In China the stock exchange is now in general a non-profit-making legal entity¹ with membership system. It is market which provides places for organized trading in securities, manages spot trading of listed stocks and bonds, supplies the customers with the services of securities clearing, delivery, transfer and storage, and with the market information. The Exchange deals with other business activities or services permitted or entrusted³ by the People's Bank of China.

　　中国目前的股票交易所通常是会员制、非盈利性的法人组织。它是专门为办理股票交易、管理上市股票和债券的现货交易提供场所、为客户提供证券的清算、交割、过户和保管以及市场信息的市场。股票交易所还经办其他业务活动，或者经中国人民银行许可或委托的业务活动。

　　The securities listed in exchange include government bonds, corporation bonds, financial bonds and stocks publicly issued all over the country.

　　在交易所挂牌上市的有价证券包括在全国公开发行的政府债券、公司债券、金融债券和股票。

　　If you want to buy or sell securities in the market, you must entrust² member company's broker⁴ to make the dealing⁵, register for the roll and open a capital account and a securities account. Entrustment⁶ may include personal interview, contracts by telephone, telegraph, telex⁷ and letters. Entrustment price is divided into market price and limited price. The term of entrustment is divided into one-day and five-day validity.

　　如果有人想在市场上买卖证券，必须委托会员公司的经纪人才能进行交易，名册登记，开立资金账户和证券交易账户。委托手续包括私人会见，通过电话、电报、电传和信函订立合约。委任价格分为市场价格和限制价格；委托期限分为当日有效和五日有效。

　　In securities trading, only spot trading is allowed. The transaction includes the trading of one day, regular day and appointed day. The trading amount must be a set or its multiple. Brokers⁸ are organized to trade in stocks and bonds according to the principle of time priority and price priority. The delivery, settlement and ownership-transfer of the securities are carried out through the settlement department.

　　证券买卖只允许现货交易，交易类别分为当日交易、普通日交易和定日交易；交易金额为一个交易单位或其倍数。经纪人按照时间优先原则和价格优先原则，有组织地进行股票和债券的买卖；证券的交割、结算、过户则通过结算部门进行

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