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2026年4月14日，在国家外汇管理局宁波市分局的指导下，工商银行宁波市分行成功办理全市首笔资本项目结汇资金用于境内非关联企业借贷业务。该业务的成功落地，标志着宁波北仑区跨境贸易投资高水平开放试点取得新突破，为区域实体经济注入金融活水。 此次业务办理中，依托《浙江省宁波市北仑区开展跨境贸易投资高水平开放外汇管理改革试点实施细则》及《国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知》政策框架，国家外汇管理局宁波市分局指导银行紧密对接辖内企业实际经营需求。结合业务实际优化办理流程，有效保障了便利化措施的高效合规实施，高效完成了资本金结汇及资金投放全流程，实现当日办结，将政策红利快速转化为企业经营的“加速度”。 本次业务实现了两大关键政策突破，显著提升了企业资金使用便利度：一是放宽资本项目收入使用限制，在确保真实合规、用于生产经营的前提下，支持企业以资本项目收入结汇资金向境内非关联贸易对手提供借款，有效畅通了上下游产业链资金循环；二是取消结汇待支付账户管理要求，借款企业无需开立结汇待支付账户，即可实现资本金直接结汇并支付，大幅精简了业务流程，显著提升了资金运转效率。 此次成功落地是宁波跨境贸易投资高水平开放试点政策的又一重要实践成果。它不仅进一步丰富了资本项目收入便利化的应用场景，更切实降低了企业的运营成本与资金周转成本，让更多市场主体享受到外汇便利化政策的红利。 2026-04-22/ningbo/2026/0422/2569.html
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日前，国家外汇管理局公布了2026年3月银行结售汇和银行代客涉外收付款数据。国家外汇管理局副局长、新闻发言人李斌就2026年3月外汇市场形势回答了记者提问。 问：3月以来我国外汇市场运行有何特点？ 答：3月以来，地缘政治冲突引发国际金融市场波动，面对外部冲击，我国外汇市场总体平稳运行。 一是外汇交易保持活跃。3月，外汇市场交易量为4.4万亿美元，同比增长16%。企业、个人等非银行部门跨境收支合计1.7万亿美元，同比增长26%。 二是外汇供求基本平衡。3月，银行结售汇顺差160亿美元，环比下降63%，外汇供求更加平衡。其中，企业等主体根据市场变化呈现逢高结汇、逢低购汇的理性交易模式，结汇率和购汇率环比均稳中有升。 三是跨境资金流动总体平稳。企业、个人等非银行部门跨境资金净流出321亿美元。分渠道看，货物贸易项下保持资金净流入，直接投资项下资金流动相对稳定；受国际市场变化影响，证券投资项下跨境资金有所波动，4月以来逐步企稳。 总体看，今年以来我国经济开局良好，涉外经济稳健发展，外汇市场活力增强、交易平稳有序，一季度跨境收支规模同比增长16%，境内外汇供求总体平衡，市场预期保持稳定。 2026-04-20/ningbo/2026/0420/2568.html
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为进一步提高直接申报源头数据质量，近日，宁波市分局组织辖区直接申报企业开展相关业务培训。分局相关业务骨干围绕直接申报原则、企业填报常见错误等内容展开讲解，并对重点核查项目进行解读。同时，针对企业使用分局自行开发的前置核查程序原理不了解、使用不熟练的情况，重点讲解了程序开发的背景、核查内容、使用方法等。 下一步，宁波市分局将继续加大直接申报数据的源头质量管理，积极运用科技手段，提高直接申报工作效率和数据质量。 2026-04-13/ningbo/2026/0413/2564.html
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附件：宁波市经营远期结售汇业务金融机构名录（截至2026年3月31日） 2026-04-10/ningbo/2026/0410/2562.html
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附件：宁波市外币代兑机构名录（截至2026年3月31日） 2026-04-10/ningbo/2026/0410/2563.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 of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and the head offices of all domestic designated foreign exchange banks: To deepen the reform of administration of external guarantees provided by domestic institutions and to support domestic institutions participation in international economic and financial cooperation, in accordance with the Measures for the Administration of External Guarantees Provided by Domestic Institutions (Yinfa No.302 [1996]) (hereinafter referred to as the Measures), the SAFE has decided to further adjust the mode of administration for external guarantees provided by domestic institutions. We hereby notify you of the following relevant issues: 1. The term external guarantee as referred to in this Circular means that under the Guaranty Law of the Peoples Republic of China, the Property Law of the Peoples Republic of China, and the Measures, a domestic institution (guarantor) promises an overseas institution (beneficiary), in the form of a surety, mortgage, pledge, and so forth, that if the debtor (a domestic or overseas institution) fails to fulfill its contractual obligations, the guarantor shall perform the obligations or the beneficiary shall, under the Guaranty Law of the Peoples Republic of China and the Property Law of the Peoples Republic of China, receive priority repayment with the proceeds from the auction or sale of the collateral or pledge. A guarantee provided for a debtor by a domestic institution shall be treated as an external guarantee and shall be governed by this Circular if the debtor is an overseas institution but the beneficiary is a domestic institution. The term financing external guarantees as referred to in this Circular means external guarantees for which the master contract has a financing nature, including but not limited to guarantees provided for borrowing, bond issuances, and financing leases, as well as other forms of external guarantees recognized by the SAFE. The term non-financing external guarantees as referred to in this Circular means external guarantees other than financing external guarantees, including but not limited to quality guarantees, liability guarantees for completion of a project, tender guarantees, advance payment guarantees, deferred payment guarantees, and performance guarantees under a goods purchase and sales contract, as well as other forms of external guarantees recognized by the SAFE. The term enterprisesas referred to in this Circular means legally formed non-financial corporate institutions other than banks and non-banking financial institutions. 2. The SAFE administers the external guarantees provided by domestic institutions based on balanced management or case-by-case approval. The financing external guarantees provided by domestic banks shall be subject to balanced management, whereas the external guarantees provided by non-banking financial institutions and enterprises generally shall be subject to case-by-case approval, or when conditions permit may be subject to balanced management. 3. To provide financing external guarantees, a domestic bank qualified to operate the guarantee business may apply to the local branch/sub-branch or foreign exchange administrative department of the SAFE (hereinafter collectively referred to as the foreign exchange authorities, with the branches and foreign exchange administrative departments hereinafter referred to as SAFE branches) for a balance quota for the external guarantees (hereinafter referred to as quota). Within the quota approved by the foreign exchange authority, the bank may provide financing external guarantees at its sole discretion and need not apply to the foreign exchange authority for approval on a case-by-case basis. There is no quota limit on non-financing external guarantees provided by a domestic bank qualified to operate the guarantee business, and the bank need not apply to the foreign exchange authority for approval on a case-by-case basis provided that there is compliance with the relevant risk management provisions of the regulatory authorities. 4. A domestic bank shall make a quota application according to the following principles: (1) For a domestic corporate bank, the application shall be filed by the corporate body; and (2) For a branch of a foreign bank without a corporate body within China , the branch may make an application independently, or the principal reporting bank of the affiliated banks (branches) in China , which exercises centralized management of the quota, may make a unified quota application. 5. A domestic bank shall, before April 15 of each year, apply to the local foreign exchange authority for the current years quota, and the local SAFE branch shall gather such applications and preliminarily examine them. Each local SAFE branch shall fill out the Demand Schedule for External Guarantee Balance Quotas for ××× (year) (see Annex 1) after the preliminary examination, submit it along with the quota application reports of the SAFE branch and all banks to the SAFE for approval, and assign the approved quotas to the banks. Before the current years quotas are assigned, the last years quotas shall remain valid. If a banks quota for the current year is decreased, the bank shall not provide any new external guarantees before reducing its balance of financial external guarantees to within the current years quota. To apply for a quota for the first time, a bank may, as needed, apply to the SAEF through the local SAFE branch. 6. The foreign exchange authorities shall assign a quota to a bank mainly based on the paid-in capital or working capital in both RMB and foreign currency or the net asset scale of the foreign exchange of the bank. The foreign exchange authorities may make corresponding adjustments by referring to the banks performance of external guarantees, regulatory compliance in providing external guarantees and assessed implementation of the foreign exchange administration provisions in the last calendar year, the banks business development plan for the current year, and the states balance-of-payments situation and policy control needs for the current year, and so forth. 7. Generally, the quota for a single bank shall not exceed 50 percent of its paid-in capital or working capital in both RMB and foreign currency, or shall not exceed its net asset value of foreign exchange. 8. To apply for an annual quota, a bank shall submit: (1) An application report and the Application Form for a Balance Quota for External Guarantees Provided by a Domestic Institution (see Annex 2); (2) Its last years consolidated balance sheet and earnings statement as well as a statement on the source and application of foreign exchange capital (if it is applying for the first time, it shall also submit photocopies of its financial business permit and business license); (3) A statement of its external guarantee business and regulatory compliance during the last calendar year (except for a newly formed bank); (4) The current years business development plan; and (5) Other materials as set forth by the foreign exchange authority. 9. The quota for a domestic bank subject to balanced management may be directly used by the bank or may be broken down for use by its domestic branches (including the branches and sub-branches of a foreign bank which exercise centralized control over the quota and have no corporate body within China ). 10. A bank shall strictly control its financing external guarantees within the quota assigned by the foreign exchange authority. The debtor shall not be subject to such conditions as its equity relationship with the domestic institution, net asset proportions, and profits and losses, but shall comply with the guaranty laws and regulations of the state as well as the relevant administrative provisions of the industrial regulatory authority. 11. In a non-financing external guarantee provided by a bank, at least one of the debtor and the beneficiary shall be a corporate body legally formed and registered within China, or at least one of them shall be an overseas institution which is formed by a domestic institution or in which a domestic institution directly or indirectly holds shares according to the relevant provisions. 12. The head office of a bank or the principal reporting bank which exercises centralized control over the quota shall gather the external guarantees provided by the entire bank in a timely manner, and within the first five workdays of each month it shall handle the regular filing formalities for external guarantees at the local foreign exchange authority by filling out the Form for Filing for All External Guarantees Provided by a Domestic Bank, a Case-by-Case Form for Filing New Financing External Guarantees Provided by a Domestic Bank, and a Case-by-Case Form for Filing for Performance of Financing External Guarantees Provided by a Domestic Bank (see Annex 3 [1], [2], and [3]). The above filing formalities shall be regarded as registration formalities, and the foreign exchange authority shall no longer issue external guarantee registration certificates to the bank. For an external guarantee provided in the name of a banks domestic branch office, the branch office shall also file the relevant data with the local foreign exchange authority according to the above requirements, but such data shall not be incorporated into the external guarantee statistics of the foreign exchange authority system. The entry into force of a financing external guarantee provided by a bank within the quota shall not be conditioned upon going through the filing formalities with the foreign exchange authority. External guarantees provided beyond the quota without approval shall be dealt with under the Measures and other relevant provisions. 13. To provide external guarantees, a domestic non-banking financial institution or enterprise shall submit each to the foreign exchange authority for approval. In the case of a domestic non-banking financial institution or enterprise (including a wholly foreign-funded enterprise) which has a large number of external guarantees and sound internal management, its corporate body may apply to the foreign exchange authority for an approved balance of external guarantees (including both financing and non-financing external guarantees) under the procedures prescribed for in Articles 5 and 8 of this Circular. For external guarantees within the approved balance, a domestic non-banking financial institution or enterprise need not apply to the foreign exchange authority for approval on a case-by-case basis. (1) If the guarantor is a non-banking financial institution, its quota shall be decided with reference to the basis as prescribed in Articles 6 and 7 of this Circular. (2) If the guarantor is an enterprise, as a general requirement the proportion of its net assets to its total assets shall not be lower than 15 percent, and the approved balance assigned by the foreign exchange authority to the enterprise or the balance of its external guarantees approved on a case-by-case basis shall not exceed 50 percent of its net assets. 14. To provide external guarantees, non-banking financial institutions and enterprises shall observe the following provisions: (1) The debtor shall meet the following requirements: ` If the guarantor is a non-banking financial institution, the debtor must be a corporate body legally formed and registered within China or an overseas institution which is formed by a domestic institution or in which a domestic institution directly or indirectly holds shares according to the relevant provisions. If the guarantor is an enterprise, the debtor must be a domestic or overseas enterprise which is formed by the guarantor or in which the guarantor directly or indirectly holds shares under the prescribed procedures. a The net asset value of the debtor shall be positive. b The debtor shall have made profits in at least one of the past three years. If the debtor engages in resource development or any other long-term project, it shall have made profits in at least one of the past five years. There shall be no mandatory profit requirement for the debtor if it has not been three years (for an ordinary enterprise) or five years (for a resource development enterprise) since its formation. This requirement does not apply to a repo guarantee provided to a domestic bank by a domestic real estate developer for a non-residential housing mortgage loan. (2) To provide the following external guarantees, a non-banking financial institution or an enterprise subject to balanced management must apply to the foreign exchange authority for approval on a case-by-case basis: ` If the external guarantee to be provided does not meet the requirements of this Circular and other relevant provisions in terms of the quota scale, net asset value, or profits, it shall be reported to the SAFE for approval on a case-by-case basis through the local SAFE branch. a If the subject matter of the guarantee is an obligation to repay the debt under a financing contract and the financing purpose of the debtor is to acquire equities of an overseas enterprise (target company), or if the debtor is the transferee under a contract for transferring the equities of an overseas enterprise (target company) and the subject matter of the guarantee is an obligation to pay the equity transfer price under the equity transfer contract, the guarantee shall be reported for approval to the SAFE branch at the place where the guarantor is located, and the guarantor shall provide the approval document issued by the overseas investment authority of the state on the overseas investment or acquisition project in which the relevant enterprise (the debtor or any affiliated enterprise thereof) participates (see Annex 4 for relevant operational guidance). Each external guarantee approved by the foreign exchange authority on a case-by-case basis shall be included within the scope of the quota control. If the quota is inadequate, the foreign exchange authority may adjust it at the time of approval on a case-by-case basis. (3) Wholly foreign-funded enterprises not subject to balanced management shall handle the case-by-case approval, registration, and other formalities for their external guarantees with reference to the principles for the administration of ordinary enterprises. (4) A non-banking financial institution or an enterprise shall, within 15 days after entering into an external guarantee contract, handle the case-by-case registration formalities for the external guarantee at the local foreign exchange authority. For an external guarantee subject to balanced management, the local foreign exchange authority shall, according to the relevant provisions, check the qualifications other than those of the guarantor itself and issue an external guarantee registration certificate. 15. To provide an external guarantee, a domestic institution shall handle the performance formalities according to the following provisions: (1) Where a bank needs to perform a financing or non-financing external guarantee, it may make foreign payments under the guarantee at its own discretion. The sources of capital needed for providing an external guarantee may be foreign exchange advances, the deposit paid by the counter guarantor in foreign exchange or RMB, or the payment made by the counter guarantor for a default on the debt. To provide an external guarantee, a non-banking financial institution or an enterprise must apply to the local foreign exchange authority for approval on a case-by-case basis and may purchase foreign exchange for the purpose of providing the external guarantee. (2) Where the guarantor is a bank or non-bank financial institution, if the counter guarantor voluntarily performs its payment obligation under the counter guarantee, the counter guarantor may directly handle the foreign exchange purchase or payment formalities at the bank upon the strength of the documentary evidence on the performance of the guarantee, and the guarantor shall on its own enter the relevant foreign exchange capital into the account. If the debtor under the external guarantee voluntarily performs its repayment obligation to the guarantor, the debtor and the guarantor may handle their payment and collection formalities respectively. Where the debtor or the counter guarantor fails to voluntarily perform its repayment obligation for repayment or performance of the guarantee for various reasons, the guarantor may purchase foreign exchange with RMB legally collected from the debtor or the counter guarantor with reference to the provisions for bank foreign exchange settlements or sales on behalf of debtors. (3) Where an enterprise acts as a guarantor or a counter guarantor as noted in paragraph (2), the foreign exchange recovered from the debtor may be settled upon the approval of the foreign exchange authority. 16. Domestic insurance companies providing external guarantees shall be regarded as banks in the filing of the data and the performance of the guarantee, which means that their performance of external guarantees is not subject to approval by the foreign exchange authority, but they shall go through the regular filing formalities for external guarantees under Article 12 of this Circular. 17. All domestic institutions providing external guarantees shall be governed by the following provisions: (1) Domestic institutions providing external guarantees shall comply with the guaranty laws and regulations of the state as well as the administrative provisions of the industrial regulatory authorities for guarantee business and strengthen the relevant risk controls. (2) Domestic institutions providing external guarantees for debtors that are joint ventures formed domestically or overseas shall not be restricted by any equity investment proportion for a domestic or overseas institution. (3) As for a financing external guarantee provided for an overseas invested enterprise, the capital under the guarantee shall not be transferred back to China directly or through a third party in the form of borrowing, equity investment, or securities investment. The domestic guarantor or the overseas investee of the parent company of the enterprise within China shall oversee the use of the capital acquired by the debtor to ensure that the capital is used for the overseas production and operation activities of the debtor. (4) A domestic institution that provides a non-financing external guarantee may, based on its actual business needs, choose not to specify the amount and terms of the guarantee in the contract as long as the guarantee obligations are defined. When handling the approval, registration, and filing formalities for the external guarantee, the foreign exchange authority or the guarantor may determine the amount and terms noted in the contract for the guarantee, which are mostly related to the guarantors payment obligations with respect to the referenced amount and the terms for the performance obligations under the guarantee, but the guarantors actual payment obligations under the external guarantee shall not be restricted by reference to the amount and the term. (5) The debt amount under an external guarantee shall not be restricted by the scale of the foreign exchange income of the guarantor. (6) Unless it is otherwise provided in this Circular, domestic institutions shall handle the contract signing, registration, modification, performance, and cancellation formalities for the external guarantees in accordance with the Measures, the Detailed Rules for Implementation of the Measures for the Administration of External Guarantees Provided by Domestic Institutions (Huizhengfa No.10 [1997], hereinafter referred to as the Detailed Rules), and other relevant provisions. (7) The transfer of any right or debt under an external guarantee shall conform to the foreign exchange administration provisions. 18. A counter guarantee provided by a domestic institution for a domestic or overseas institution (debtor) to its overseas guarantor shall be regarded as an external guarantee, and the domestic institution providing the counter guarantee and the domestic or overseas institution as the debtor must conform to the provisions of this Circular. Where a domestic institution provides a counter guarantee for the debtor (a domestic or overseas institution) to another domestic institution that provides an external guarantee for the debtor according to the external guarantee provisions, the counter guarantee shall not be regarded as an external guarantee, but shall conform to the relevant foreign exchange administration provisions. 19. To provide mortgages, pledges, and so forth, a guarantor must comply with the relevant provisions of the relevant authorities for collaterals and pledges. Where a guarantor provides an external mortgage, pledge, and so forth for its own legal foreign debt or other foreign payment obligations, it shall not be subject to the relevant qualifications for external guarantees, inclusion in the quota control, or a case-by-case application to the foreign exchange authority for approval, but it shall go through the regular filing formalities or the case-by-case registration for external guarantees at the local foreign exchange authority. In the event of the provision of a guarantee, a non-banking financial institution or an enterprise shall apply to the foreign exchange authority for approval on a case-by-case basis. A guarantor providing a mortgage or pledge for the debt of a third party shall be subject to the same foreign exchange administration provisions for third party guarantees in terms of the qualifications and requirements, except where specially provided for. 20. The foreign exchange authorities shall supervise and inspect the external guarantee business of domestic institutions. Where any institution provides external guarantees without approval, beyond the approved quota, or in violation of this Circular or other related provisions, the foreign exchange authority may, as the case may be, cut its current years quota, subject it to case-by-case approval instead of balanced management, or take other measures and impose punishments in accordance with the Regulation of the Peoples Republic of China on Foreign Exchange Administration and other relevant provisions. If the circumstances are serious, the foreign exchange authority shall suspend its external guarantee business. 21. All SAFE branches shall, after receiving this Circular, forward it to the central sub-branches and financial institutions within their respective jurisdictions as soon as possible. 22. This Circular shall come into force on the date of issuance. Paragraph 1 of Article 5 of the Measures and Article 21 of the Detailed Rules shall cease to be effective from the date of issuance of this Circular. The Circular of the State Administration of Foreign Exchange on Adjusting the Management Mode of Overseas Financial Guarantees Provided by Domestic Banks for Overseas Investments of Enterprises (Huifa No.61 [2005] ) issued on August 16, 2005 and other relevant normative documents (see Annex 5) shall be abolished simultaneously. For any discrepancy between this Circular and any other regulation issued by the SAFE, this Circular shall prevail. (Annex omitted) 2010-07-30/en/2010/0730/709.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: For the purpose of regulating the foreign exchange-related business involved in overseas direct investments by domestic banks, the following issues concerning the foreign exchange administration of overseas direct investments by domestic banks are hereby announced, according to the Regulations of the People's Republic of China on Foreign Exchange Administration (Decree No. 532 of the State Council of the Peoples Republic of China) and the Circular of the SAFE on the Promulgation of the Regulations on the Foreign Exchange Administration of Overseas Direct Investments by Domestic Institutions (Huifa [2009] No. 30): 1. Domestic banks contained herein refer to legal-person banks, such as domestic policy banks, state-owned commercial banks, joint-stock commercial banks, the Postal Savings Bank of China , foreign legal-person banks, city commercial banks, rural commercial banks, and rural cooperative banks. 2. When making overseas direct investments in the event of (1) the establishment of overseas branches (except for representative offices); (2) the establishment of overseas affiliates; (3) equity acquisitions of overseas institutions in line with the relevant laws; and (4) other direct investment projects approved by the relevant authorities, the domestic banks concerned shall, after receiving approval from the banking regulatory departments or other relevant authorities, go through the foreign exchange registration formalities for overseas direct investments at the branches of SAFE in their locality (hereinafter referred to as the local SAFE offices) with the materials required in Article 7 of the Regulations on the Foreign Exchange Administration of Overseas Direct Investments by Domestic Institutions (hereinafter referred to as the Regulations). For transactions concerning Item (1) above, the domestic banks shall furnish the corresponding operating capital allocation plans that have been submitted to the banking regulatory departments. 3. The domestic banks shall fill out the Application Form for Foreign Exchange Registration for Overseas Direct Investments (hereinafter referred to as the Application Form) annexed to the Regulations according to the following: 1) Fill in the Investment Nature item according to the business scope of the invested institutions. When the invested institutions are financial institutions, fill in Otherand specify the specific financial category (banking, insurance, securities, or other) as a note. 2) When the overseas investments are made with self-owned or purchased foreign exchange (including remittances from domestic and overseas accounts), for the Means of Contribution item, Amount and Currency of Contribution in Domestic Spot Exchange shall be selected; When such investments are made with profits and dividends generated from other overseas institutions in which the domestic banks have invested, for the Means of Contribution item, Converted Amount and Currency of Contribution in Overseas Fundsshall be selected. 3) When the payment is made directly with foreign exchange (including remittances from domestic and overseas accounts), under the Source of Foreign Exchange item Domestic Outward Remittance shall be selected. If no foreign exchange purchases are involved, Self-owned Foreign Exchange shall be selected; If foreign exchange purchases are involved, Foreign Exchange Purchase shall be selected 4. The local SAFE offices shall, upon confirmation of the authenticity of the relevant materials and information, handle the foreign exchange registration for the overseas direct investments by domestic banks in the relevant business system and issue a corresponding registration certificate for the domestic banks that are handling such registration for the first time. 5. In the event of outward remittances of foreign exchange for overseas direct investments, domestic banks may, as per the foreign exchange registration certificate for overseas direct investments that contains relevant information thereof, go through the formalities for foreign exchange purchases or payments through the relevant business system. The domestic banks shall, after conclusion of the formalities for foreign exchange purchases and payments, handle the feedback formalities within THREE working days through the relevant business system as per the relevant regulations. 6. The domestic banks shall, as per the first two provisions of Article 9 as well as Article 10 of the Regulations, handle the foreign exchange registration, alteration, or cancellation formalities for overseas direct investments at the local SAFE offices for changes in issues relevant to overseas direct investments that have already been conducted. For issues important but irrelevant to capital changes, such as the long-term equity investment incurred in the registered overseas institutions, the domestic banks shall place such issues on file for the record for future reference at the local SAFE offices. 7. Domestic banks may conduct outward remittances of preliminary expenses for overseas direct investments with self-owned foreign exchange or with direct foreign exchange purchases. Domestic banks without approval for such investments by the banking regulatory departments or other relevant authorities shall recall the residual capital within ONE year after the date of the outward remittance of the preliminary expenses. When the capital remitted outward is foreign exchange purchased in RMB, the domestic banks may conduct the foreign exchange settlement on their own with the original voucher for the foreign exchange purchase. 8. Profits generated from overseas direct investments by domestic banks shall not undergo separate foreign exchange settlements, but will be included in the foreign exchange profits of the banks for uniform administration, and corresponding foreign exchange settlements shall be carried as per the relevant regulations. 9. For foreign exchange earnings under the capital account generated from capital reductions, equity transfers and liquidations, and so forth from investments in overseas institutions by domestic banks, as well as foreign exchange receipts and payments as stated in Article 7 and 8 contained herein, the domestic banks shall provide feedback on the transaction through the relevant business system within THREE working days after the date of the foreign exchange receipt and payment. 10. In the event of settlements of foreign exchange earnings under the capital account generated from capital reductions, equity transfers and liquidation, and so forth from investments in overseas institutions, the domestic banks shall, on the basis of their own capital as well as the relevant regulations on foreign exchange settlements and sales of financial projects, conduct such settlements upon approval from the SAFE or the local SAFE branches (including the foreign exchange administrative departments). Domestic banks shall also provide feedback on the transaction through the relevant business system within THREE working days after the date of settlement. 11. When domestic banks transfer full or partial equity of overseas institutions acquired from their overseas direct investments to other domestic institutions, the relevant funds shall be paid in RMB within the territory of China . The transferors of such equity shall handle the alteration or cancellation formalities for the foreign exchange registration of their overseas direct investments at their local SAFE offices. The transferees of such equity shall handle the foreign exchange registration formalities for the overseas direct investment of the transferred equity at their local SAFE offices. 12. In the event of overseas direct investments conducted prior to promulgation of this Circular, domestic banks shall, as per Article 2 contained herein, handle the foreign exchange registration for overseas direct investment at the local SAFE offices by October 31, 2010. In the event of failure to furnish the relevant approval documents by the relevant authorities for historical reasons, the domestic banks shall submit to the local SAFE offices a completed Application Form with information on each investment as well as a summary list of information on all investments, and the local SAFE offices shall enter such information on the registration. When domestic banks fail to handle the above registration formalities within the prescribed period or according to the prescribed procedures, the local SAFE offices shall impose penalties for breach of the relevant regulations on administration of foreign exchange registration. 13. This Circular shall enter into force as of September 1, 2010. As for matters of foreign exchange administration concerning overseas direct investments by domestic banks not clarified in this Circular, the domestic banks shall handle such business with reference to the Regulations. All SAFE branches and foreign exchange administrative departments shall, upon receipt of this Circular, immediately forward it to the subordinate branches, foreign legal-person banks, city commercial banks, rural commercial banks, and rural cooperative banks within their respective jurisdictions; June 30, 2010 2010-06-30/en/2010/0630/707.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: In order to streamline administrative procedures and processes and promote facilitation of trade and investment, the SAFE hereby has decided to make adjustments to the approval authority for certain foreign exchange businesses under the capital account in accordance with the Administrative Licensing Law of the PRC and the Regulations on Foreign Exchange Administration of the PRC. The relevant issues are as follows: 1. Businesses for which the approval authority is delegated by the SAFE to the branches 1) For cases where domestic enterprises extend overseas loans in excess of the prescribed ratios or amounts, the branch or foreign exchange administrative department of the SAFE in the place where the enterprise is located (hereinafter referred to as the branch) shall handle such cases in line with the opinions proposed at the collective review conference. Meanwhile, the relevant replies thereof shall be forwarded to the Capital Account Management Department of the SAFE. 2) For cases that are in accordance with the administrative principles for capital accounts as stipulated in the existing laws and regulations, but are not specifically regulated in the relevant documents or business-operating instructions, the local branches shall handle such cases in line with the opinions proposed at the collective review conference. Meanwhile, the relevant replies thereof shall be forwarded to the Capital Account Management Department of the SAFE. 3) For verification of the balance quotas for the short-term external debt of domestic Chinese-funded enterprises, the local branches shall conduct such verifications within the range of the balance quota for the short-term external debt in the region according to the principles for such verifications as specified by the SAFE for the current year. 2. Businesses for which approval authority is delegated from the branches to the central sub-branches (sub-branches) The branches may, according to the specific situations in their respective jurisdictions, delegate authority for the following businesses to the corresponding central sub-branches (sub-branches) in their jurisdictions: 1) Verifications of fund transfers and opening, alterations and cancellations of special guaranty foreign exchange accounts for bidding for land-use rights by foreign investors; 2) Verifications of fund transfers/FX settlement and opening, alterations and cancellations of special foreign exchange accounts for foreign exchange funds (including the agreed upon price and transaction guarantee monies) under custody and settlement for equity transactions by foreign investors; 3) Examination and approval of payments in foreign exchange or entry of inward remittances of funds for overseas lending by domestic enterprises. 4) Examination and approval for recalling and settlement of funds for participation in employee stock ownership plans or employee stock options of overseas listed companies by domestic individuals. 3. Businesses that can be handled directly by designated foreign exchange banks 1) The examination and approval for foreign exchange purchases/payments made with the foreign investors profits from non-bank financial institutions in which the foreign investors (excluding insurance companies, and similarly hereinafter) hold shares shall be handled by the designated foreign exchange banks. Non-bank financial institutions in which foreign investors hold shares shall, within 5 working days following the date of the outward remittance of profits, file such transactions for the record with the bank receipt for foreign exchange purchases/payments at the SAFE branches/sub-branches. 2) The examination and approval of outward remittances of overseas IPO expenses from China by overseas listed foreign-invested companies shall be handled by the designated foreign exchange banks. Overseas listed foreign-invested companies shall, within 5 working days following the date of the outward remittance of the said expenses, file for the record the relevant data at the local SAFE branches/sub-branches. 4. Simplification of the materials required for business examination and approval Submission of the RMB Account Statement for the Latest 5 Working Days is no longer required when an enterprise handles business related to foreign exchange purchases under the capital account. Upon adjustment by the authority for the foresaid examinations and approvals, the SAFE branches and designated foreign exchange banks shall improve their internal control systems, reinforce employee training, strictly abide by the documents and operating instructions for the administration of foreign exchange businesses under the capital account, and fulfill the reporting procedures in line with the relevant regulations. (For the Operating Instructions for Designated Foreign Exchange Banks for Handling the Relevant Businesses, see the annex). The branches/sub-branches shall strengthen subsequent supervision and examination over the relevant issues thereof, and shall also further enhance the statistics and monitoring thereof. If any major circumstances or policy-related problems are encountered, please provide feedback to the SAFE in a timely manner. Upon receipt of this Circular, the SAFE branches and foreign exchange administrative departments shall forward it to the central sub-branches (sub-branches) and foreign-funded banks within their respective jurisdictions, and the Chinese-funded designated foreign exchange banks shall promptly forward it to the branches/sub-branches within their respective jurisdictions. The Circular will come into effect as of July 1, 2010. In case of any problems encountered during implementation, please send feedback to the Capital Account Management Department of the SAFE in a timely manner. Tel: 010-68402273. Annex: Operating Instructions for Designated Foreign Exchange Banks for Handling the Relevant Businesses 2010-06-29/en/2010/0629/706.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: In order to prevent financial risks caused by cross-border flows of capital, issues related to the strengthening of the administration of foreign exchange operations are hereby notified as follows: 1. Strengthen administration of the banks comprehensive positions in the settlement and sales of foreign exchange. Implement a minimum level of management of the banks balance of positions calculated on a cash basis based on the current management of the comprehensive position limits for foreign exchange settlement and sales. The lower limit of the position shall be the position of the day on a cash basisas presented in the Daily Statement of the Comprehensive Position of Foreign Exchange Settlement and Sales issued by each bank on November 8, 2010. 2. Tighten administration of online inspections of foreign exchange collections and settlement for exports. Abrogate the provision that In the event that the enterprise has an insufficient balance of foreign exchange receivables due to a delay in the transmission of data on exports, the banks may, on the strength of the letter of commitment submitted by the enterprise, settle or transfer the funds in the accounts to be verified.The banks shall, in light of the limits on the balance of foreign exchange receivables, settle or transfer the funds in the accounts to be verified. The proportion of foreign exchange collection from the processing of imported materials shall be uniformly reduced from 30 percent to 20 percent. In the event that the proportion of the actual collection of foreign exchange for customs declaration for a single batch of exported goods under trade for the processing of imported materials exceeds 20 percent, the banks shall handle the relevant business in accordance with the existing regulations on foreign exchange collection for the processing of imported materials with the proportion of exchange collected in excess of the prescribed limit. 3. Strengthen administration of the quotas on short-term external debts and the balance of external guarantees of financial institutions. In the event that banks conduct agency payments abroad for the business subsequent to the issuance of L/Cs to their customers and the total time limit of both payments exceeds 90 days, the amount under the agency payment abroad shall be incorporated into the quota control of the short-term external debt. The foreign exchange authorities shall monitor and provide early warnings about the circumstances, such as the banksborrowing of short-term external debt and the provision of external guarantees for financing in violation of the regulations, and shall impose tight restrictions on bank operations in excess of the quotas. 4. Strengthen administration of capital contributions by overseas investors of foreign-funded enterprises. In the event that the actual payer is inconsistent with the overseas investor of a foreign-funded enterprise, the foreign-funded enterprise shall submit a notarized certification of the proxy contribution when entrusting an accounting firm to consult the foreign exchange authorities for capital verification. 5. Strengthen examination of the authenticity of the settlement of funds repatriated as capital raised from overseas listings in accordance with the requirements for foreign exchange settlements for payments. The materials certifying authenticity shall be examined in accordance with the relevant regulations on foreign exchange administration for the settlement of capital funds in foreign exchange for foreign-funded enterprises. The foreign exchange settlement shall be conducted in compliance with the purposes specified in the prospectus; for any amount that exceeds the planned limit on fund raising or goes beyond the purposes stated in the prospectus, a board resolution concerning the purposes of the foreign exchange settlement shall be submitted. The foreign exchange that is to be settled and paid to the other party in the transaction shall not be settled and deposited in the Renminbi account of the enterprise. 6. Strengthen administration of overseas incorporations of companies with special purposes by domestic institutions and individuals, and impose penalties on enterprises and individuals operating in violation of the regulations. 7. Impose penalties on banks operating in violation of the regulations by complying strictly with the law. Banks shall strengthen verification and examination of the authenticity of transactions by their customers and the consistency of foreign exchange receipts and payments. For those bank operations in violation of the foreign exchange regulations that result in illegal inflows of funds, the foreign exchange authorities shall impose penalties in the form of fines, termination of relevant operations, circulation of notices of criticism, and so forth, and shall investigate the responsibilities of the senior management staff who are directly liable for the violations. This Circular shall come into effect as of the date of promulgation. All the branches and administrative departments of the SAFE shall, after receipt of this Circular, forward it as soon as possible to the central sub-branches, sub-branches, and banks within their jurisdictions. All Chinese-funded designated foreign exchange banks shall, after receipt of this Circular, forward it to their branches and sub-branches as soon as possible. If any problems arise in the implementation of this Circular, please report them to the SAFE in a timely manner. Tel.: 010-68402295, 68402450, 68402366 2010-11-09/en/2010/1109/712.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 foreign exchange banks: In order to further satisfy the requirements of domestic economic entities to hedge exchange-rate risks, the relevant issues with regard to foreign exchange administration for Renminbi-against-forex currency swaps (hereinafter referred to as the currency swap) provided by the designated foreign exchange banks (hereinafter referred to as the banks) to their clients are hereby notified as follows: 1. The currency swap stated in the Circular refers to a trading agreement by which both parties of the agreement exchange agreed-upon quantities of Renminbi and principal in a foreign currency within a prescribed term, in parallel with the regular exchange of interest of the two currencies. The principal is exchanged in the forms of: (1) the exchange of the principal in Renminbi and the foreign currency by both parties as per the agreed-upon exchange rate on the date when the agreement becomes effective, and the reverse exchange of the principal based on the same exchange rate and quantity on the date when the agreement expires; (2) other forms as prescribed by the Peoples Bank of China and the SAFE. Interest exchange means that one party in question pays the other party in question the amount of interest computed based on the swap-in currency on a regular basis; the interest can be computed either based on a fixed rate or on a floating rate. 2. Any bank that has acquired a one-year qualification to operate Renminbi-against-forex swaps can directly launch currency swaps for its clients. The branches of banks (branches of foreign commercial banks are deemed to be legal persons) can launch currency swaps to their clients after being authorized by their legal persons thereof. 3. The transaction elements such as currencies and terms involved in the currency swaps provided by the banks to their clients are determined by discretion of the banks. The interest rate involved in the currency swaps shall be determined by both parties in question through negotiations, but it shall comply with the regulations of the Peoples Bank of China on the administration of deposit and lending rates. The banksinterest rate of the swap-in (or swap-out) currency shall not exceed the upper (or lower) limit of the benchmark deposit (or lending) rate publicized by the Peoples Bank of China . 4. The banks shall comply with the relevant provisions on foreign exchange administration and the statistical requirements with regard to the foreign exchange swap business as specified in the documents including the Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Administration for Forward Settlement and Sales of Foreign Exchange and Renminbi-Against-Forex Swaps Provided by Designated Foreign Exchange Banks to Their Clients (Hui Fa [2006] No. 52), the Circular of the State Administration of Foreign Exchange on the Distribution of the Statistical Rules for Foreign Exchange Settlement and Sales by Banks (Hui Fa [2006] No. 42), etc. The banks shall submit on a monthly basis a report on the interest rate of the Renminbi involved in the currency swaps. See Appendices 1 and 2 for details. 5. In operating the currency swaps, the banks shall incorporate the interest in foreign currencies earned from their clients into the foreign exchange earnings thereof for centralized management, and shall not separately carry out foreign exchange settlement. 6. In the event that the banks deal with currency swaps in violation of the Circular, the SAFE shall impose penalties thereupon in accordance with the Regulations of the Peoples Republic of China on Foreign Exchange Administration and the relevant laws and regulations. VIII. This Circular shall enter into force as of March 1, 2011. The branches and foreign exchange administration departments of the SAFE shall, upon receipt of this Circular, forward it immediately to urban commercial banks, rural commercial banks, rural cooperative banks, and foreign-funded banks within their jurisdictions. For any problems arising from implementation, please contact the Department of the Balance of Payments of the SAFE. The telephone numbers are: 010-68402304, 68402313. January 19, 2011 affix1:Statistical Form for Renminbi Interest Rates in Currency Swaps Provided by (the name of the bank) to Clients affix2:Instructions for Completing the Statistical Form on Renminbi Interest Rates in Currency Swaps Provided by Banks to their Clients 2011-01-30/en/2011/0130/718.html