Chapter I General Provisions Article 1 These Provisions are formulated to ensure the smooth development of open market business, safeguard the legitimate rights and interests of both parties to the transaction and promote the stable development of China's money market. Article 2 The term "open market business" as mentioned in these Provisions refers to the activities of the People's Bank of China to openly buy and sell bonds in order to achieve the monetary policy objectives. Article 3 The primary dealers of open market business mentioned in these Provisions (hereinafter referred to as primary dealers) refer to commercial banks, securities companies and trust and investment companies that are approved by the People's Bank of China and have the qualification to directly trade bonds with the People's Bank of China. Article 4 The People's Bank of China shall be responsible for the examination and approval of the identification, alteration and cancellation of the qualifications of primary dealers. Article 5 The operation room of the People's Bank of China (hereinafter referred to as the operation room) is responsible for the daily work of the open market business. Chapter II Bond Trading Article 6 Bond trading refers to policy financial bonds, central bank financing bonds, national debt and other bonds designated by the People's Bank of China. Article 7 The types of bond transactions include buying and selling and repurchase. Article 8 When conducting bond transactions with the People's Bank of China, the primary bond dealers shall sign relevant agreements. Article 9 The repurchase period is divided into seven categories: 7 days, 14 days, 2 1 day, 28 days, 2 months, 3 months and 4 months. Article 10 Bond transactions are generally conducted by tender, including quantity tender and interest rate tender (or price tender). The specific principle of winning the bid shall be stipulated by the operation room. Article 11 The fund settlement of bond transactions shall be handled in accordance with the accounting system formulated by the relevant departments of the People's Bank of China. Article 12 The registration, custody and delivery of bonds shall be carried out in a unified way in China Government Securities Depository and Clearing Co., Ltd., and shall be handled in accordance with the relevant measures formulated by it. Chapter III Conditions and Examination of Primary Dealers Article 13 To apply for becoming a primary dealer, the following conditions must be met:

1. Commercial banks, securities companies and trust and investment companies with independent legal personality established with the approval of the People's Bank of China;

2. Abide by the relevant national economic and financial laws and regulations and the regulations on the management of asset-liability ratio formulated by the People's Bank of China;

3. The registered capital of urban cooperative banks, securities companies and trust and investment companies shall not be less than 200 million yuan (including converted foreign exchange capital);

Four, securities companies and trust and investment companies should occupy a considerable market share, with a large scale of agency business and qualified business personnel, good quality of operating assets, strong profitability, sound internal management mechanism;

Five, have the ability and willingness to perform the obligations listed in Chapter IV of these Provisions;

Six, other conditions stipulated by the people's Bank of China. Fourteenth institutions that have obtained the qualification of "primary dealers of national debt in People's Republic of China (PRC) and China" may have priority to become primary dealers. Article 15 An institution that meets the conditions listed in Article 13 of these Provisions may apply to the People's Bank of China to become a primary dealer, submit an Application Form for the Qualification of a Primary Dealer in Open Market Business (see the attached table for the format), and submit the following materials:

1. Organization profile;

2. Business license (copy);

3. The annual balance sheet and income statement audited by the accounting firm (copy);

Four, the specific departments involved in the open market business and their personnel composition;

5. Other relevant materials required by the People's Bank of China. Sixteenth institutions approved to become primary dealers, the People's Bank of China issued the "open market business primary dealer qualification certificate", and make an announcement. Chapter IV Rights and Obligations of Primary Dealers Article 17 Rights of Primary Dealers:

1. Direct bond trading with the People's Bank of China;

Two, give priority to access to the open market business information issued by the People's Bank of China, and obtain the relevant information provided by the operating room;

3. Enjoy the convenient services provided by the People's Bank of China and relevant bond registration and settlement institutions in account opening, fund settlement, bond custody settlement and technical support;

Four, to participate in the joint meeting of primary dealers held regularly by the People's Bank of China and exchange seminars, personnel training and other activities;

Verb (abbreviation of verb) participates in the discussion of the rules and regulations related to the open market business of the People's Bank of China;

Six, according to the relevant provisions of the people's Bank of China, mutual trading of policy financial bonds and central bank financing bonds;

Seven, other rights enjoyed according to law. Article 18 Obligations of primary dealers:

First, actively participate in bond trading, do not participate in trading or bidding or quotation on the trading day specified in the operation room, and should explain the reasons and related background to the operation room in time;

Two, in the special needs of macro-control, to complete the transaction tasks designated by the people's Bank of China, and timely convey the intention of monetary policy. The People's Bank of China should give due consideration to the interests of primary dealers when issuing designated trading tasks;

3. Conduct honest bond transactions with the People's Bank of China and provide reasonable market quotations;

4. Provide data such as capital position, bond holdings, bond secondary market transactions and other relevant information;

Five, regularly provide market information and market analysis data to the operation room, and timely report major emergencies;

Six, strictly fulfill other related obligations of open market business management.