Adopted at the 18th Meeting of the Standing Committee of the Tenth National People’s Congress on October 25, 2005
Effective: October 25, 2005
Article 1 — The People’s Republic of China grants immunity from judicial compulsory measures, such as property preservation and execution, to the property of foreign central banks; however, this shall not apply where the foreign central bank or the government of its home country has waived the immunity in writing, or where the property has been designated for property preservation or execution.
Article 2 — For the purposes of this Law, a “foreign central bank” means the central bank of a foreign country or of a regional economic integration organization, or a financial administration institution performing the functions of a central bank.
For the purposes of this Law, the “property of a foreign central bank” means the cash, negotiable instruments, bank deposits, securities, foreign exchange reserves and gold reserves of a foreign central bank, as well as the immovable property and other property of such bank.
Article 3 — Where a foreign country does not grant immunity to the property of the central bank of the People’s Republic of China or to the financial administration institution of a special administrative region of the People’s Republic of China, or grants immunity at a level lower than that prescribed in this Law, the People’s Republic of China shall handle the matter on the principle of reciprocity.
Article 4 — This Law shall enter into force on the date of promulgation.
Disclaimer: This is an unofficial English translation of the Law of the People’s Republic of China on the Judicial Immunity of the Property of Foreign Central Banks, provided for reference only. It has no legal force, and the original Chinese text prevails in the event of any discrepancy. It is not legal advice. Dan Young Business Consultancy assumes no liability for reliance on this translation.
Free PDF download of the complete article.
