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The branches and foreign exchange administration departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government, and the SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, the insurance group (holding) companies, the insurance companies, the insurance asset management companies and the designated China-funded foreign exchange banks: To further advance administration streamlining and power delegation, and improve foreign exchange administration for the insurance business,, the State Administration of Foreign Exchange (SAFE) has formulated the Guidelines for Foreign Exchange Administration for Insurance Business (hereinafter referred to as the Guidelines, see the Appendix), which shall come into force on March 1, 2015. These documents are hereby circulated to you for execution and relevant issues are notified as follows: I. Connection after delegation of the administrative permission verification power. The Foreign Exchange Business License previously granted can be used during its validity by an insurance company or an insurance group (holding) company until its expiry. In case that the continuous operation of insurance business in foreign exchange is required, the qualification for foreign exchange business shall be applied for in accordance with the Guidelines at least 30 working days prior to the expiry of the Foreign Exchange Business License; in case that the continuous operation of foreign exchange insurance business is not required after the expiry, the Foreign Exchange Business License shall be presented to the local SAFE branch or foreign exchange administration department, to automatically terminate the foreign exchange insurance business. II. An insurance company, insurance group (holding) company and insurance asset management company, which has not registered for direct foreign exchange investment prior to this Circular, shall promptly undergo foreign exchange registration procedures with its local SAFE branch or the processingbank in accordance with relevant provisions. III. For ex post administration and monitoring, all the SAFE branches and foreign exchange administration departments shall conducta comprehensive checkupand verification of the foreign exchange accounts of the insurance companies, the insurance group (holding) companies and the insurance asset management companies within their jurisdiction, so as to ensure the accurate reporting of the account information as required. IV. Upon receipt of this circular, the SAFE branches and foreign exchange administration departments should immediately forward it to the central sub-branches (sub-branches), local commercial banks, and foreign banks within their respective jurisdiction, while the insurance companies and the designated China-funded foreign exchange banks should promptly forward it to their branches. V. After coming into effect, this Circular shall prevail where there is a discrepancy with previous regulations. If you have any questions during the execution of these documents, please promptly contact the Current Account Management Department of the SAFE. Appendix: Guidelines for Foreign Exchange Administration for Insurance Business State Administration of Foreign Exchange January 9, 2015 FILE: Guidelines for Foreign Exchange Administration for Insurance Business FILE: Appendix 1 FILE: Appendix 2 2015-04-02/en/2015/0402/757.html
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The branches and foreign exchange administration departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government, and SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, branches of the China Insurance Regulatory Commission (CIRC), all insurance companies and designated China-funded foreign exchange banks: To further advance administration streamlining and powerdelegation, deliver a good performance in foreign exchange administration for the insurance business, the SAFE and the CIRC hereby declare invalid the Circular of the State Administration of Foreign Exchange and the China Insurance Regulatory Commission on Release and Implementation of the Interim Regulations for Foreign Exchange Administration for Insurance Business (Huifa No. 95 [2002]) This Circular shall take effect on March 1, 2015. State Administration of Foreign Exchange China Insurance Regulatory Commission January 7, 2015 2015-04-02/en/2015/0402/758.html
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FILE: Catalogue of Major Existing Laws аnd Regulations in Effect on Foreign Exchange Administration (as of December 31,2014) 2015-02-09/en/2015/0209/755.html
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For the purpose of realizing the administration of donations in foreign exchange and facilitating the receipt and payment of donations in foreign exchange, and pursuant to the Regulations of the People's Republic of China on Foreign Exchange Administration and other relevant laws and regulations, the relevant issues concerning administration of donations in foreign exchange by domestic institutions are hereby promulgated: Article 1. Donationsherein refer to free donations and aid of legal foreign exchange funds between domestic institutions and overseas institutions/individuals. Article 2. Donations in foreign exchange by domestic institutions must be conducted in compliance with the laws and regulations and other relevant administrative rules of the Peoples Republic of China, and shall not be in violation of social morality, nor be detrimental to the public interest and legal rights and interests of other citizens. Article 3. Domestic institutions shall handle donations in foreign exchange via separate foreign exchange accounts for donations. Designated foreign exchange banks (hereinafter referred to as Banks) shall open accounts hereof for domestic institutions, and bring them under the administration of the foreign exchange account administration information system. Unless otherwise stipulated in the Circular, the opening, use, alteration, and closing of foreign exchange accounts for donations shall be subject to the relevant regulations of foreign exchange administration for current accounts. The income of the accounts hereof shall include: donated foreign exchange funds remitted inward from overseas countries/regions and foreign exchange funds for donation to overseas countries/regions that have been transferred from the foreign exchange accounts of the current accounts under the same name or via foreign exchange purchases. Expenditures hereof shall include donations agreed upon in donation agreements as well as other donation expenditures. Income/expenditure of foreign exchange accounts for donations by domestic representative institutions of overseas non-governmental organizations (NGOs) shall include foreign exchange funds for donations to projects agreed upon by the general headquarters of overseas NGOs and for the legal expenditures incurred in China. In the event that domestic enterprises accept/make donations from/to overseas profit-making institutions or overseas individuals, the opening, use, alteration, and closing of their foreign exchange accounts for donations shall be subject to the relevant regulations concerning the administration of foreign exchange accounts under the current account. Article 4. Domestic institutions shall not carry out the account procedures for entry and outward payments of donated foreign exchange funds unless the relevant materials have been provided and approved by the banks in compliance with the Circular. Article 5. In the event of accepting/making donations from/to overseas non-profit institutions by domestic enterprises, the domestic enterprises shall provide the following materials to the banks: (1) An application. (In the application the domestic enterprises must truthfully guarantee and affirm that their donations shall not be in violation of any relevant prohibitions of the state, that all procedures such as approval and filing have been conducted in line with the relevant regulations of the state, that the overseas institutions from/to which they accept/make donations are non-profit institutions, and that the domestic enterprises shall use the donated funds in strict accordance with the donation agreements and shall be held legally responsible for any issues arising therefrom. See Annex 1 for the format); (2) A photocopy of the business license of the enterprise; (3) A notarized donation agreement specifying the purpose of the fund; (4) Supporting documents proving the legal overseas registration and establishment of the overseas non-profit institutions (accompanied by Chinese translations); (5) Other required materials when the aforesaid materials fail to sufficiently prove the validity of the transaction. When domestic enterprises accept/make donations from/to overseas profit-making institutions or overseas individuals, the relevant procedures shall be conducted in line with the relevant regulations on cross-border investments and external liabilities and claims. Article 6. When donations are made/accepted by government organs at or above the county level and some social organizations (see Annex 2 for the list) that do not need to register or that are exempt from social organization registration according to the relevant regulations, the relevant procedures for receipt and payment of foreign exchange shall be carried out with the aforesaid application at the banks. Article 7. Domestic representative institutions of overseas NGOs shall carry out the procedures for account entry of foreign exchange with the aforesaid application and the donation agreement between the general headquarters of the overseas NGO and the domestic party receiving the donation. Article 8. When domestic institutions other than those prescribed in Article 5, 6, and 7 herein carry out receipt and payment of donations in foreign exchange, the following materials shall be provided to the banks: (1) An application. (In the application the domestic enterprises must truthfully guarantee and affirm that their donations shall not be in violation of any relevant prohibitions of the state, that they have carried out all procedures, such as the approval and filing in compliance with the relevant regulations of the state, and that they shall be held legally responsible for any issues arising therefrom); (2) A photocopy of the registration certification issued by the relevant authorities; (3) The donation agreement specifying the purpose of the fund. When national religious organizations accept donations in foreign exchange equivalent to RMB 1,000,000 or more in a lump sum, the supporting documents for the approval of the donation hereof by the State Administration for Religious Affairs shall also be provided. When religious sites, such as Buddhist temples, Taoist temples, mosques and churches, and local religious organizations accept donations in foreign exchange equivalent to RMB 1,000,000 or more in a lump sum, supporting documents for approval of the donation hereof by the peoples government at the provincial level in the places where the aforesaid sites and organizations are located shall also be provided. Article 9. In the event of donations to overseas countries/regions by domestic institutions, other than such materials as prescribed herein, the Tax Certificates for Foreign Payments under Trade in Services, Profits, Current Transfers, and Partial Capital Accounts shall also be submitted according to the relevant regulations. Article 10. In the event of carrying out the receipt and payment of donations in foreign exchange for domestic institutions, the banks shall examine the relevant materials according to the relevant regulations and report in a timely manner to the administrative foreign exchange authorities in the locality where they are located any information regarding suspicious or abnormal receipt/payment of donations in foreign exchange. The banks shall, on the examination documents, specify the date and amount of the transaction and affix their business seal. The relevant documents shall be preserved in the archives for a period of 5 years for future reference. Article 11. The Administrative foreign exchange authorities shall, according to the relevant laws, supervise and administer the receipt and payment of donations in foreign exchange according to the laws and regulations and shall enhance the off-site supervision thereof. Article 12. Conduct in violation of the Circular and the relevant regulations on foreign exchange administration shall be punished in accordance with such regulations as the Regulations of the People's Republic of China on Foreign Exchange Administration. Article 13. This Circular shall enter into force as of March 1, 2010. Should there be any difference between previous regulations and this Circular, this Circular shall prevail. Upon receipt of this Circular, the branches of the SAFE in a timely manner shall forward it to their subdivisions, city commercial banks, rural commercial banks, and foreign banks within their jurisdiction. The Chinese-funded designated foreign exchange banks shall in a timely manner forward it to their branches and divisions. In the event of any problem arising from implementation, kindly provide feedback to the SAFE promptly. 2009-12-30/en/2009/1230/700.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the central government, the SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, and all designated Chinese-funded foreign exchange banks: To efficiently implement the Opinions of the General Office of the State Council on Promoting Economic Development by Following Current Economic Trends (Guobanfa No.126 [2008]), and to facilitate the process of trade, the State Administration of Foreign Exchange (or SAFE) decided to launch a pilot program on the reform of the import payments verification system (hereinafter referred to as import verification reform), thus gradually completing transformation of import payments administration from case-by-case verification to batch-based verification, from on-site verification to off-site verification, and from behavioral supervision to subject supervision. The SAFE collects electronic information about cargo flows and capital flows of import companies through the Inspection System for the Collection and Settlement of Foreign Exchange under Trade (hereinafter referred to as inspection system), subjects import companies to off-site batch-based inspections as well as monitoring and early warning to identify abnormal capital flows and trading transactions, and subjects import companies to administration through examinations and evaluations that are conducted based on the outcome of on-site inspections. The circular on the relevant issues is given as follows: 1. Starting May 1, 2010, the pilot program for the reform of import verifications will be launched in the SAFE branches in Tianjin, Jiangsu, Shandong, Hubei, Inner Mongolia, and Fujian (including the autonomous regions and municipalities directly under the Central Government), and in the region under the jurisdiction of the SAFE's Qingdao branch. 2. The import companies in the pilot regions shall undergo import payments procedures subject to the Measures for the Pilot Program on Reform of the Administration of Foreign Exchange Payments for the Import of Goods and its implementing rules (hereinafter referred to as Measures, see Appendices 1 and 2); the banks in the pilot regions shall handle the import payments for import companies in accordance with the Measures. The import payments for the non-pilot regions shall be dealt with pursuant to the functional provisions for verification of import payments. 3. During implementation of the pilot program, inter-provincial (inter-autonomous region and inter-municipality directly under the Central Government) business related to non-local foreign exchange payments shall be dealt with subject to the functional provisions for verification of import payments. Where import companies in the pilot regions deal with non-local import payments in non-pilot regions, they shall register such payments with the local foreign exchange authorities where they are registered; where import companies in the non-pilot regions deal with non-local import payments in the pilot regions, the banks shall examine the Import Payments Registration Form and other relevant instruments in accordance with the pre-reform provisions. 4. To ensure the smooth transformation of import payments administration before and after the said reform, for import payments accrued prior to January 1, 2010, the import companies in both the pilot regions and non-pilot regions shall undergo the related verification formalities with their local foreign exchange authorities before July 31, 2010. Where the import companies fail to go through the verification formalities for any overdue business within the prescribed limit and without any justification, the foreign exchange authority in question shall mete out penalties accordingly or shall put it on file for a future inspection of the import payment. 5. Considering that the import verification reform is a great initiative for facilitating the process of trade, all foreign exchange branches in the pilot regions shall attach great importance to the reform and arrange the following issues in a centralized manner: (1) The said branches shall step up publicity and training efforts. Following the SAFEs centralized deployment, they shall provide effective publicity and sound explanations about the pilot program through different channels, direct the concerned banks and import companies and urge them to become familiarized with the outlines of the reform as well as other policies and measures as soon as possible; the said branches shall institute training activities among the foreign exchange authorities, banks, and import companies within their jurisdictions so as to pave the way for such banks and import companies to conduct related businesses in future. (2) The said branches shall urge import companies listed on the Name List of Import Companies for Import Payments to sign the confirmation letter for the import payment business before July 31, 2010. The text of the confirmation letter will be issued separately. (3) The said branches shall, in accordance with the Measures, complete the administrative work for the pilot program, such as the name registration, off-site inspection and monitoring and early warning, on-site supervision and inspection, and classified management, and shall optimize the functions of the inspection systemfor administration. (4) The said branches shall report to the SAFE the progress of the pilot program without delay, and provide feedback if any problem arises from implementation of the pilot program and propose corresponding solutions or suggestions. 6. During implementation of the pilot program, the foreign exchange authorities from the non-pilot regions shall clear up the left over that occurred before January 1, 2010 by taking different approaches to either informing the concerned import companies or urging them to go through the verification formalities. Meanwhile, the said authorities shall proactively study the policies on the import verification reform and track the progress of the pilot program so as to be well prepared for the official implementation of import verification reform. As of the date of issuance this circular, all branches and administrative departments of the SAFE shall start the preparatory work accordingly, and shall promptly forward it to the central sub-branches, sub-branches, local commercial banks, foreign banks, and relevant entities within their respective jurisdiction. If any problems arise from implementation thereof, the import companies and banks shall promptly report them to the foreign exchange authorities where they are located; and the branches and administrative departments shall report them to the SAFE in a timely manner. April 2, 2010 FILE: Implementing the Rules for the Measures on the Pilot Program on Reform of the Administration of Foreign Exchange Payments for the Import of Goods FILE: Measures for the Pilot Program on Reform of the Administration of Foreign Exchange Payments for the Import of Goods 2010-04-02/en/2010/0402/701.html
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The branches and foreign exchange administration departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and all designated Chinese-funded foreign exchange banks: In order to further improve administration of individual foreign exchange settlement and sale, effectively check individualsevasion of supervision over the limitation on the aggregate amount by means of fund splitting and so forth, and standardize foreign exchange settlement of individuals by presenting foreign currency notes, the relevant issues are hereby notified as follows: ` No individual shall evade administration of the annual aggregate amount of individual exchange settlement and individual exchange purchases within the territory of China by means of fund splitting and so forth. Generally, individual settlement and sales of foreign exchange through splitting are characterized by the following: 1. One individual/organization outside the territory of China remits foreign exchange to 5 or more different individuals on the same day/every other day/or on successive days, and these payees separately carry out the exchange settlement. 2. Five or more different individuals remit foreign exchange to the same individual/organization outside the territory of China after separately purchasing foreign exchange on the same day/every other day/or on successive days. 3. Five or more different individuals deposit/remit RMB funds into the RMB account of the same individual/organization after separately settling the exchange on the same day/every other day/or on successive days. 4. An individual withdraws foreign currency notes close to an equivalent of USD10,000 five or more times within 7 days from the same foreign exchange savings account; or five or more individuals jointly settling the exchange of foreign currency notes on the same day at the same bank outlet with each individual settling the equivalent of close to USD5,000. 5. The same individual transfers deposits from his/her foreign exchange savings account to more five or more direct relatives who then complete the exchange settlement within the limit on the annual aggregate amount; or five or more direct relatives of the same individual transfer foreign exchange purchased within the limit on the annual aggregate amount to his/her foreign exchange savings account. 6. Other acts by which individuals complete exchange settlement and sale by splitting many times through the agency of many persons for the purpose of evading administration of the limitation. a When banks identify any individual application for exchange settlement and sale in conformity with any of the characteristics stated in Article 1 of this Circular, the banks shall handle the application in accordance with the following provisions: 1. The banks shall reject individuals applications for foreign exchange settlement and sale bearing the distinct characteristics of splitting which can be identified by the banks as exchange settlement and sale by splitting. 2. In the event that the foreign exchange settlement and sale by individuals conform with any of the aforesaid characteristics, whereas the settlement and sale cannot be identified by the banks as foreign exchange settlement and sale through splitting, the banks shall, if under the current account, require the involved individuals to submit the relevant certifications stating the transaction amount in compliance with the principle of authenticity verification of foreign exchange collection and payment under the current account before handling the business; if the applicants fail to submit the relevant certifications, the banks shall reject the applications. If under the capital account, the banks shall handle the relevant business in accordance with the regulations concerning administration of individual capital accounts, such as Chapter b of the Detailed Rules for the Implementation of Measures for Individual Foreign Exchange Administration. 3. When an individual is identified by the bank in an ex-post examination as a suspect involved in foreign exchange settlement and sale through splitting, the bank shall make efforts to collect the relevant evidence to prevent fund splitting conducted by the same individual. At the same time, the bank shall also report the situation within 3 working days from the date of identification to the SAFE branches or sub-branches in the localities where the banks are located (hereinafter referred to as SAFE branches). b Individual applications for exchange settlement by presenting foreign currency notes shall be handled in accordance with the following provisions: 1. When an individual who has not exceeded the limit on the annual aggregate amount of exchange settlement settles the exchange by presenting foreign currency notes, the settlement of foreign currency notes with a total sum on the same day equivalent to USD5,000 or less shall be handled at the bank by presenting a valid identity certificate for the said individual; when the total sum of the exchange settlement exceeds the equivalent of USD5,000, the business shall be settled at the bank by presenting the valid identity certificate of the said individual, the Declaration Form of Incoming Passengers at Customs Entries of the PRC (hereinafter referred to as Customs Entry Declaration Form), or vouchers for the withdrawal of foreign currency notes from the bank where the said individual had previously deposited his/her money. 2. When an individual who exceeds the limit on the annual aggregate amount for exchange settlement conducts exchange settlement by presenting foreign currency notes, if under the current account, the business shall be handled at the bank by presenting the valid identity certificate of the said individual, his/her Customs Entry Declaration Form, or vouchers for the withdrawal of foreign currency notes from the bank where the said individual has previously deposited money and the relevant certification stating the transaction amount as prescribed in Chapter II of the Detailed Rules for the Implementation of the Measures for Individual Foreign Exchange Administration (Huifa [2007] No.1); if under the capital account, the business shall be handled at the bank by presenting a valid identity certificate for the said individual, his/her Customs Entry Declaration Form, or vouchers for the withdrawal of foreign currency notes from the bank where the said individual previously had deposited his/her money and in accordance with the regulations on the administration of individual capital accounts such as Chapter III of the Detailed Rules on the Implementation of the Measures for Individual Foreign Exchange Administration. c Individual foreign exchange purchases of funds for non-operational purposes under the current account shall be limited to cash in RMB or funds in the RMB account/bankcard of the said individual or his/her direct relatives. d The pilot institutions for the franchise business of domestic and foreign currency exchange for individuals shall, to the same extent as banks, comply with the provisions of this Circular. e Banks, pilot institutions for the franchise business of individual domestic and foreign currency exchange, and individuals shall act in strict compliance with the Measures for Individual Foreign Exchange Administration (Decree No.3 [2006] of the Peoples Bank of China), the Detailed Rules for the Implementation of the Measures for Individual Foreign Exchange Administration, and the provisions of this Circular. For any act in breach of this Circular a penalty shall be imposed by the SAFE branches in accordance with Articles 47 and 48 of the Regulations of the Peoples Republic of China on Foreign Exchange Administration (Decree No. 532 of the State Council of the PRC, August 5, 2008), and other relevant regulations. f This Circular shall take effect as of the date of promulgation. The branches and foreign exchange administration departments of the SAFE shall, upon receipt of this Circular, promptly transmit this Circular to the sub-branches, municipal commercial banks, rural commercial banks, foreign banks, and pilot institutions for the franchise business of domestic and foreign currency exchange for individuals within their respective jurisdictions; all the designated Chinese-funded foreign exchange banks shall transmit this Circular at the earliest possible date to the branches within their jurisdictions. For any problems arising from implementation of this Circular, please provide feedback to the SAFE in a timely manner. November 19, 2009 2009-12-23/en/2009/1223/698.html
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The branches and foreign exchange administration departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and all designated Chinese-funded foreign exchange banks: In order to facilitate foreign exchange purchases by overseas individuals during the 2010 World Expo in Shanghai and to deliver high-quality financial services during the Expo, the SAFE has decided to implement a policy of an aggregate amount for foreign exchange purchases by overseas individuals during the 2010 World Expo in Shanghai. The relevant issues are hereby notified as follows: 1. From May 1 to October 31, 2010 (hereinafter referred to as During the 2010 World Expo in Shanghai), foreign exchange purchases by overseas individuals at designated foreign exchange banks (hereinafter referred as banks) shall be conducted in accordance with the following regulations: (1) During the 2010 World Expo in Shanghai, administration of an aggregate amount of foreign exchange purchases by individuals shall be implemented and the aggregate amount of foreign exchange purchases shall be equivalent to USD50,000. In order to ensure continuity of the data and completeness of the management information system for foreign exchange settlement and sales by individuals, the foreign exchange purchase business conducted by overseas individuals via the management information system for foreign exchange settlement and sales by individuals during the period from January 1 to April 30, 2010 shall be incorporated into a lump sum of the aggregate amount that is equivalent to USD50,000 based on the strength of the prescribed evidentiary materials. (2) Foreign exchange purchases by overseas individuals of an aggregate amount equivalent to USD50,000 (inclusive) shall be carried out at the banks by the individuals themselves based on the strength of their valid identity documents. (3) Foreign exchange purchases with legitimate income in RMB under the current account acquired within the territory of China by overseas individuals for the aggregate amount which is more than the equivalent of USD50,000 shall be conducted on the strength of their valid identity documents and relevant evidentiary materials attesting to the amount of the business transaction (including tax vouchers). Re-conversion of the RMB that has not been used after the initial conversion into foreign exchange shall be conducted based on the strength of the valid identity documents of the relevant individuals and original exchange memos. 2. The banks shall inquire about the aggregate amount of foreign exchange purchases by overseas individuals within the prescribed quota in a real-time manner via the management information system for foreign exchange settlement and sales by individuals, and shall record the information about foreign exchange purchases under the current account by overseas individuals on a deal-by-deal basis under the items of Foreign exchange purchases with income of overseas individuals under the current account and Re-conversion to the original currency by overseas individuals in the module of the Foreign exchange purchase transactions of the management information system for foreign exchange settlement and sales by individuals; the three-digit alphabetic country code and passport number shall be input under the item No. of identity document; the timeliness, accuracy, and completeness of the input of the data shall be ensured. 3. Banks and overseas individuals shall not evade supervision of the quota by splitting the foreign exchange into smaller amounts nor shall they evade administration of the authenticity by use of fake commercial documents or vouchers for the handling of their foreign exchange purchase business and currency re-conversion business. 4. When handling foreign exchange purchase business and currency re-conversion business, banks and overseas individuals, unless stipulated in this Circular, shall comply with the Measures for the Administration of Individual Foreign Exchange (Decree of PBOC [2006] No.3), the Detailed Rules for the Implementation of the Measures for the Administration of Individual Foreign Exchange (Huifa [2007] No.1), the Circular of the SAFE on Further Improvements in the Administration of Foreign Exchange Settlement and Sales Business by Individuals (Huifa [2009] No.56), and the relevant foreign exchange administration regulations. 5. Beginning on November 1, 2010, implementation of the policy on the administration of an aggregate amount of foreign exchange purchases by overseas individuals during the 2010 World Expo in Shanghai shall be terminated; the banks shall resume handling the foreign exchange purchase business for overseas individuals in accordance with the Measures for the Administration of Individual Foreign Exchange, the detailed rules, and other relevant foreign exchange administration regulations currently in effect. 6. Banks that handle foreign exchange purchase businesses for overseas individuals in breach of the provisions stipulated in this Circular or the relevant foreign exchange administration regulations shall be punished by the SAFE and its branches in accordance with the Regulations of the Peoples Republic of China on Foreign Exchange Administration (Decree of the State Council of PRC, No. 532, August 5, 2008). 7. This Circular is subject to interpretation by the SAFE. The SAFE branches and foreign exchange administration departments shall transmit this Circular to the sub-branches, municipal commercial banks, rural commercial banks, and foreign-funded banks within their jurisdictions immediately upon receipt; the designated Chinese-funded foreign exchange banks shall transmit this Circular to their branch institutions as soon as possible upon receipt. For any problems arising from implementation of this Circular, please provide feedback to the SAFE in a timely manner. April 23, 2010 2010-04-29/en/2010/0429/703.html
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The SAFE branches and foreign exchange administration departments in Tianjin, Shanghai, Jiangsu, Shandong, Guangdong, Beijing, Heilongjiang, Zhejiang, Fujian, Guangxi, Hainan, Yunnan, and Xinjiang (provinces, autonomous regions, and municipalities directly under the Central Government), and the SAFE branches in Shenzhen, Qingdao, Xiamen, and Ningbo: In August 2008, the State Administration of Foreign Exchange (SAFE) granted approval for the pilot implementation of domestic and foreign currency exchange franchise business to individuals in Beijing and Shanghai. The implementation has achieved the expected results, with relevant work progressing smoothly. For the purpose of promoting fair competition in the domestic and foreign currency exchange franchise market to individuals and further improving the overall level of Chinas individual currency exchange services, with the approval of the State Council, the relevant issues concerning the expansion of the pilot implementation of the domestic and foreign currency exchange franchise business to individuals are hereby notified as follows: 1. The locations of the pilot implementation shall be expanded to the provinces and municipalities (autonomous regions), including Tianjin, Shanghai, Jiangsu, Shandong, Guangdong, Beijing, Heilongjiang, Zhejiang, Fujian, Guangxi, Hainan, Yunnan, and Xinjiang, as well as the cities specifically designated in the state plan, including Shenzhen, Qingdao, Xiamen, and Ningbo. 2. The branches of the SAFE (foreign exchange administration departments, hereinafter referred to as SAFE branches) located in the areas of the pilots in principle shall select one city or one region at the prefectural or city level based on its actual economic and social conditions to be the location of the pilot implementation. 3. The SAFE branches in the newly-added pilot locations shall, according to the requirements set forth in Annex`&a, submit applications to the SAFE for approval regarding the pilot implementation. The SAFE shall decide whether or not to grant approval, according to the applicants preparations for the pilot work and the actual demands of the local market. 4. In the event that the SAFE branches in the pilot areas (including Beijing and Shanghai) grant approval to establish new operations institutions for the pilot implementation of the domestic and foreign currency exchange franchise business (including cross-regional operations institutions), the SAFE branches shall submit for approval to the SAFE a summary regarding the situation for the pilot implementation of the domestic and foreign currency exchange franchise business to individuals prior to the application, along with the Form on the Status of Operations Institutions Applying for Pilot Implementation (see Annexa). 5. The SAFE branches in the pilot locations shall carry out pilot implementation of the domestic and foreign currency exchange franchise business to individuals in strict compliance with the Measures for the Administration of Pilot Implementation of the Domestic and Foreign Currency Exchange Franchise Business to Individuals (see Annex b), strengthen publicity and explanatory work regarding the pilot implementation, carry out supervision of compliance of the institutions in the pilot implementation of the domestic and foreign currency exchange franchise business to individuals with the relevant foreign exchange administrative regulations and shall report to the SAFE any relevant situations regarding the pilot implementation in a timely manner. Tel.: 010-68402310, 68402313 It is hereby notified. Nov. 9, 2009 Annex (omitted) 2009-12-23/en/2009/1223/699.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the SAFE branches in Shenzhen, Dalian , Qingdao , Xiamen , and Ningbo ; China UnionPay Co., Ltd.; and all designated Chinese-funded foreign exchange banks: To regulate the administration of foreign currency bank cards and facilitate the general publics understanding of the management policies for foreign currency bank cards, the State Administration of Foreign Exchange straightened out and integrated the laws and regulations on foreign exchange administration relating to foreign currency bank cards. We hereby notify you of the relevant issues as follows: I. The term foreign currency bank cards as referred to in this Circular includes domestic foreign currency cards, which refers to those issued by domestic financial institutions (hereinafter referred to as domestic cards), and foreign bank cards, which refer to those issued by overseas institutions (hereinafter referred to as foreign cards), with the exception of RMB cards issued overseas institutions.. II. Classification of domestic cards 1. According to whom the cards are issued, domestic cards are classified into personal cards, i.e., those issued to natural persons, and entity cards, i.e., those issued to legal persons or other organizations and are to be used by the persons designated by such entities. 2. According to whether a line of credit is granted to the holder, domestic cards are classified into credit cards, which, within the line of credit granted by the issuing financial institution, allows the holders to use it before payment, and debit cards, the holders of which have no line of credit and must make a deposit on the cards before use. 3. According to the currency for which they are issued, domestic cards are classified into foreign currency cards, which refers to cards denominated in only one foreign currency, and home-foreign currency cards, which refers to cards denominated in both RMB and one or more foreign currencies. III. Issuance and Use of Domestic Cards 1. Domestic financial institutions may issue foreign currency entity credit cards, provided that there is no foreign exchange fund in such cards. They may also issue foreign currency entity debit cards to entities that have foreign exchange accounts under the current account with the issuing financial institutions, provided that the foreign exchange funds in these cards shall be incorporated into the fund management in the foreign exchange accounts under the current account. 2. Personal cards can be used to draw cash in RMB over the counter of domestic banks, and the banks that accept personal cardholdersapplications for drawing cash in RMB shall promptly enter the foreign exchange settlement information into the management information system for individual foreign exchange settlement and sale information. Personal cards can also be used to draw cash in foreign currencies listed for exchange over the counter of the card-issuing financial institutions, but may not be overdrawn or be used at ATM to draw cash in foreign currencies. 3. Entity cards may not be used to draw cash in any foreign currency or RMB within the territory of China . 4. Domestic cards can be used outside of China to pay for consumption under the current account, but may not be used to pay for other transactions. See Items 5 through 10 below for the detailed management rules. 5. All card-issuing financial institutions shall configure their systems based on the merchant category codes (MCC) listed in the Merchant Category Codes for the Use of Domestic Bank Cards outside of China (See Annex 1) and strictly restrict offline transactions. 6. The merchant category codes as listed in Annex 1 include three categories: completely prohibited, limited in terms of amount, and fully open. Completely prohibited codes refer to codes for which the cardholders are prohibited from carrying out transactions. Limited-in-amount codes refer to codes for which the amount of a single transaction made by a cardholder is limited to the equivalent of USD5, 000 or less, with the exception of the codes 6010 and 6011. Fully open codes refer to the codes for which there is no limit to the transaction amount. 7. Card-issuing financial institutions shall set a limit on cash withdrawals overseas under the merchant category codes 6010 (cash withdrawals over the counter) and 6011 (cash withdrawals at ATMs). The limit shall be the equivalent of USD1,000 per day cumulatively, USD5,000 per month cumulatively, and USD10,000 for each six months cumulatively. 8. All card-issuing financial institutions that carry out authorized transactions through an international bank card organization shall abide by the provisions of this Circular. 9. Card-issuing financial institutions that fail to set up the system in time due to technical problems or for any other reason shall report the incompliant transactions that occurred each month one by one to the State Administration of Foreign Exchange. 10. The merchant category codes listed in Annex 1 include four bank card organizations, i.e., Visa, MasterCard, American Express, and JCB. Financial institutions that issue cards bearing the symbol of other bank card organizations must report the involved merchant category codes to the State Administration of Foreign Exchange for archival purposes. IV. Acquiring Services for Foreign Cards 1. With a foreign card, one can withdraw cash in RMB within the territory of China . To withdraw cash over the counter, the bank shall promptly enter the foreign exchange settlement data into the management information system for individual foreign exchange settlement and sale; to withdraw cash at an ATM, the maximum amount shall be RMB3, 000 for each time. With a foreign card, one can also withdraw cash in foreign currencies over the counter of a domestic financial institution; withdrawals in foreign cash are not allowed at ATMs. 2. With regard to the un-used part of the RMB cash withdrawn within the territory of China by an overseas individual with a foreign card, he/she may, within 6 months after such withdrawal, have the amount converted back into the foreign currency over the counter of a bank upon the strength of the original voucher, such as the relevant ATM slip or the slip obtained at the counter of the acquiring financial institution, and may remit or carry it out of China in line with the relevant provisions. 3. Deposits of money into a foreign card through a domestic financial institution shall be deemed as remitting money overseas and shall be governed by the relevant provisions of the SAFE. 4. Foreign-funded financial institutions within the territory of China that have not opened the RMB business shall, when providing acquiring services for foreign cards, settle the RMB funds for the bank card through a special RMB account for foreign exchange settlement and sale opened upon the approval of the branch or sub-branch of the Peoples Bank of China in the place where the institution is located. V. Clearing, Payment, and Exchange Purchases with Foreign Currency Bank Cards 1. The use of foreign currency bank cards within the territory of China shall be governed by the provisions on foreign exchange administration prohibiting the valuation or settlement in foreign currencies within the territory of China . The settlement of transactions involving foreign currency bank cards accepted by domestic merchants (including duty-free shops) with the acquiring financial institutions shall be made in RMB. 2. Domestic card transactions within the territory of China shall be settled in RMB through domestic clearing channels after deducting the amount of cash in foreign currencies withdrawn over the counter. Any overdraft arising from domestic transactions shall be paid by the cardholder in RMB. 3. If, for any reason, the clearing of domestic transactions made within the territory of China with domestic cards is made through an international bank card organization, the card-issuing financial institution may, after clearing in foreign currency, purchase exchange with the RMB funds repaid by the cardholder to make up for the foreign exchange that has been used in the clearing. Clearing through an international bank card organization refers to two circumstances: the clearing of domestic transactions made with domestic foreign currency cards through an international bank card organization; and wrong throw,in which the clearing is made through an international bank card organization due to the acquiring service institutions mistreating a domestic home-foreign currency card as a foreign currency card, which, when used within the territory of China, shall be regarded as a RMB card. 4. The exchange received by an acquiring financial institution from an international bank card organization in connection with foreign currency bank card transactions within the territory of China shall, after deducting the amount of cash withdrawn over the counter in foreign currencies, be promptly settled. 5. Clearing between a merchant approved to accept, outside the territory of China , foreign currency bank cards, such as a domestic airline company, and an acquiring financial institution may be conducted in foreign exchange, and the card-issuing financial institution may make payments in foreign exchange. 6. For any overdraft of a domestic card arising from consumption or cash withdrawals outside China , the cardholder may make repayments with either his/her own foreign exchange or with the foreign exchange purchased from the card-issuing financial institution. 7. Where a card-issuing financial institution handles the foregoing exchange sales, the amount of exchange sold may not exceed the amount of foreign currency overdraft already accumulated on the domestic card, and the foreign exchange must be directly used to pay off the existing overdraft. 8. Various expenses by the domestic cards, annual fees, and fees for card replacement shall be calculated and charged in RMB, while other expenses may be either directly withheld by the banks from the exchange balance in the cards or paid by the cardholders in RMB. 9. Except for foreign exchange settlement for consumption within the territory of China with foreign currency cards (including domestic cards and foreign cards), withdrawal of RMB cash at ATMs with foreign cards and foreign exchange purchases for repayment of consumer expenditures made overseas with domestic cards, the individual foreign exchange settlement and sale business by bank cards shall be entered into the management information system for individual foreign exchange settlement and sale in line with the provisions. 10. Individuals who handle foreign exchange transactions through bank cards both inside and outside China must strictly observe the Measures for Individual Foreign Exchange Administration (Decree No. 3 [2006] of the Peoples Bank of China), the Detailed Rules for the Implementation of the Measures for Individual Foreign Exchange Administration (Annex to Document of Huifa No. 1 [2007]), and other provisions on individual foreign exchange administration. VI. Statistics and Filing of the Relevant Business of Foreign Currency Bank Cards 1. According to the principle of territorial jurisdiction, the foreign exchange settlement and sales statistics pertaining to foreign currency bank cards shall be made by the financial institutions receiving and settling the foreign exchange or withholding the amount in RMB and purchasing foreign exchange. 2. Declaration of the balance of payments statistics in connection with foreign currency bank cards shall be made in line with the Circular of the State Administration of Foreign Exchange on Printing and Distributing the Operating Rules for the Declaration of Balance of Payments Statistics through Financial Institutions (Huifa No.22 [2010]). 3. All card-issuing financial institutions shall summarize and annually file the Statistical Statements on Transactions and Foreign Exchange Purchases of Domestic Foreign Currency Bank Cards (see Annex 2) with the State Administration of Foreign Exchange. The statistical statements shall be submitted in hard copy (affixed with the official seal of the business department) within one month after the end of each year to: Huarong Plaza , No. 18, Fucheng Road , Haidian District, Beijing . Addressee: Bank Foreign Exchange Receipt and Expenditure Division, Balance of Payments Department of the State Administration of Foreign Exchange. Postal code: 100048. 4. Regarding large-sum deposits, cash withdrawals, or consumptions by foreign currency bank cards, the domestic financial institutions shall strictly fulfill the reporting obligations for anti-money laundering purposes. VII. Others 1. The consumption, cash withdrawal limits, and reporting of large-sum transactions with the affiliated cards of a domestic card shall be managed under the same account as the principal card. 2. In this Circular, one month refers to a calendar month, and six monthsrefers to six consecutive calendar months. 3. Domestic RMB card clearing organizations shall do a good job in the RMB clearing of domestic transactions involving home-foreign currency cards. Card-issuing financial institutions must report the bank identification number (BIN) of their home-foreign currency cards to the domestic RMB card clearing organizations for download by the acquiring financial institutions. The acquiring financial institutions shall properly set up bank card systems under which a RMB card is preferred over other cards when being read. 4. For the use of RMB cards outside of China , domestic RMB card clearing organizations responsible for information transfers shall make system setups in a unified way under the guidance of Annex 1. Domestic RMB card clearing organizations shall put Code 6010 in the completely prohibited category to prevent the use of RMB cards for the withdrawal of cash over the counter of banks outside of China . Monetary limits shall be set on Code 6011 which shall be the equivalent of RMB10, 000 per card per day. 5. Financial institutions operating foreign currency bank card business shall inform its customers of the foreign exchange administration policies in relation to foreign currency bank cards in a comprehensive and objective manner, and explain to the public the administrative provisions concerning the scope of use, overdrafts, and repayment of foreign currency bank cards. Any unilateral publicity or misleading representation shall be prevented. 6. All local foreign exchange authorities shall follow up and inspect implementation of the foreign exchange administration regulations and policies by domestic financial institutions within their jurisdiction of any dubious information involved in the publicity and business development in connection with the foreign currency bank cards. Any financial institution that makes any unilateral or false publicity shall be ordered to make corrections. The local foreign exchange authorities may, pursuant to the Regulations of the Peoples Republic of China on Foreign Exchange Administrtion and other relevant foreign administration regulations, impose penalties on the financial institutions, merchants, and individuals that violate the provisions on foreign exchange administration. VIII. This Circular shall come into force as of November 1, 2010. At the same time, the Circular of the State Administration of Foreign Exchange on Regulating the Administration of Foreign Currency Bank Cards (Huifa No.66 [2004]), the Circular of the State Administration of Foreign Exchange on Issuing the Merchant Category Codes Prohibited and Restricted for the Use of Domestic Bank Cards outside China (Huihan No.19 [2004]), the Circular of the State Administration of Foreign Exchange on Updating the Merchant Category Codes for the Use of Domestic Bank Cards outside China (Huifa No.110 [2004]), and the Circular of the State Administration of Foreign Exchange on Regulating Some New Merchant Category Codes for the Use of Domestic Bank Cards outside China (Huifa No.55 [2007]) shall be abolished. All branches and foreign exchange administration departments shall, after receiving this Circular, forward it to all central sub-branches, sub-branches, and Chinese-funded and foreign-funded financial institutions as soon as possible. In cases of any problems encountered during implementation, please immediately report them to the Balance of Payments Department of the State Administration of Foreign Exchange. Tel: 010-68402313, fax: 68402315. 2011-09-20/en/2011/0920/730.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches in Shenzhen, Dalian , Qingdao , Xiamen , and Ningbo ; and all designated Chinese-funded foreign exchange banks: According to the Announcement of the State Administration of Foreign Exchange, the State Administration of Taxation, and the General Administration of Customs on the Pilot Reform of the Foreign Exchange Administration System for Trade in Goods (Announcement No. 2 [2011] of the State Administration of Foreign Exchange), effective from December 1, 2011, the pilot reform on the foreign exchange administration system for trade in goods (hereinafter referred to as the “reform”) will be implemented in certain regions. In order to actively and orderly advance the pilot reform, the relevant matters are as follows: I. Effective from December 1, 2011, the pilot reform will take place in the regions under jurisdiction of the branches of the State Administration of Foreign Exchange (the “SAFE”) in Jiangsu, Shandong, Hubei, Zhejiang (excluding Ningbo), Fujian (excluding Xiamen), Dalian, and Qingdao (hereinafter referred to as the “pilot regions”). The banks and enterprises in the pilot regions shall handle the foreign exchange receipts and payments for trade in accordance with the Guidelines for the Pilot Implementation of the Foreign Exchange Administration System for Trade in Goods and its Detailed Rules on Implementation (hereinafter referred to as the “pilot regulations”), and those outside pilot regions shall handle the foreign exchange receipts and payments for trade in accordance with the provisions in force. In order to regulate the operation of the pilot, the SAFE has formulated the Operational Rules on the Guidelines for the Pilot Implementation of the Foreign Exchange Administration System for Trade in Goods (Bank and Enterprise Version) (hereinafter referred to as the “operational rules,” see Annex 1), to be implemented when the pilot becomes effective. II. From the effective date of the pilot, the banks in the pilot regions shall suspend the formalities for the checking and input of information on advance payments for goods as well as the de-registration of deferred receipts and deferred payments of the enterprises in the pilot regions. The enterprises, banks, branches, and sub-branches of the SAFE (hereinafter referred to as the “foreign exchange authorities”) outside the pilot regions shall still handle the relevant business in accordance with the provisions in force on trade credit registration management. III. During the pilot period, where the foreign exchange receipts and payments for trade are handled at banks in places other than those where the enterprises are located, the banks shall require that the enterprises explain their status with respect to the relevant lists and classifications, and shall handle the relevant business in accordance with the following provisions: (1) Where Category-B and -C enterprises in the pilot regions handle foreign exchange receipts and payments for trade with banks outside of the pilot regions, the enterprises shall undergo the registration procedures with the local foreign exchange authorities on a case-by-case basis, and the banks shall handle the business based upon the strength of the Registration Form for Foreign Exchange Business for Trade in Goods (hereinafter referred to as the “registration form”) issued by the foreign exchange authorities where the enterprises are located. Where Category-A enterprises in the pilot regions handle foreign exchange receipts and payments for trade with banks outside of the pilot regions, the banks shall handle the business in accordance with the relevant provisions in force outside of the pilot regions on foreign exchange collections from exports and the measures in force outside of the pilot regions applicable to Category-A import enterprises. The banks in and outside of the pilot regions shall not directly handle the foreign exchange receipts and payments for trade of the enterprises within the pilot regions which are not on the List of Enterprises Involved with Foreign Exchange Receipts and Payments for Trade. (2) Where the enterprises outside the pilot regions and are classified as Category-B or -C import enterprises in accordance with the Interim Measures for the Administration of Foreign Exchange Payments for the Import of Goods and the relevant provisions, or are not on the List of Importers Making Foreign Exchange Payments, shall handle foreign exchange receipts and payments for trade with banks in the pilot regions, the enterprises shall undergo the registration procedures with the local foreign exchange authorities on a case-by-case basis, and the banks shall handle the business upon the strength of the Registration Form issued by the foreign exchange authorities where the enterprises are located. Where other enterprises outside of the pilot regions handle foreign exchange receipts and payments for trade with banks in the pilot regions, the banks shall handle the business in accordance with the measures applicable to Category-A enterprises in the pilot regions. (3) As for business to be handled upon the strength of the Registration Form, the banks shall indicate the amount and date of the receipts and payments on the Registration Form and shall affix their business seal thereto after examination of the paper Registration Form. They are not required to log into the relevant systems to verify or to indicate the electronic information on the Registration Form. (4) Where the enterprises in the pilot regions handle trade credits with banks outside of the pilot regions, the banks are not required to handle the formalities for the checking and inputting of information on the advance payments for goods or the de-registration for deferred receipts and deferred payments; where the enterprises outside the pilot regions handle trade credits with banks within the pilot regions, the banks shall handle the relevant business in accordance with the provisions in force on trade credit registration management. IV. As of the effective date of the pilot, use of the Verification System for the Collection and Payment of Foreign Exchange from Trade, the Online Inspection System for Foreign Exchange Collections and Settlements from Exports, and the China E-Port – the System for Foreign Exchange Payments for Imports – shall be suspended, and the online operation of the Foreign Exchange Monitoring System for Trade in Goods (hereinafter referred to as the “monitoring system”) shall be implemented. V. The banks shall carefully study the policies related to the reform, cooperate with the foreign exchange authorities with respect to doing a good job in training the bank branches in the pilot regions before the effective date of the pilot and in preparing for the online operations and the system connection in accordance with the following requirements: (1) The bank and enterprise may access the monitoring system through the application service platform of the SAFE (hereinafter referred to as the “Application Service Platform”). The specific access channels are as follows: User Type Mode of Network Connection Access Address Bank Access Network of External Institutions http://asone.safe:9101/asone/ Enterprise Internet http://asone.safesvc.gov.cn/asone (2) The banks in the pilot regions shall complete the work related to the network connection, the client environment setting, user management, authority assignment, and access tests between November 7, 2011 and November 25, 2011 in order to ensure that the bank outlets handling the foreign exchange business for trade in goods can access the monitoring system (bank version) through the Application Service Platform. Specific operating instructions for the bank network connection and the system access settings are detailed in the Access Settings Manual for the Foreign Exchange Monitoring System for Trade in Goods (Bank Version) (see Annex 2). (3) As for bank outlets in the pilot regions that have been assigned financial institution identification codes by October 31, 2011, if they have not opened their accounts on the Application Service Platform, their accounts on the Application Service Platform and their accounts for Foreign Exchange Online Business for Trade in Goods will be automatically opened as of November 7, 2011, and they shall obtain the initial passwords from the business administrator in their head offices or from the SAFE through their head offices; if they have opened their accounts on the Application Service Platform, they will have their account for Foreign Exchange Online Business for Trade in Goods automatically opened as of November 7, 2011, and their business administrator passwords and business operator passwords will not change. The business operators with authority to access the Verification System for the Collection and Payment of Foreign Exchange for Trade (Bank Version) will automatically obtain authority to access the monitoring system (Bank Version). (4) As for bank outlets in the pilot regions that apply for assignment of the financial institution identification codes after November 1, 2011, if they intend to handle foreign exchange business for trade in goods, they shall submit an application to the local foreign exchange authorities to open an account for Foreign Exchange Online Business for Trade in Goods, and they shall obtain the initial passwords for the business administrator user from their head offices or from the SAFE through their head offices. (5) The authority of the bank outlets in the pilot regions to access the Verification System for the Collection and Payment of Foreign Exchange for Trade (Bank Version) shall be automatically cancelled by the Application Service Platform on December 1, 2011. All designated Chinese-funded foreign exchange banks shall, upon receipt of this Circular, forward it to their branches as soon as possible. The branches and foreign exchange administrative departments of the SAFE shall, upon receipt of this Circular, forward it as soon as possible to the local commercial banks and the foreign-funded banks within their respective jurisdictions. If any problems are encountered during implementation of the policy or the monitoring system, please report them to the local foreign exchange authorities in a timely manner. Business Enquiry Hotline: 010-68402546 Monitoring System Support Hotline: 010-68402214 Enquiry Hotline for Bank Network Connection: 010-68402022 Enquiry Hotline for Application Service Platform: 010-68402141 Annex: (omitted) October 21, 2011 2011-10-23/en/2011/1023/732.html