economic ties between regions. At present, the People's Bank of China is actively studying and piloting the application of bill image interception technology in bill clearing system, with a view to promoting the development of bill regionalization, improving the efficiency of bill clearing and promoting the rapid and healthy development of bill business.

(2) Enrich the products in the bill market and increase the participants in the bill market.

First, improve the variety structure of the bill market. It is necessary to take the opportunity of issuing short-term financing bonds to study and try out commercial promissory notes. Commercial paper has advantages that cannot be replaced by other financing methods. This is mainly manifested in the following aspects: First, the cost is low. The interest rate of commercial paper is 2 ~ 3 percentage points lower than that of preferential bank loans in the same period, and the issuance cost including the issuance cost is also lower than that of bank loans. Second, it has strong flexibility and fast financing. Issuers can directly face all kinds of institutional investors in the market and design the term and interest rate of commercial paper according to the needs of the market and their own demand for funds. Under normal circumstances, funds can be raised on the same day. Third, it is conducive to establishing market credibility. Generally speaking, only powerful large companies can enter the commercial paper market for financing. Therefore, the issuance of commercial paper itself is the best proof of the company's strength and credibility. To this end, some large companies still issue commercial paper without much capital to maintain their credibility in the market. Commercial paper, as a short-term direct financing tool with short term, large transaction volume and low risk in the money market, is an important way of direct financing. Issuing enterprises can use commercial paper to replace the needs of short-term bank loans to varying degrees. The development of the paper market in developed countries shows that the emergence of financing commercial promissory notes has a huge substitution effect and can quickly replace other paper varieties. At present, the circulation and outstanding balance of commercial bills account for a large proportion in the bill market of developed countries.

At the same time, we should vigorously promote the use of commercial acceptance bills. Judging from the types of commercial bill transactions, at present, it is mainly bank acceptance bill, which accounts for a small proportion in the bill market transactions and is not easy to be accepted in the bill market. Enterprises still mainly use bank credit for financing. This single mode of bank acceptance of bills of exchange not only increases the operational risk of commercial banks, but also is not conducive to guiding enterprises to expand bill financing and further expand the bill market. While continuing to develop bank acceptance bills steadily, we will vigorously promote commercial acceptance bills, change the current situation that bank acceptance bills dominate the world in commercial bills, and activate the primary market of bills. The People's Bank of China and financial institutions will take concrete measures to encourage large enterprise groups and listed companies with strong strength and good reputation to open up financing channels and establish commercial credit by issuing commercial acceptance bills.

The second is to further cultivate and improve the participants in the bill market. It is necessary to expand the participants in the bill market. Considering that all market players have the requirements of improving capital liquidity and the desire of capital supply and demand to varying degrees, diversification of market players can make the supply and demand mechanism of money market play a better role, thus meeting the requirements of both sides, further improving financial efficiency and promoting economic development. Therefore, we should expand the participants in the bill market and support the economic development of all kinds of market participants. At present, the participants in China's commercial paper market are mainly some large and medium-sized enterprises, state-owned commercial banks and joint-stock commercial banks, while many small and medium-sized enterprises, small and medium-sized commercial banks and non-bank financial institutions participate in the market to a very limited extent, accounting for a small market share. The single subject of the bill market is not conducive to the decentralization of the financial system and risk reduction, nor to the promotion of commercial credit and the expansion of bill financing. In order to promote the development of China's bill market, we should gradually relax the restrictions on the qualifications of market entities and promote the diversification of market entities. From the perspective of system design, the recently launched short-term financing bonds adhere to the principle of marketization. In terms of market access, we insist on weakening administrative intervention, leaving the problems that the market can solve to the market, handing over the responsibility of risk identification and risk taking to investors, and handing over the responsibility of information disclosure to professional rating agencies and intermediary service agencies, so that the administrative department can get rid of the substantive judgment of issuers. This market-oriented access management is conducive to more enterprises with different qualifications to enter the inter-bank bond market for financing and broaden direct financing, which is undoubtedly a great progress in the development of the bill market and the transformation of regulatory concepts.

It is necessary to further cultivate bill franchise. The practice in recent years shows that financial institutions can effectively guard against bill risks and improve the efficiency of bill market by setting up bill franchise institutions and adopting the mode of centralized management of bill business. In order to encourage the specialized management of bills, we should continue to support financial institutions to set up bill franchises in central cities with developed economy, high degree of marketization, concentrated financial institutions and strong radiation ability, and gradually establish their functions as bill market makers and play their role as market intermediaries. In addition, from the experience of foreign bill market development for many years, the existence of intermediaries specializing in bill business is conducive to activating the market, improving efficiency, ensuring relative stability of prices and facilitating market transactions and management. However, China's bill market still lacks intermediaries, and the acceptance and discount of commercial bills are limited to banking financial institutions. In the future, we can consider learning from foreign practices and allow the establishment of specialized bill companies to specialize in bill business, so as to make the bill market bigger and stronger. -

Banknote business

A cashier's check is a bill issued by a bank that promises to unconditionally pay a certain amount to the payee or holder at sight. Units and individuals who need to pay all kinds of money in the same settlement area may use cashier's checks.

I. Features and rules of use

(1) Bank promissory notes are divided into two types: non-fixed promissory notes and fixed promissory notes. The amount, date and payee name of the cashier's check shall not be changed, and the changed cashier's check shall be invalid.

(2) The denomination of the fixed cashier's check is 1 1,000 yuan, 5,000 yuan, 1 1,000 yuan and 50,000 yuan.

(3) The cashier's check is payable at sight and used on the spot.

(4) A cashier's check can be used to transfer money, and a cashier's check marked "cash" can also be used to withdraw cash, but the applicant and payee of a cashier's check for cash must be individuals.

(5) A cashier's check may be negotiable, but a cashier's check marked "cash" may not be negotiable.

(6) The drawer of a cashier's check is a banking institution approved by the local branch of the People's Bank of China to handle the cashier's check business.

(7) The time limit for presentment payment of a cashier's check is 2 months from the date of issue (1 month in Shanghai). If the holder presents payment beyond the payment time limit, the agent payer will not accept it. The agent payer of the cashier's check is the bank that examines and pays the cashier's check on behalf of the issuing bank.

(8) If a cashier's check is lost, the loser may request payment or refund from the issuing bank on the strength of the certificate issued by the people's court that he enjoys the right to the bill. If a cashier's check marked "cash" is lost, the loser may notify the payer to stop paying the loss report (pay a handling fee of one thousandth of the face value).

Two, the issuance of cashier's checks must be recorded.

(1) means "cashier's check";

(2) the promise of unconditional payment;

(3) The determined amount;

(4) the name of the payee;

(5) Date of issue;

(6) Signature of the drawer.

One of the above items is missing, and the promissory note is invalid.

Three. Application procedures and precautions

1. When using a cashier's check, the applicant shall fill in an application form for a cashier's check, indicating the name of the payee, the name of the applicant, the payment amount, the application date, etc. And sign it. If both the applicant and the payee need to withdraw cash, they should first fill in the word "cash" in the column of "payment amount" and then fill in the payment amount.

2. Where the applicant or payee is a unit, it shall not apply for issuing cash cashier's checks.

Four, ticket purchase procedures and matters needing attention

1. The issuing bank accepts the application for cashier's check and issues the cashier's check after receiving the payment. For transfer, cross out the word "cash" on the promissory note; If both the applicant and the payee need to withdraw cash for individuals, the word "transfer" should be crossed out on the cashier's check. An indefinite cashier's check is stamped with a digital seal. The issuing bank shall sign the cashier's check and give it to the applicant.

2. If the applicant or payee is a unit, the bank may not issue cash cashier's checks for it.

Verb (abbreviation of verb) Matters needing attention in accepting bank promissory notes

1. The applicant shall deliver the cashier's check to the payee specified in the cashier's check.

2. When accepting a cashier's check, the payee shall review the following items:

(a) whether the payee is really a unit or himself;

(two) whether the cashier's check is within the time limit for presentment for payment;

(three) whether the items that must be recorded are complete;

(4) Whether the signature of the drawer conforms to the regulations, whether the variable amount promissory note has the amount stamped by the counting machine, and whether it is consistent with amount in words;

(five) whether the amount of the ticket, the date of the ticket, and the name of the payee have changed, and whether other changes have been signed by the original recorder.

Procedures and precautions for endorsement of intransitive verbs

1. The payee can endorse the cashier's check and transfer it to the endorsee.

2. When accepting a cashier's check, the endorsee shall review the following items:

(a) whether the endorsement is continuous, whether the endorser's signature conforms to the provisions, and whether the endorsement is signed according to the provisions;

(2) The endorsee is a personal identity document.

VII. Payment Procedures and Precautions

1, cashier's check payable at sight. For the payment of cross-system cashier's checks, the holder's bank can charge interest to the issuing bank according to the interbank lending rate of financial institutions stipulated by the People's Bank of China.

2. When the holder who opens a deposit account in a bank presents payment to the bank, he shall sign "the signature of the holder presenting payment to the bank" on the back of the cashier's check, which must be the same as the signature of the reserved bank, and send the cashier's check and draft to the bank. The bank will transfer the money after checking it correctly.

3. If an individual ticket holder who has not opened a deposit account in a bank withdraws cash from the issuing bank with a cashier's check, he shall sign on the back of the cashier's check, record his identity certificate and the name and number of the issuing authority, and submit his identity certificate and its copy.

4. If the holder needs to entrust others to present payment to the issuing bank, for the cashier's check marked with the word "cash", he shall sign the "signature of the holder to present payment to the bank" on the back of the cashier's check, and record the words "entrusted collection", the name and endorsement date of the client, the name and number of the client's identity document and the issuing authority. When the client presents payment to the issuing bank, he shall also sign the "Signature of the Holder Presenting Payment to the Bank" on the back of the cashier's check, record the name, number and issuing authority of the certificate, and submit the identity documents of the client and the principal and their copies.

5. If the holder fails to receive payment within the time limit for presentment for payment, he shall explain to the issuing bank within the time limit for restriction of bill rights, and provide his identity certificate or unit certificate, and may request payment from the issuing bank with a cashier's check.

6. When the applicant requests a refund because the cashier's check exceeds the time limit for presentment for payment or for other reasons, he shall submit the cashier's check to the issuing bank. If the applicant is an organization, it shall issue a certificate of the organization; If the applicant is an individual, he/she shall show his/her identity certificate. The issuing bank can only transfer money to the original applicant's account for the applicant who opens a deposit account in the bank; For cash cashier's checks and applicants who have not opened a deposit account in this bank, cash can be refunded.