ANNOUNCEMENT OF OPEN MARKET OPERATIONS

Announcement of Open Market Operations

[2004] No. 9

Circular concerning the Change of the List Time of the Bank Notes of the Central Bank

With a view to enhancing the fluidity of the bank notes of the Central Bank, it is hereby decided, as of August 4, 2004, that the
time for the bank notes of the Central Bank to be listed and circulated in the inter-bank securities market and to be the tools of
open market operations of the People’s Bank of China is changed into the “T+1”, namely, the second working day as of the date of
issue (Wednesday).

The Operation Office of Open Market Operations of the People’s Bank of China

The People’s Bank of China

July 28, 2004