The gold futures varieties of Shanghai Futures Exchange are managed by China Securities Regulatory Commission.
In addition, the CSRC is prepared to promote domestic futures companies to act as agents for overseas futures trading. If it can be implemented, it may be possible to circumvent the central bank's gold import and export management and conduct overseas flat trading of gold according to this business.
Provisions in the Regulations on the Administration of Futures Trading, which came into effect on April 15, 2007, that may be relevant to me are as follows:
1, on the identification of "disguised futures"
Article 89
Any institution or market that, without the approval of the State Council Futures Regulatory Authority, uses centralized trading to conduct standardized contract trading, and at the same time adopts the following trading mechanism or has one of the following trading mechanism characteristics, is a disguised futures trading:
(1) Provide performance guarantee for all buyers and sellers involved in centralized transactions;
(2) The debt-free settlement system is implemented on the same day as the deposit system, and the deposit collection ratio is less than 20% of the contract (or contract) target amount.
Before the implementation of these Regulations, institutions or markets that adopt the trading mechanism specified in the preceding paragraph or have one of the characteristics of the trading mechanism specified in the preceding paragraph shall make rectification within the time limit specified by the competent commercial department of the State Council.
2. Relevant provisions on disguised futures
(1) Article 4
Futures trading shall be conducted at a futures exchange established according to law or other trading places approved by the the State Council futures regulatory authority.
It is forbidden to engage in futures trading outside the futures trading places approved by the the State Council Futures Regulatory Authority, and it is forbidden to engage in futures trading in disguise.
(2) Article 5
The State Council futures supervision and management institutions shall exercise centralized and unified supervision and management over the futures market.
The dispatched offices of the State Council futures regulatory agency shall perform their duties of supervision and management in accordance with the relevant provisions of these Regulations and the authorization of the State Council futures regulatory agency.
(3) Article 6
The establishment of a futures exchange must be examined and approved by the the State Council Futures Regulatory Authority.
Without the approval of the State Council Futures Regulatory Authority, no unit or individual may set up a futures exchange or organize futures trading and related activities in any form.
3. Punishment measures for those who operate "disguised futures"
(1) Article 78
Any unit or individual that illegally establishes or establishes futures trading institutions such as futures exchanges and futures companies in disguised form, or engages in futures business without authorization, or organizes futures trading activities in disguised form, shall be banned and imposed a fine of more than 200,000 yuan and less than 6,543,800 yuan.
(2) Article 83
In violation of the provisions of this Ordinance, which constitutes a crime, criminal responsibility shall be investigated according to law.
4. About overseas hedging
(1) Article 46
The competent department of commerce of the State Council shall approve the varieties of overseas commodity futures trading by domestic units or individuals.
The purchase of foreign exchange, settlement of foreign exchange and foreign exchange receipts and payments under overseas futures shall comply with the relevant provisions of the state on foreign exchange control.
Measures for domestic units or individuals to engage in overseas futures trading shall be formulated by the State Council Futures Regulatory Authority in conjunction with relevant departments such as the State Council Commercial Department, State-owned Assets Supervision and Administration Department, Banking Supervision and Administration Department and Foreign Exchange Administration Department, and shall be implemented after being submitted to the State Council for approval.
(2) Article 77
Domestic units or individuals that engage in overseas futures trading in violation of regulations shall be ordered to make corrections, given a warning and imposed with a fine of more than 200,000 yuan and less than 6,543.8+0,000 yuan; If the circumstances are serious, its overseas futures trading shall be suspended. The main content of the domestic gold-related tax law is that standard gold ingots and bars are traded on the Shanghai Stock Exchange and the Shanghai Stock Exchange, and the value-added tax is refunded immediately. This ensures that domestic gold mines and gold and silver refineries must pay corresponding taxes when selling gold in other ways besides supplying to these two exchanges.
The main laws and regulations are:
1, Guo Shui Fa [2002] No.47, Notice of State Taxation Administration of The People's Republic of China City, People's Republic of China (PRC) on Printing and Distributing the Administrative Measures for the Collection of Value-added Tax on Gold Trading.
2. Caishui [2002] 142 Notice of State Taxation Administration of The People's Republic of China of the Ministry of Finance on People's Republic of China (PRC)'s Gold Tax Policy.
3. Caishui [2008] No.5 "Notice of the Ministry of Finance State Taxation Administration of The People's Republic of China on Relevant Tax Policies for Gold Futures Trading"
4. Guo Shui Fa [2008] No.46, Notice of State Taxation Administration of The People's Republic of China, People's Republic of China (PRC) on Printing and Distributing the Administrative Measures for the Collection of Value-added Tax on Gold Futures Trading in Shanghai Futures Exchange 1, summary.
Relevant laws and regulations give the central bank the responsibility and power to manage gold reserves, supervise and manage the gold market and gold derivatives, and supervise and manage the import and export of gold.
According to these powers, the central bank directly manages the Shanghai Gold Exchange and tends to take over the gold futures of the Shanghai Futures Exchange from the CSRC.
2. Existing relevant laws and regulations
(1) Law of the People's Republic of China on the People's Bank of China (Amendment), 2003;
(1. 1) Article 4
The People's Bank of China implements "supervision and management" on the gold market; Hold, manage and manage the national foreign exchange reserves and gold reserves.
( 1.2)
The People's Bank of China has the right to inspect and supervise the behavior of financial institutions and other units and individuals in implementing the relevant provisions on gold management.
(2) Provisions on Internal Structure and Staffing of Main Duties of the People's Bank of China approved by Guo Ban Fa [2008] No.83 Notice of the General Office of the State Council on Printing and Distributing the Provisions on Internal Structure and Staffing of the People's Bank of China;
(2. 1) "main responsibilities" stipulates that the central bank has the following responsibilities:
Holding, managing and operating national foreign exchange reserves and gold reserves; Supervise and manage interbank lending market, interbank bond market, interbank bill market, interbank foreign exchange market, gold market and related derivatives transactions in the above markets.
(2.2) The "internal organization" stipulates that:
The financial market department supervises and manages the gold market and related derivatives transactions in the above markets; The Bureau of Currency, Gold and Silver shall formulate measures for currency issuance and gold management and organize their implementation to manage the national gold reserve.
(3) Regulations on the Administration of Gold and Silver in People's Republic of China (PRC) promulgated by1983;
(3. 1) Many clauses in the regulations have been abolished, but the content of Article 4 of the regulations "The competent authority of the state for the management of gold and silver is the People's Bank of China" remains unchanged.
(3.2) The central bank has the right to examine and approve domestic gold import and export.
(4) laws and regulations of the central bank on gold import and export.
The central bank only granted gold import rights to six enterprises, including the four major banks of agriculture, industry and commerce in China and China Jewelry Import and Export Corporation.
From June 5438 to February 65438, 2005, the central bank formulated the Measures for the Administration of Import and Export of Gold Products (Draft for Comment) to solicit opinions from all walks of life. However, the measures have not yet been promulgated and implemented.