Commercial Banks Act of the People's Republic of China

Adopted at the 1995th Meeting of the Standing Committee of the Eighth National People's Congress on May 5, 10

Chapter I General Provisions

Article 1 This Law is formulated for the purpose of protecting the lawful rights and interests of commercial banks, depositors and other customers, regulating the conduct of commercial banks, improving the quality of credit assets, strengthening supervision and management, ensuring the steady operation of commercial banks, maintaining financial order, and promoting the development of the socialist market economy.

Article 2 "Commercial banks" as used in this Law refers to enterprise legal persons established in accordance with this Law and the Company Law of the People's Republic of China to absorb deposits from the public, issue loans, handle settlements, and other such businesses.

Article 3 Commercial banks may operate some or all of the following businesses:

(1) Absorbing deposits from the public;

(2) granting short-, medium- and long-term loans;

(3) Handling domestic and foreign settlements;

(4) Handling bill discounting;

(5) Issuance of financial bonds;

(6) Acting as an agent for the issuance, redemption and underwriting of government bonds;

(7) buying and selling government bonds;

(8) Engaging in interbank lending;

(9) buying, selling, acting as an agent for buying and selling foreign exchange;

(10) Providing L/C services and guarantees;

(11) Agency for payment collection and insurance business;

(12) Providing safe deposit box services;

(13) Other business approved by the People's Bank of China.

The business scope shall be stipulated in the articles of association of a commercial bank and submitted to the People's Bank of China for approval.

Article 4 Commercial banks take efficiency, safety and liquidity as their operating principles, practice independent operation, bear their own risks, bear their own profits and losses, and exercise self-restraint.

Commercial banks conduct business in accordance with the law and are not subject to interference by any unit or individual.

Commercial banks independently bear civil liability with all their legal person assets.

Article 5 Commercial banks shall follow the principles of equality, voluntariness, fairness and good faith in their business dealings with customers.

Article 6 Commercial banks shall protect the lawful rights and interests of depositors from infringement by any unit or individual.

Article 7 In carrying out credit business, commercial banks shall strictly examine the creditworthiness of borrowers, implement guarantees, and ensure that loans are recovered on schedule.

Commercial banks shall be protected by law to recover the principal and interest of loans due to borrowers in accordance with law.

Article 8 Commercial banks shall abide by the relevant provisions of laws and administrative regulations in conducting business, and must not harm the national interest or the public interest.

Article 9 Commercial banks shall abide by the principle of fair competition and must not engage in unfair competition in conducting business.

Article 10 Commercial banks accept the supervision and management of People's Bank of China in accordance with law.

Chapter II: Establishment and Organization of Commercial Banks

Article 11 The establishment of a commercial bank shall be subject to the examination and approval of the People's Bank of China.

Without the approval of the People's Bank of China, no unit or individual may engage in commercial banking business such as absorbing deposits from the public, and no unit may use the word "bank" in its name.

Article 12 To establish a commercial bank, the following conditions shall be met:

(1) Have articles of association that comply with the provisions of this Law and the Company Law of the People's Republic of China;

(2) have a minimum amount of registered capital that complies with the provisions of this Law;

(3) Chairman (president), general manager and other senior management personnel with professional knowledge and business work experience;

（四）有健全的组织机构和管理制度；

（五）有符合要求的营业场所、安全防范措施和与业务有关的其他设施。

中国人民银行审查设立申请时，应当考虑经济发展的需要和银行业竞争的状况。

第十三条设立商业银行的注册资本最低限额为十亿元人民币。城市合作商业银行的注册资本最低限额为一亿元人民币，农村合作商业银行的注册资本最低限额为五千万元人民币。注册资本应当是实缴资本。

中国人民银行根据经济发展可以调整注册资本最低限额，但不得少于前款规定的限额。

第十四条设立商业银行，申请人应当向中国人民银行提交下列文件、资料：

（一）申请书，申请书应当载明拟设立的商业银行的名称、所在地、注册资本、业务范围等；

（二）可行性研究报告；

（三）中国人民银行规定提交的其他文件、资料。

第十五条设立商业银行的申请经审查符合本法第十四条规定的，申请人应当填写正式申请表，并提交下列文件、资料：

（一）章程草案；

（二）拟任职的高级管理人员的资格证明；

（三）法定验资机构出具的验资证明；

（四）股东名册及其出资额、股份；

（五）持有注册资本百分之十以上的股东的资信证明和有关资料；

（六）经营方针和计划；

（七）营业场所、安全防范措施和与业务有关的其他设施的资料；

（八）中国人民银行规定的其他文件、资料。

第十六条经批准设立的商业银行，由中国人民银行颁发经营许可证，并凭该许可证向工商行政管理部门办理登记，领取营业执照。

第十七条商业银行的组织形式、组织机构适用《中华人民共和国公司法》的规定。

本法施行前设立的商业银行，其组织形式、组织机构不完全符合《中华人民共和国公司法》规定的，可以继续沿用原有的规定，适用前款规定的日期由国务院规定。

第十八条国有独资商业银行设立监事会。监事会由中国人民银行、政府有关部门的代表、有关专家和本行工作人员的代表组成。监事会的产生办法由国务院规定。

监事会对国有独资商业银行的信贷资产质量、资产负债比例、国有资产保值增值等情况以及高级管理人员违反法律、行政法规或者章程的行为和损害银行利益的行为进行监督。

第十九条商业银行根据业务需要可以在中华人民共和国境内外设立分支机构。设立分支机构必须经中国人民银行审查批准。在中华人民共和国境内的分支机构，不按行政区划设立。

商业银行在中华人民共和国境内设立分支机构，应当按照规定拨付与其经营规模相适应的营运资金额。拨付各分支机构营运资金额的总和，不得超过总行资本金总额的百分之六十。

第二十条设立商业银行分支机构，申请人应当向中国人民银行提交下列文件、资料：

（一）申请书，申请书应当载明拟设立的分支机构的名称、营运资金额、业务范围、总行及分支机构所在地等；

（二）申请人最近二年的财务会计报告；

（三）拟任职的高级管理人员的资格证明；

（四）经营方针和计划；

（五）营业场所、安全防范措施和与业务有关的其他设施的资料；

（六）中国人民银行规定的其他文件、资料。

第二十一条经批准设立的商业银行分支机构，由中国人民银行颁发经营许可证，并凭该许可证向工商行政管理部门办理登记，领取营业执照。

第二十二条商业银行对其分支机构实行全行统一核算，统一调度资金，分级管理的财务制度。

商业银行分支机构不具有法人资格，在总行授权范围内依法开展业务，其民事责任由总行承担。

第二十三条经批准设立的商业银行及其分支机构，由中国人民银行予以公告。

商业银行及其分支机构自取得营业执照之日起无正当理由超过六个月未开业的，或者开业后自行停业连续六个月以上的，由中国人民银行吊销其经营许可证，并予以公告。

第二十四条商业银行有下列变更事项之一的，应当经中国人民银行批准：

（一）变更名称；

（二）变更注册资本；

（三）变更总行或者分支行所在地；

（四）调整业务范围；

（五）变更持有资本总额或者股份总额百分之十以上的股东；

（六）修改章程；

（七）中国人民银行规定的其他变更事项。

更换董事长（行长）、总经理时，应当报经中国人民银行审查其任职条件。

第二十五条商业银行的分立、合并，适用《中华人民共和国公司法》的规定。

商业银行的分立、合并，应当经中国人民银行审查批准。

Article 26: Commercial banks shall use business licenses in accordance with laws and administrative regulations.

It is forbidden to forge, alter, transfer, lease or lend business licenses.

Article 27 In any of the following circumstances, a person must not serve as a senior management member of a commercial bank.

(1) Having been sentenced to a criminal punishment for committing the crimes of embezzlement, bribery, embezzlement or misappropriation of property, or the crime of disrupting social and economic order, or being deprived of political rights because of a crime;

(2) Serving as a director, plant director or manager of a company or enterprise liquidated due to poor management, and bearing personal responsibility for the bankruptcy of that company or enterprise;

(3) Serving as the legal representative of a company or enterprise whose business license has been revoked due to illegal activities, and bearing personal responsibility;

(4) Where debts of a relatively large amount incurred by an individual are due and unliquidated.

Article 28 Any unit or individual purchasing more than 10 percent of the total shares of a commercial bank shall obtain prior approval from the People's Bank of China.

Chapter III Protection of depositors

Article 29 In handling personal savings deposit business, commercial banks shall abide by the principles of voluntary deposits, freedom of withdrawal, interest-bearing deposits, and confidentiality for depositors.

Commercial banks have the right to refuse inquiries, freezes or deductions from any unit or individual for individual savings deposits, except as otherwise provided by law.

Article 30 Commercial banks have the right to refuse inquiries by any unit or individual regarding unit deposits, except as otherwise provided by laws and administrative regulations; It has the right to refuse the freezing or deduction of any unit or individual, except as otherwise provided by law.

Article 31 Commercial banks shall determine the deposit interest rate in accordance with the upper and lower limits of the deposit interest rate stipulated by the People's Bank of China and make an announcement.

Article 32 Commercial banks shall, in accordance with the provisions of the People's Bank of China, deposit reserves with People's Bank of China and reserve sufficient funds.

Article 33 Commercial banks shall guarantee the payment of the principal and interest on deposits and shall not delay or refuse to pay the principal and interest on deposits.

Chapter IV Basic Rules for Lending and Other Business

Article 34 Commercial banks carry out loan business under the guidance of the State's industrial policy in accordance with the needs of national economic and social development.

Article 35 Commercial bank loans shall conduct a strict examination of the borrower's purpose of borrowing, ability to repay, repayment method, and other circumstances.

For commercial bank loans, a system of separating examination and approval and grading examination and approval shall be implemented.

Article 36 For commercial bank loans, borrowers shall provide guarantees. Commercial banks shall conduct a strict examination of the guarantor's ability to repay, the ownership and value of the collateral and pledge, and the feasibility of realizing the mortgage or pledge.

If after examination and assessment by a commercial bank, it is confirmed that the borrower is in good standing and can repay the loan, it may not provide a guarantee.

Article 37 Commercial banks shall conclude a written contract with the borrower for loans. The contract shall stipulate the type of loan, the purpose of the loan, the amount, the interest rate, the repayment period, the repayment method, the liability for breach of contract and other matters that the parties deem necessary to agree.

Article 38 Commercial banks shall determine the loan interest rate in accordance with the upper and lower limits of the loan interest rate stipulated by the People's Bank of China.

Article 39 Commercial bank loans shall comply with the following provisions on the management of the asset-liability ratio:

(1) The capital adequacy ratio shall not be less than 8 per cent;

(2) The ratio of loan balance to deposit balance shall not exceed 75%;

(3) The ratio of the balance of liquid assets to the balance of liquid liabilities shall not be less than 25%;

(4) The ratio of the loan balance to the capital balance of a commercial bank for the same borrower shall not exceed 10 percent;

(5) People's Bank of China other provisions on the management of the ratio of assets and liabilities.

Where a commercial bank established before the implementation of this Law does not comply with the provisions of the preceding paragraph after the implementation of this Law, its asset-liability ratio shall comply with the provisions of the preceding paragraph within a certain period of time. Specific measures shall be formulated by the State Council.

Article 40: Commercial banks must not grant credit loans to related persons; The terms of granting a secured loan to a related party shall not be superior to that of other borrowers for similar loans.

"Related persons" as used in the preceding paragraph refers to:

(1) directors, supervisors, managers, credit personnel of commercial banks and their close relatives;

(2) Companies, enterprises and other economic organizations in which the persons listed in the preceding paragraph invest or hold senior management positions.

Article 41: Commercial banks must not be compelled by any unit or individual to issue loans or provide guarantees.

Commercial banks have the right to refuse any unit or individual to force them to issue loans or provide guarantees.

For specific loan projects approved by the State Council, wholly state-owned commercial banks shall grant loans. The State Council shall take corresponding remedial measures for losses caused by loans. Specific measures shall be formulated by the State Council.

Article 42 The borrower shall repay the principal and interest of the loan on time.

If the borrower fails to repay the secured loan when due, the commercial bank shall enjoy the right to require the guarantor to repay the principal and interest of the loan or to receive priority repayment for the collateral in accordance with law. The immovable property or stocks acquired by a commercial bank as a result of the exercise of a mortgage or pledge shall be disposed of within one year from the date of acquisition.

If the borrower fails to repay the credit loan when it is due, it shall bear responsibility in accordance with the contract.

Article 43 Within the territory of the People's Republic of China, commercial banks must not engage in trust investment and stock business, and must not invest in immovable property other than for their own use.

Commercial banks are not allowed to invest in non-bank financial institutions and enterprises within the territory of the People's Republic of China. Where commercial banks have already invested in non-bank financial institutions and enterprises before this Law takes effect, the State Council shall separately formulate implementation measures.

Article 44 Commercial banks handling settlement business such as bill acceptance, foreign exchange, and entrusted collection shall cash in accordance with the prescribed time limit, receive and pay in the accounts, and must not press bills, suppress bills, or refund bills in violation of regulations. The provisions on the time limit for cashing and receiving and paying into the accounts shall be published.

Article 45 Commercial banks issuing financial bonds or borrowing money overseas shall report for approval in accordance with the provisions of laws and administrative regulations.

Article 46 Interbank lending shall comply with the time limit stipulated by People's Bank of China, and the maximum period for lending shall not exceed four months. It is forbidden to use the funds to issue fixed asset loans or use them for investment.

The withdrawal of funds is limited to idle funds after the full payment of the reserve for deposits, the retention of sufficient reserves and the return of loans People's Bank of China maturity.

The funds are used to cover the shortfall in bill settlement, interbank exchange margin positions and to address the need for temporary working capital.

Article 47 Commercial banks must not raise or lower interest rates or use other improper means in violation of regulations to absorb deposits or issue loans.

Article 48 Enterprises and public institutions may independently choose the place of business of a commercial bank to open a basic account for handling daily transfer settlement and cash receipt and payment, and must not open more than two basic accounts.

No unit or individual may open an account for storage in the name of an individual.

Article 49 The business hours of commercial banks shall be convenient for customers and shall be announced. Commercial banks shall operate during the announced business hours and shall not suspend business or shorten their business hours without authorization.

Article 50 Commercial banks handle business and provide services and collect handling fees in accordance with the provisions of the People's Bank of China.

Article 51:Commercial banks shall keep financial and accounting statements, business contracts, and other materials in accordance with relevant State provisions.

Article 52:The staff of commercial banks shall abide by laws, administrative regulations, and other provisions on business management, and must not engage in the following acts:

(1) Taking advantage of one's position to solicit or accept bribes, or accepting kickbacks or handling fees in various names in violation of state regulations;

(2) Taking advantage of one's position to embezzle, misappropriate or misappropriate the funds of the Bank or its customers;

(3) Violating provisions by granting loans or providing guarantees to relatives or friends for personal gain;

（四）在其他经济组织兼职；

（五）违反法律、行政法规和业务管理规定的其他行为。

第五十三条商业银行的工作人员不得泄露其在任职期间知悉的国家秘密、商业秘密。

第五章财务会计

第五十四条商业银行应当依照法律和国家统一的会计制度以及中国人民银行的有关规定，建立、健全本行的财务会计制度。

第五十五条商业银行应当按照国家有关规定，真实记录并全面反映其业务活动和财务状况，编制年度财务会计报告，及时向中国人民银行和财政部门报送会计报表。商业银行不得在法定的会计帐册外另立会计帐册。

第五十六条商业银行应当于每一会计年度终了三个月内，按照中国人民银行的规定，公布其上一年度的经营业绩和审计报告。

第五十七条商业银行应当按照国家有关规定，提取呆帐准备金，冲销呆帐。

第五十八条商业银行的会计年度自公历1月1日起至12月31日止。

第六章监督管理

第五十九条商业银行应当按照中国人民银行的规定，制定本行的业务规则，建立、健全本行的业务管理、现金管理和安全防范制度。

第六十条商业银行应当建立、健全本行对存款、贷款、结算、呆帐等各项情况的稽核、检查制度。

商业银行对分支机构应当进行经常性的稽核和检查监督。

第六十一条商业银行应当定期向中国人民银行报送资产负债表、损益表以及其他财务会计报表和资料。

第六十二条中国人民银行有权依照本法第三章、第四章、第五章的规定，随时对商业银行的存款、贷款、结算、呆帐等情况进行检查监督。检查监督时，检查监督人员应当出示合法的证件。商业银行应当按照中国人民银行的要求，提供财务会计资料、业务合同和有关经营管理方面的其他信息。

第六十三条商业银行应当依法接受审计机关的审计监督。

Chapter VII Takeover and Termination

Article 64 When a commercial bank has or may have a credit crisis, seriously affecting the interests of depositors, it may take over the bank People's Bank of China.

The purpose of the takeover is to take necessary measures against the commercial bank that has been taken over in order to protect the interests of depositors and restore the normal operating capacity of the commercial bank. The creditor-debt relationship of the commercial bank being taken over does not change as a result of the takeover.

Article 65:Takeover is decided by the People's Bank of China and organized for implementation. The People's Bank of China's takeover decision shall specify the following:

(1) the name of the commercial bank to be taken over;

(2) the reasons for taking over;

(3) taking over the organization;

(4) Time limit for receivership.

The takeover decision is announced by the People's Bank of China.

Article 66:Takeover begins on the date of implementation of the takeover decision.

From the date of commencement of the takeover, the takeover organization shall exercise the authority of operation and management of the commercial bank.

Article 67:Upon the expiration of the period of takeover, the People's Bank of China may decide to extend it, but the period of takeover must not exceed two years at most.

Article 68:In any of the following circumstances, the takeover shall be terminated:

(1) The expiration of the time limit specified in the takeover decision or the extension of the takeover decision of the People's Bank of China decision;

(2) Before the expiration of the takeover period, the commercial bank has restored its normal operating capacity;

(3) Before the expiration of the takeover period, the commercial bank is merged or declared bankrupt according to law.

Article 69 Where a commercial bank needs to be dissolved due to division, merger or the occurrence of the reasons for dissolution stipulated in the articles of association, it shall submit an application to the People's Bank of China, with the reasons for the dissolution and a plan for settling debts such as the payment of the principal and interest of the deposits. Dissolved with the approval of the People's Bank of China.

Where a commercial bank is dissolved, it shall establish a liquidation team in accordance with law to conduct liquidation and promptly repay debts such as deposit principal and interest in accordance with the settlement plan. People's Bank of China supervise the liquidation process.

Article 70:Where a commercial bank is revoked due to the revocation of its business license, the People's Bank of China shall promptly organize the establishment of a liquidation group in accordance with law to conduct liquidation, and promptly repay debts such as the principal and interest of deposits in accordance with the settlement plan.

Article 71:Where a commercial bank fails to pay its debts when due, the people's court shall, with the consent of the People's Bank of China, declare it bankrupt in accordance with law. Where a commercial bank is declared bankrupt, the people's court shall organize the People's Bank of China and other relevant departments and relevant personnel to set up a liquidation group to conduct liquidation.

When a commercial bank goes bankrupt and liquidated, it shall give priority to paying the principal and interest of personal savings deposits after paying the liquidation expenses, wages owed to employees and labor insurance expenses.

Article 72:A commercial bank is terminated due to dissolution, abolition or declaration of bankruptcy.

Chapter VIII Legal Liability

Article 73:In any of the following circumstances, if a commercial bank causes property damage to depositors or other customers, it shall bear interest on the delay in performance and other civil liabilities:

(1) unreasonably delaying or refusing to pay the principal and interest on deposits;

(2) Violating the provisions on settlement business such as bill acceptance, failing to honor it, not collecting and paying it in the account, pressing orders, pressing bills, or refunding tickets in violation of regulations;

(3) Illegally inquiring, freezing, or withholding individual savings deposits or unit deposits;

(4) Other acts that cause damage to depositors or other customers in violation of the provisions of this Law.

Article 74:In any of the following circumstances, commercial banks are ordered to make corrections by the People's Bank of China, and where there are unlawful gains, the unlawful gains are confiscated and a fine of between one and five times the unlawful gains is imposed, and where there are no unlawful gains, a fine of between 100,000 and 500,000 yuan is imposed; Where the circumstances are particularly serious or corrections are not made within the time limit, the People's Bank of China may order the suspension of business for rectification or revoke its business license; Where a crime is constituted, criminal responsibility shall be pursued in accordance with law:

(1) Issuing financial bonds or borrowing money overseas without approval;

(2) Buying or selling government bonds or buying or selling foreign exchange on behalf of agents without approval;

(3) Engaging in trust investment and stock business or investing in immovable property not for self-use within the mainland;

(4) Investing in domestic non-bank financial institutions and enterprises;

(5) The conditions for granting credit loans or granting guaranteed loans to related persons are better than those of other borrowers for similar loans;

(6) Providing false or concealing important facts in financial and accounting statements;

(7) Refusing to People's Bank of China audits, inspections and supervision;

(8) Leasing or lending business licenses.

Article 75:Where a commercial bank has any of the circumstances provided for in Article 73 of this Law or any of the following circumstances, the People's Bank of China shall order corrections, and where there are unlawful gains, the unlawful gains shall be confiscated and a fine of between one and three times the unlawful gains shall be imposed, and where there are no unlawful gains, a fine of between 50,000 and 300,000 yuan shall be imposed:

(1) failing to deposit the deposit reserve in accordance with the proportion prescribed by the People's Bank of China;

(2) Failing to comply with capital adequacy ratios, deposit-loan ratios, asset liquidity ratios, loan ratios of the same borrower, and other provisions People's Bank of China on the management of asset-liability ratios;

(3) Establishing branch offices without approval;

(4) Separation or merger without approval;

(5) Interbank loans exceed the prescribed period or use the funds to issue fixed asset loans;

(6) Raising or lowering interest rates in violation of provisions or using other improper means to absorb deposits or issue loans.

Article 76:Where a commercial bank has the circumstances provided for in Articles 73 to 75 of this Law, it shall give disciplinary sanctions to the directly responsible managers and other directly responsible personnel; Where a crime is constituted, criminal responsibility shall be pursued in accordance with law.

Article 77:In any of the following circumstances, the People's Bank of China is to order corrections, and where there are unlawful gains, confiscate the unlawful gains and may give a fine of between one and three times the unlawful gains, and where there are no unlawful gains, a fine of between 50,000 and 300,000 RMB may be imposed:

(1) Using the word "bank" in the name without approval;

(2) Purchasing more than 10% of the total amount of shares of a commercial bank without approval;

(3) Opening and storing the unit's funds in an account in the name of an individual.

Article 78:Where relevant documents and materials are not submitted to People's Bank of China in accordance with provisions, or where changes are not submitted for approval in violation of article 24 of this Law, the People's Bank of China is to order corrections, and where corrections are not made within the time limit, a fine of between 10,000 and 100,000 RMB may be imposed.

Article 79:Whoever establishes a commercial bank without the approval of the People's Bank of China, or illegally absorbs deposits from the public or covertly absorbs deposits from the public, shall be investigated for criminal responsibility in accordance with law; and banned by People's Bank of China.

Those who forge, alter or transfer the business license of a commercial bank shall be investigated for criminal responsibility in accordance with law.

Article 80:Where borrowers use fraudulent means to obtain loans by fraud, which constitutes a crime, criminal responsibility shall be pursued in accordance with law.

Article 81:Where a staff member of a commercial bank takes advantage of his position to solicit or accept bribes or accept kickbacks or handling fees in various names in violation of state regulations, he shall be investigated for criminal responsibility in accordance with law.

Whoever commits the act of the preceding paragraph, and causes losses caused by granting loans or providing guarantees, shall bear all or part of the liability for compensation.

Article 82:Where a staff member of a commercial bank takes advantage of his position to embezzle, misappropriate or misappropriate the funds of the Bank or its customers, and this constitutes a crime, he shall be investigated for criminal responsibility in accordance with law; Where a crime is not constituted, disciplinary sanctions shall be given.

Article 83:Where a staff member of a commercial bank violates the provisions of this Law by neglecting his duty and causing losses, he shall be given disciplinary sanctions; Where a crime is constituted, criminal responsibility shall be pursued in accordance with law.

Those who violate provisions by granting loans or providing guarantees to relatives or friends for personal gain and causing losses, shall bear full or part of the liability for compensation.

Article 84:Where a staff member of a commercial bank leaks state secrets or commercial secrets that he learns of during his or her term of office, disciplinary sanctions shall be given; Where a crime is constituted, criminal responsibility shall be pursued in accordance with law.

Article 85:Where units or individuals force commercial banks to grant loans or provide guarantees, they shall give disciplinary sanctions to the directly responsible managers and other directly responsible personnel or individuals; If losses are caused, they shall bear full or part of the liability for compensation.

Where a staff member of a commercial bank compels a unit or individual to grant loans or provide guarantees without refusing to do so, disciplinary sanctions shall be imposed; If losses are caused, they shall bear the corresponding liability for compensation.

Article 86:Where commercial banks and their staff are dissatisfied with People's Bank of China's punishment decision, they may file a lawsuit with the people's court in accordance with the "Administrative Procedure Law of the People's Republic of China."

Chapter IX Supplementary Provisions

Article 87:Before this Law takes effect, commercial banks established with approval in accordance with the provisions of the State Council shall no longer go through examination and approval formalities.

Article 88:The provisions of this Law shall apply to foreign-funded commercial banks, Sino-foreign joint venture commercial banks, and branches of foreign commercial banks, and where laws and administrative regulations provide otherwise, those provisions shall apply.

Article 89:Urban credit cooperatives and rural credit cooperatives apply to the handling of deposits, loans, settlements, and other such businesses.

Article 90:The relevant provisions of this Law shall apply to postal enterprises handling postal savings and remittance business.

Article 1995:This Law shall come into force on July 7, 1.