作者：金杜律师事务所 周昕 顾婕妤
2016年1月22日，中国央行颁布了《中国人民银行关于扩大全口径跨境融资宏观审慎管理试点的通知》（简称“人行通知”）。根据人行通知，中国的四个自由贸易区包括上海自贸区、广东自贸区、天津自贸区、福建自贸区将从2016年1月25日开始施行新的统一的跨境融资管理制度。
On 22 January 2016, China’s central bank promulgated a notice entitled the PBOC Circular Regarding the Expansion of the Pilot Program of Prudent Macro Management of Cross-border Financing (“PBOC Circular”). According to the PBOC Circular, a new unified cross border financing management regime will be implemented as of 25 January 2016 in China’s four free trade zones, including Shanghai Free Trade Zone, Guangdong Free Trade Zone, Tianjin Free Trade Zone and Fujian Free Trade Zone.
人行通知中拟实施的新跨境融资管理制度的要点如下。
In this regulatory alert, we will analyze the key features of the new cross border financing management regime contemplated by the PBOC Circular.
适用范围 Scope of Application
新的跨境融资管理制度明确适用于试点企业和试点金融机构从非居民融入的本外币跨境融资，人民银行有权调节跨境融资杠杆率、宏观审慎调节参数等，外汇管理局将负责跨境融资管理和统计监测等。
The new cross border financing management regime is expressly applicable to both RMB and FX denominated cross border financing borrowed by the pilot companies and the pilot financial institutions from non-residents, with PBOC having the jurisdiction of adjusting the cross-border financing leverage ratio and macro-prudential adjustment ratio etc., and SAFE having the jurisdiction of cross border financing administration and accounting monitoring etc.
新的跨境融资管理制度适用于试点企业和试点金融机构。第一批试点金融机构中的有24家中资银行和3家外资银行包括汇丰银行、渣打银行、花旗银行。参加试点的试点企业是在前述提及的四个自贸区内设立的非金融机构，不包括政府融资平台和房地产企业。注意到非银行金融机构暂未包括在第一批试点机构之内。
The new cross border financing management regime will be applied to the pilot companies and the pilot financial institutions. Included in the first batch name list of the pilot financial institutions are 24 domestic banks and 3 foreign invested banks including HSBC, Standard Chartered Bank and Citi Bank. Companies eligible to join the pilot program shall be non-financial institution companies incorporated in the above mentioned four free trade zones excluding government financing vehicles and real estate companies. We note that non-bank financial institutions are therefore not included in the first batch of eligible borrowers.
宏观审慎规则 Macro-prudential Policies
人行通知最重要的信息是，在遵守宏观审慎规则下基于借款主体资本或净资产的跨境融资约束机制的前提下，试点企业和试点金融机构均可按规定自主开展本外币跨境融资。
The key message in this PBOC Circular is that the pilot companies and the pilot financial institutions shall have the discretion to raise RMB or FX denominated financing from offshore, provided that they comply with the cross border financing restrictions based on borrowing entities’ capital or net assets which have been designed in accordance with the macro-prudential policies.
基于宏观审慎规则而设计的跨境融资约束机制主要体现在下述方面：
The cross border financing restrictions designed in accordance with the macro-prudential policies are mainly embodied in the followings:
按风险加权计算的已提用未偿本外币跨境融资余额(即跨境融资风险加权余额)不得超过一个上限(即跨境融资风险加权余额上限)
The aggregate drawdown amount that has not been repaid under the RMB and FX denominated cross border financing after calculated with the risk weight (i.e. Risk Weighted Outstanding Cross Border Financing) shall not exceed a ceiling amount (i.e. Cross Border Financing Risk Weighted Outstanding Upper Limit)
跨境融资风险加权余额上限=资本 / 净资产(试点企业按净资产计，试点金融机构按一级资本计) *跨境融资杠杆率(试点企业为1，试点金融机构为0.8，将由人民银行不时调整)*宏观审慎调节参数(目前为1，将由人民银行不时调整)
Cross Border Financing Risk Weighted Outstanding Upper Limit = capital / net assets (tier 1 capital for pilot financial institutions and net assets for pilot companies) * Cross border financing leverage ratio (currently 1 for pilot companies and 0.8 for pilot financial institutions, subject to PBOC’s adjustment from time to time) * Macro Prudent Adjustment Parameter (currently set at 1, subject to PBOC’s adjustment from time to time)
跨境融资风险加权余额=Σ本外币跨境融资余额*期限风险转换因子*类别风险转换因子+Σ外币跨境融资余额*汇率风险折算因子
The Risk Weighted Outstanding Cross Border Financing =Σ aggregate outstanding amounts of RMB & FX cross border financing * Maturity Risk Conversion Multiplier * Type Risk Conversion Multiplier + Σ outstanding amounts of FX cross border financing * Exchange Risk Conversion Multiplier
跨境融资风险加权余额的范围
Scope of Risk Weighted Outstanding Cross Border Financing
在计算跨境融资风险加权余额时，某些类别的债务将不纳入计算，包括：
When calculating the Risk Weighted Outstanding Cross Border Financing, certain categories of debts shall be excluded, including:
人民币被动负债：因境外机构投资境内债券市场产生的人民币被动负债；境外主体存放在试点金融机构的人民币存款；
Passive RMB Debt: passive debt arising as a result of offshore entities investing to domestic bond market or placing RMB deposits with the pilot financial institutions;
贸易信贷、人民币贸易融资：试点企业涉及真实跨境贸易产生的贸易信贷（包括应付和预收）和从境外金融机构获取的人民币贸易融资；试点金融机构因办理基于真实跨境贸易结算产生的各类人民币贸易融资；
Trade Finance / RMB Trade Finance: pilot companies’ account receivables or advanced payment arising from genuine cross-border trade and RMB trade financing from offshore financial institutions; pilot financial institutions’ RMB trade financing of pilot financial institutions for the settlement of genuine cross-border trade;
集团内部资金往来：试点企业主办的经批准的集团内跨境资金（生产经营和实业投资等依法合规活动产生的现金流）集中管理业务项下产生的对外负债；
Account Payables between Group Member Companies: pilot companies’ debt owing to offshore entities under the duly approved cross-border cash pool for the concentration of groups’ cash flow generated from lawful business operation and non-financial investment of the group;
境外同业存放等：试点金融机构因境外同业存放、联行及附属机构往来产生的对外负债；
Inter-bank Deposits etc.: pilot financial institutions’ debt owing to offshore entities arising from inter-bank deposits or payables to offshore affiliates;
自用熊猫债：试点企业的境外母公司在中国境内发行人民币债券并以放款形式用于境内子公司的；
Self-used Panda Bonds: proceeds of RMB bonds issued by the offshore parents of the pilot companies in China which are lent back to the pilot companies;
转让与减免：试点企业和试点金融机构跨境融资转增资本或已获得债务减免等情况下，相应金额不计入。
Transfer and Exemption: any amount of cross border financing converted to equity or exempted shall not be counted in.
跨境融资风险加权余额的计算
Calculation of Risk Weighted Outstanding Cross Border Financing
外币贸易融资：外币贸易融资按20%纳入跨境融资风险加权余额计算，期限风险转换因子统一按1计算；
FX trade financing: the outstanding of FX trade financing shall be haircut to 20% when calculating the Risk Weighted Outstanding Cross Border Financing and the Maturity Conversion Multiplier shall be 1;
表外融资（或有负债）：试点金融机构向客户提供的内保外贷、因向客户提供基于真实跨境交易和资产负债币种及期限风险对冲管理服务需要的衍生产品而形成的对外或有负债，按20%纳入跨境融资风险加权余额计算；试点金融机构因自身币种及期限风险对冲管理需要，参与国际金融市场交易而产生的或有负债，按50%纳入跨境融资风险加权余额计算；
Off-balance sheet financing (contingent liabilities): contingent liabilities arising as a result of pilot financial institutions providing nei bao wai dai or derivative products based on genuine cross-border trade and asset-liability to hedge the currency or maturity risks of clients will be haircut to 20% when calculating the Risk Weighted Outstanding Cross Border Financing; contingent liabilities arising as a result of pilot financial institutions’ own currency or maturity hedging transactions and participating in international financial market transactions shall be haircut to 50% when calculating the Risk Weighted Outstanding Cross Border Financing;
其他：其余各类跨境融资均按实际情况纳入跨境融资风险加权余额计算。
Others: all other types of cross border financing shall be calculated as their actual outstanding amount.
期限风险转换因子：还款期限在1年以上的中长期跨境融资的期限风险转换因子为1，还款期限在1年或以下的短期跨境融资的期限风险转换因子为1.5。
Maturity Risk Conversion Multiplier: 1 for medium and long term cross border financing with a term of 1 year above and 1.5 for short term loan with a term equal to or below 1 year.
类别风险转换因子：表内融资为1，表外融资（或有负债）为0.2和0.5 二档。
Type Risk Conversion Multiplier: 1 for balance sheet financing; 0.2 or 0.5 for non-balance sheet financing (contingent liabilities).
汇率风险折算因子：0.5。
Exchange Risk Conversion Multiplier: 0.5.
其他关注点 Other points worth noting
试点企业的关注点
Points worth noting for pilot companies
外商投资企业可以选择适用这个新的规则或者依然适用现行的跨境融资规则。
Foreign invested companies could have the choice applying this new regime or sticking to the existing cross border financing regime applicable to it.
国家外汇管理局将根据这份人行通知另行发布细则明确试点企业跨境融资业务具体细节。
SAFE will issue detailed implementation rules on how the pilot companies raise cross-border financing pursuant to this PBOC Circular.
不再需要事先审批；试点企业应当在跨境融资合同签约后但不晚于提款前三个工作日，向国家外汇管理局的资本项目信息系统办理跨境融资情况签约备案。
No pre-approval is required; pilot companies shall make a filing with the SAFE’s capital information system within 3 business days before drawdown after the cross-border financing agreement is signed.
试点企业融入外汇资金如有实际需要，可结汇使用。
The FX-denominated cross border financing borrowed by pilot companies could be converted to RMB on its actual needs.
试点金融机构的关注点
Points worth noting for pilot financial institutions
试点金融机构首次办理跨境融资业务前，应计算本机构跨境融资风险加权余额和跨境融资风险加权余额上限，并将计算的详细过程报送中国人民银行。
The pilot financial institutions shall calculate the Cross Border Financing Risk Weighted Outstanding Upper Limit and Risk Weighted Outstanding Cross Border Financing and shall file the details of calculation with PBOC before embarking on the first cross border financial transaction.
试点金融机构应在跨境融资合同签约后执行前，向中国人民银行和国家外汇管理局报送信息。
The pilot financial institutions shall report the relevant data with PBOC and SAFE after the signing but before the performance of the cross border financing.
外资银行可以选择适用这个新的规则或者依然适用现行的跨境融资规则。
Foreign banks could have the choice applying this new regime or sticking to the existing cross border financing regime applicable to it.
对于办理超限跨境融资结算的试点金融机构，其将面临监管处罚甚至将暂停其跨境融资结算业务。
The pilot financial institutions processing offshore financing in breach of PBOC Circular could be subject to regulatory punishments as severe as suspension of cross border financing settlement business.
经国家外汇管理局批准，试点金融机构融入外汇资金可结汇使用。
Subject to approval by SAFE, the FX-denominated cross border financing borrowed by pilot financial institutions could be converted to RMB.
影响评估 Comments & Implications
允许境内主体根据宏观审慎规则依据特定的风险转换因子来举借境外融资，最初在上海自贸区引入，用以管理人民币跨境融资和分账管理体系等。这份人行通知并不是简单地将这些规则和方法复制到其他三个自贸区。人行通知的重要意义在于人民银行将宏观审慎规则在四个自贸区全面推行时将全面建立风险监测指标体系，采取逆周期调控措施，以此控制由跨境融资带来的系统性金融风险，增加金融体系的弹性。我们预计在四个自贸区进一步试验的宏观审慎规则在时机成熟的时候会被推广到全国。
Allowing onshore entities to raise offshore financing based on certain risk conversion multiples according to the macro-prudential policies was initially introduced in the Shanghai Free Trade Zone for the management of the RMB cross border financing and the FTZ separate accounting system etc. This PBOC Circular is not simply having such principles and methods copied in other three free trade zones; rather, the significance of this PBOC Circular is that when implementing the macro-prudential principles in all the four free trade zones, PBOC will establish a comprehensive macro monitoring system and will take tools to smooth out boom-bust cycles to help control the systemic risks arising from cross border financing and build resilience in the financial system. We anticipate such macro-prudential principles will be promoted to nationwide when they are further tested in the four free trade zones.
市场参与者近期也关注到了人民银行和外汇管理局最近采取了一些措施管控资本外流。人行通知的颁布，一定程度上表明中国的监管者对于资本流入稍微采取更宽松的监管姿态，而对于资本外流采取更为严厉的管控。
Many market participants may have observed some recent PBOC and SAFE measures in controlling the capital outflow. The promulgation of the PBOC Circular seems signifying the tendency of the PRC regulators in slightly relaxing in-flow of capitals as versus more stringently in controlling out-flow of capital.
从试点公司和试点金融机构的角度，新的跨境融资管理体系意味着他们在跨境融资上将会有更大的自主权，并受限于更少的行政程序。他们可以选择利率和汇率对其有利的境内市场或境外市场进行融资。当然适用于试点公司的行政程序在多大程度上将有别于现有程序还将由外汇管理局出台细则决定。
From the perspective of the pilot companies and the pilot financial institutions, the new cross border financing management regime means more autonomy on their part and less regulatory process in raising offshore debt financing. They could choose raising financing from onshore or offshore market with interest rate and exchange rate desirable to them. Of course, to what extent regulatory process applicable to cross border financing of the pilot companies differs from existing process will be subject to the implementation rules that are yet to be promulgated by SAFE.
对于市场参与者，人民银行和外汇管理局对于人民币/外币跨境融资的职责划分一直觉得难厘清。这份人行通知针对这一点明确指出，目标将是本外币一体化管理。
The scope of jurisdiction of PBOC and SAFE with respect to RMB / FX cross border financing has always been a struggling point for the market participants. The PBOC circular has clearly addressed this by providing that the goal is to apply a unified cross border financing management system to both RMB and FX denominated cross border financing.
人行通知允许试点金融机构经外汇管理局同意将外币跨境融资结汇成人民币。我们预计市场参与者将考察这一松绑为交易结构带来的机会。
The PBOC Circular permits the pilot financial institutions to convert the FX cross border financing into RMB upon approval of SAFE. We expect the market participants will look at the deal structuring opportunities presented by this relaxation.
