【中英文对照版】银行间债券市场债券估值业务管理办法.docx

中国人民银行公告(2023)第 19 号)为规范银行间债券市场债 券估值业务，保护市场投 资者合法权益，促进债券 市场平稳健康发展，中国 人民银行制定了银行间 债券市场债券估值业务管 理办法，现予公布，自 2024年1月1日起施行。附件：银行间债券市场债 券估值业务管理办法中国人民银行2023年12月1日附件银行间债券市场债券估值银行间债券市场债券估值业务管理办法AdministrativeMeasuresforBondValuationServicesintheInterbankBondMarket制定机关：中国人民银行发文字号：中国人民银行公告2023第19号公布日期：2023.12.01施行日期：2024.01.01效力位阶：部门规范性文件法规类别：债券Issuingauthority：InstrumentalitiesoftheStateCouncil,AllBanks,People'sBankofChinaDocumentNumber：AnnouncementNo.192023ofthePeople'sBankofChinaDateissued：12-01-2023Effectivedate：01-01-20241.evelofAuthority：DepartmentalRegulatoryDocumentsAreaofLaw：SecuritiesAnnouncementofthePeople'sBankofChina(No.192023)Inordertoregulatebondvaluationservicesintheinterbankbondmarket,protectthelawfulrightsandinterestsofmarketinvestors,andpromotethestableandsounddevelopmentofthebondmarket,thePeople,sBankofChinahasdevelopedtheAdministrativeMeasuresforBondValuationServicesintheInterbankBondMarket,whichareherebyissuedandshallcomeintoforceonJanuary1,2024.Annex:AdministrativeMeasuresforBondValuationServicesintheInterbankBondMarketThePeople,sBankofChinaDecember1,2023AnnexAdministrativeMeasuresforBondValuationGaricacinthIn+orhonkRnnHK/lorkotArticle1TheseMeasuresaredevelopedinaccordancewiththeLawofthePeople,sRepublicofChinaonthePeople'sBankofChinaandotherapplicablelawsandregulationsforthepurposesofregulatingbondvaluationservicesintheinterbankbondmarket,protectingthelawfulrightsandinterestsofinvestors,andpromotingthestableandsounddevelopmentofthebondmarket.Article2ForthepurposesoftheseMeasures,“valuationservicesnmeanstheresearchanddevelopment,preparation,release,andotheractivitiescarriedoutintheinterbankbondmarketfortheprovisionofbondvaluationandbondyieldcurves.ForthepurposesoftheseMeasures,“valuationproductsmeansbondvaluationandbondyieldcurvesthatarepublishedbyvaluationagenciestothepublic,takebondsasthesubjectmatter,haveasignificantimpactonmarketpricing,andarewidelyused.Article 3 ThePeople'sBankofChina(uPBCn)shallsuperviseandadministervaluationservicesintheinterbankbondmarket.Article 4 Avaluationagencyshallalwaysmaintainobjectivityandneutrality,continuouslyimprovethefairnessofvaluationproducts,andmeetthefollowingbasicconditions:(1) Thecapabilityforlong-termstableoperation.业务管理办法第一条为规范银行 间债券市场债券估值业 务，保护投资者合法权益, 促进债券市场平稳健康发 展，根据中华人民共和 国中国人民银行法等法 律法规，制定本办法。第二条本办法所称 估值业务，是指在银行间 债券市场为提供债券估值 和债券收益率曲线而开展 的研发、编制、发布等活 动。本办法所称估值产品，是 指估值机构对外发布的， 以债券为编制对象，对市 场定价有重要影响且应用 广泛的债券估值和债券收 益率曲线。第三条中国人民银 行对银行间债券市场估值 业务进行监督管理。第四条估值机构应 始终保持客观中立，持续 提升估值产品的公允性， 并具备以下基本条件：（一）长期稳定运营的能 力。（二）清晰的组织架构、字差的内胡瞥理话程知有(2) Aclearorganizationalstructure,asoundinternalmanaementprocess,andaneffectivesupervisionmechanism.(3) Stableandreliabledatasourcesandcompletedatacollectionandprocessingprocedures.(4) Scientificvaluationtechniquesandmethods,andcompletevaluationproductresearchanddevelopment,compilation,release,andqualitymonitoringandcontrolprocedures.(5) Experiencedprofessionalsandefficientandcompleteinformationtechnologyfacilitiesrequiredforprovidingvaluationservices.(6) OtherconditionsprescribedbythePBC.Article5Avaluationagencyshallestablishclear,standardized,andtransparentdatausestandardsandlevelsandselectdatathatcantrulyreflectmarketconditions.(1) Forbondsthatareactivelytradedinthemarket,marketdatarelatedtobondtradesortradablequotations,amongothers,shallbefirstselected.效的监督机制。（三）稳定、可靠的数据 来源，完备的数据采集和 处理流程。（四）科学的估值技术和 方法，完善的估值产品研 发、编制、发布和质量监 控流程。（五）配备开展估值业务 所需的经验丰富的专业人 员和高效完备的信息技术 设施。（六）中国人民银行要求 的其他条件。第五条估值机构应 当建立清晰、规范、透明 的数据使用标准和层级， 所选用的数据能真实反映 市场情况。（一）对于市场成交活跃 的债券，应当优先选取债 券成交或可交易报价等市 场数据。（二）对于成交不活跃或 因市场环境发生重大变 化，市场价格发生剧烈变 动的债券，在选用市场成 交数据时，应当充分考虑 成交规模、成交目的等多 种因素，审慎评估成交和 报价价格的合理性和适用 枇.价先采田市场参与者(2) Forbondsthatarenotactivelytradedorareundergoingdrasticmarketpricefluctuationsduetomaterialchangesinthemarketenvironment,marketdatawithahigherlevelofrecognitionamongmarketparticipantsorreliabilityshallbefirstselected,aftersufficientlyconsideringmultiplefactors,includingtransactionscaleandpurposes,andprudentlyassessingthereasonablenessandAnnlicabilitvofexecutionDriCeSandutationprices.(3) Ifitisindeedimpossibletousemarketdata,thereasonabledataapplicabletothemarketsituationmaybedeterminedcomprehensivelythroughmodelsorthroughorganizingexpertjudgmentsorquotationsofquotationgroups,buttheobjectivityandreasonablenessofrelevantjudgmentsandquotationsshallbeguaranteed.Article6Themethodsforthepreparationofvaluationproductsshallbescientific,comparable,verifiable,andtraceable,andbewidelyapplicabletovariousscenarios.(1) Thevaluationofbondsshalltargettheaccuratemeasurementofthefairvalueofthebonds,andbondvaluationmethodsandmodelsshallfullyconsiderbondterms,theissuer,sfinancialandcreditstatus,marketliquidity,andotherfactors;forthevaluationofsecuritizedproducts,thevaluationandcreditstatusofunderlyingassetsshallalsobeconsidered.(2) Inthecompilationofthebondyieldcurve,ascientificandreliablecurvestructuralmodelshallbeselectedtoful