(1) Business banks are established by commercial banks, and card-issuing banks are established by the central bank;

(2) The issuing bank stores the issuance funds and is managed by the head office; Commercial warehouse stores cash for daily turnover and is part of circulation;

(3) The nature of currency exchange between issuing banks and commercial banks is different, and commercial banks are short of cash. According to the allocation instruction of the head office, the issuing bank transfers the issued funds within the outbound limit to the business bank, which is called currency delivery;

(4) When the business warehouse exceeds the inventory limit, the cash must be returned to the issuing bank's warehouse in time, which is called currency refund. The issuance of RMB is realized through the cooperation of these two class libraries.

I. The pricing principles of stock issuance mainly include the following points:

1. Improve the high-priced rejection mechanism and adjust the high-priced rejection ratio from not less than 10% to not more than 3%.

2. Cancel the requirement that the IPO pricing should be linked to the subscription schedule and the number of special announcements on investment risks.

3. Strengthen the supervision of inquiry and quotation, and clarify the regulatory requirements, irregularities and regulatory measures when offline investors participate in inquiry. Suspected of violating laws and regulations or the provisions of the CSRC, it will be reported to the CSRC for investigation or criminal responsibility will be investigated by judicial organs according to law.

4. Cancel the relevant requirements that the issue price exceeds the valuation range of the investment report and needs to explain the difference.

5. The rejection rate of high price shall not exceed 3% and shall not be less than 1%.

6. Underwriters and issuers should be prudent and reasonable in pricing according to various factors. If the price exceeds the lower value of the "four values", the excess range shall not be higher than 30%.

7. Offline investors should increase their investment and research on new shares and make an objective and professional independent quotation.

8. SSE will pay special attention to the compliance of issuers and lead underwriters with industry advocacy suggestions in the filing of issuance plans. Shenzhen Stock Exchange will pay close attention to the implementation of the market with the GEM Stock Issuance Standardization Committee, continue to study and demonstrate and adjust the relevant proportion requirements in a timely manner.

Two. The pricing principles and methods of initial public offering are as follows:

(1) negotiated pricing method, where the issuer and the lead underwriter negotiate to determine the stock issue price and report it to the China Securities Regulatory Commission for approval.

(2) General inquiry method This method adopts a combination of online issuance to general investors and placement to institutional investors. The issuer and the lead underwriter determine the circulation and reserve price in advance, and determine the final issue price according to the subscription of institutional investors, and then place the shares with institutional investors at the same price and issue them online to ordinary investors.

(3) Cumulative Bidding Inquiry Method This method refers to a way to determine the issue price according to investors' subscription willingness at different prices during the issuance process. Usually, the lead underwriter sets the issue price within a certain range, and investors declare the subscription quantity according to different issue prices within this range. The lead underwriter calculates the total subscription amount of all investors above the same price and gets a series of total subscriptions above different prices.

Finally, the lead underwriter determines the issue price according to the fact that the total acquisition exceeds a certain multiple of the circulation (that is, the oversubscription multiple).