SMM: in order to promote the overall opening of China's bond market, unify the fund management of foreign institutional investors investing in China's bond market, and further facilitate investment transactions, the people's Bank of China and the State Administration of Foreign Exchange have drafted the regulations on the Management of funds for Foreign Institutional investors investing in China's Bond Market (draft for soliciting opinions), which are now open to the public. The public can give feedback through the following channels:

First, send comments to: hbhz@pbc.gov.cn or zb-sc@mail.safe.gov.cn by email (the title of the email should be marked with the words "public solicitation of opinions on fund management regulations").

Second, send your comments by letter to: 6A04, A, International Enterprise Building, 35 Financial Street, Xicheng District, Beijing (postcode: 100032) or Capital Markets Office, Capital account Management Department, State Administration of Foreign Exchange, Huarong Building, 18 Fucheng Road, Haidian District, Beijing (postcode: 100048), and please indicate on the envelope the words "Capital Management regulations for Public consultation".

Third, fax your comments to: 010-66016463;

010-68402349.

The deadline for feedback is October 20, 2020.

Annex 1: regulations on the Management of funds invested by Foreign Institutional investors in China's Bond Market (draft for soliciting opinions) .docx

Annex 2: draft regulations on the Management of funds for Foreign Institutional investors investing in China's Bond Market (draft for soliciting opinions) .docx

People's Bank of China

State Administration of Foreign Exchange

September 21, 2020