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SAFE Amends Measures for Assessment of Banks' Implementation of Regulations on Foreign Exchange
To further promote the smooth assessment of the performance of banks in implementing the regulations on foreign exchange administration, and to make sure the performance assessment is more scientific and equitable, the State Administration of Foreign Exchange (SAFE) has recently released the Circular of the State Administration of Foreign Exchange on the Amendment to the Measures for Assessment of Banks' Implementation of Regulations on Foreign Exchange Administration (Huifa No. 26 [2015], "The Circular"). The amendment is highlighted as follows: first, refining assessment items. Based on the streamlining and adjustment of the original assessment indicators, efforts have been made to further refine the assessment criteria and scoring methods, making sure relevant requirements are more concise and easier to understand and implement. Second, stressing advancement with the times. The assessment items are updated based on the foreign exchange situations and the developments of regulatory requirements, with the assessment mechanism for bidirectional adjustment of cross-border capital flows introduced to enhance the effectiveness of foreign exchange regulation and control. Third, optimizing assessment process. The impact of differences in business category and size between banks on assessment outcomes has been fully considered to make sure the assessment and rating are more equitable and reasonable. Fourth, highlighting assessment of internal control management in banks. The specific requirements have been proposed to assess head offices' and branches' internal control of foreign exchange business, forcing banks to better implement the principles of "knowing your customers, understanding your business and exercising due diligence". Fifth, improving implementation mechanism of violation rectification. A bank feedback and rectification reporting system is built to urge banks timely implement the violation rectification measures and give feedback on rectification results while subsequent tracking is enhanced to effectively improve the effectiveness of the assessment. The Circular shall come into force as of the date of release. 2015-08-18/en/2015/0818/1166.html
SAFE Further Simplifies and Improves Foreign Exchange Administration for Direct Investment
To further deepen the reform of foreign exchange administration for direct investment, and boost and facilitate the operations of cross-border investment funds by enterprises, the SAFE has recently issued the Circular on Further Simplifying and Improving Policies for Foreign Exchange Administration for Direct Investment (Hui Fa No. 13 [2015], hereinafter referred to as the “Circular”). The Circular is highlighted as follows: 1. Canceling registration and verification of foreign exchange under direct investment. Domestic and overseas investment entities can go directly to banks for registration for foreign exchange under domestic or overseas direct investment. 2. Simplifying registration management for confirmation of capital contribution by a foreign investor under domestic direct investment. The registration for confirmation of non-monetary capital contribution by a foreign investor under domestic direct investment and registration for confirmation of capital contribution by a foreign investor for acquisition of a Chinese shareholder's equity are cancelled. The registration for confirmation of monetary contribution by a foreign investor is replaced with registration for accounting entry of monetary contribution for domestic direct investment. 3. Canceling filing of foreign exchange for overseas reinvestment. Foreign exchange filing will no longer be required for overseas reinvestment for establishment of or control over another overseas enterprise by an overseas enterprise established or controlled by a domestic investment entity. 4. Canceling annual check of foreign exchange for direct investment and replacing it with registration for accumulated equity in domestic and overseas direct investment. The period for registration will be extended to allow enterprises to report relevant data via multiple channels. 5. Enhancing ongoing and ex post regulation. The foreign exchange authorities increase training and instructions to banks, strengthen ex post verification and inspection, require banks to raise their awareness of compliance, and specify punitive measures on violating banks. The Circular shall come into force on June 1, 2015. 2015-04-29/en/2015/0429/1155.html
Three Franchised Institutions Approved by SAFE to Engage in Banknote Transport and Wholesale Business
To facilitate domestic and foreign currency exchange franchised business for individuals and diversify domestic supply of foreign currency banknotes, the State Administration of Foreign Exchange (SAFE) has recently issued the Reply of the State Administration of Foreign Exchange to Franchised Institutions Providing Domestic and Foreign Currency Exchange for Individuals to Engage in Transport of Foreign Currency Banknotes into or out of the Territory and Foreign Currency Wholesale Business (Huifu No.169 [2015], hereinafter referred to as the “Reply“), approving TransForex (Tianjin) Currency Exchange Co., Ltd, Travelex Currency Exchange (China) Co., Ltd and Beijing United Money Exchange Co., Ltd ( “Three Franchised Institutions”) to engage in transport of foreign currency banknotes into or out of the territory and foreign currency wholesale business (“banknote transport and wholesale business”). The Reply is highlighted as follows: I. specifying the scope of the banknote transport and wholesale business, and permitting the Three Franchised Institutions to determine in their sole discretion the currency for transport and which bank or franchised institutionacross the country for sales and purchases offoreign currency banknotes. II. requiring the Three Franchised Institutions to manage the operating and accounting of the banknote transport and wholesale businessand the retail businessseparately, and handle theclearing through special accounts for the banknote transport and wholesale business of a franchised institution. III. regulating other obligations of the Three Franchised Institutions, such as statistics and reporting, as well as anti-money laundering. 2015-07-01/en/2015/0701/1162.html
The SAFE further standardizes administration of domestic and foreign currency exchange franchise business for individuals and foreign currency exchange business
In order to maintain market order, safeguard the interests of the general public, and promote the normal operation of domestic and foreign currency exchange franchise business for individuals and foreign currency exchange business, the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues Concerning Standardizing Domestic and Foreign Currency Exchange Franchise Business for Individuals and Foreign Currency Exchange Business (Huizongfa No. 38 [2015], “the Circular”) was issued by the State Administration of Foreign Exchange (SAFE) recently. The Circular further standardizes and refines administration of domestic and foreign currency exchange franchise business for individuals and foreign currency exchange business, clarifies regulatory contents for market access, daily monitoring and ex-post disposal, and restates the regulatory requirements of forbidding illegal online foreign exchange speculation activities in the name of domestic and foreign currency exchange franchise business for individuals or foreign currency exchange business. The Circular shall take effect as of the date of promulgation. 2015-06-05/en/2015/0605/1158.html
Catalogue of Major Existing Laws and Regulations in Effect on Foreign Exchange Administration (as of July 31, 2014)
I. General (39 Items) 1. Basic Rules 1. Regulations of the People's Republic of China on Foreign Exchange Administration (Decree No. 532 of the State Council) 2. Regulations on the Administration of Settlement, Sales, and Payments of Foreign Exchange (Yinfa No. 210 [1996]) 3. Interim Measures for the Administration of Collections and Payments of Foreign Currency in Cash by Domestic Institutions (Huiguanhanzi No. 211 [1996]) 4. Interim Regulations on the Administration of Domestic Foreign Exchange Transfers (Huiguanhanzi No. 250 [1997]) 5. Measures for the Administration of Individual Foreign Exchange (Decree No. 3 [2006] of the People’s Bank of China) 6. Detailed Rules on the Implementation of the Measures for the Rules forAdministration of Individual Foreign Exchange (Huifa No. 1 [2007]) 7. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Strengthening Administration of Foreign Exchange Businesses (Huifa No. 59 [2010]) 8. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Further Strengthening Administration of Foreign Exchange Businesses (Huifa No. 11 [2011]) 9. Circular of the State Administration of Foreign Exchange on Printing and Distributing the Measures for Foreign Exchange Administration in Areas under Special Customs’ Supervision (Huifa No. 15 [2013]) 10. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Strengthening Administration of the Inflows of Foreign Exchange Funds (Huifa No. 20 [2013]) 11. Circular of the State Administration of Foreign Exchange Concerning the Printing and Distribution of the Regulations on the Centralized Operation and Management of Foreign Exchange Capital of Transnational Companies (For Trial Implementation) (Huifa No. 23 [2014]) 2. Account Administration 1. Regulations on the Administration of Domestic Foreign Exchange Accounts (Yinfa No. 416 [1997]) 2. Regulations on the Administration of Overseas Foreign Exchange Accounts (Huizhengfazi No. 10 [1997]) 3. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues Concerning Administration of Foreign Exchange Accounts under the Current Account of Foreign Embassies and Consulates Stationed in China (Huizongfa No. 114 [2007]) 4. Reply by the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Administration Policies RegardingCorporate Foreign Exchange Accounts (Huifu No. 398 [2007]) 5. Reply by the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues Concerning the Foreign Exchange Business of Foreign Diplomatic Institutions in China (Huizongfu No. 53 [2008]) 6. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning the Management of Domestic Foreign Exchange Accounts of Overseas Institutions (Huifa No. 29 [2009]) 3. Administrative Licensing 1. Announcement by the State Administration of Foreign Exchange on Relevant Issues Concerning Revocation of 26 Administrative Examination and Approval Items (Announcement No. 1 [2003] of the State Administration of Foreign Exchange) 2. Announcement by the State Administration of Foreign Exchange on Relevant Issues Concerning Revocation of 8 Administrative Examination and Approval Items (No. 1 [2004] of the State Administration of Foreign Exchange) 3. Circular of the State Administration of Foreign Exchange on Relevant Procedural Issues Concerning Implementation of Administrative Licensing for Foreign Exchange Administration (Huifa No. 68 [2004]) 4. Announcement No. 5 [2006] of the People’s Bank of China on the Adjustment of Some Foreign Exchange Administration Policies 5. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Forwarding the Decision of the State Council on the Fourth Batch of Revocations and Adjustments of Administrative Approval Items (Huizongfa No. 189 [2007]) 6. Administrative Licensing Procedures of the State Administration of Foreign Exchange (Huizongfa No. 191 [2008]) 7. Decision of the State Council on the Fifth Batch of Revocations and Delegations of Administrative Authority of Administrative Examination and Approval Items (Guofa No. 21 [2010]) 8. List of Administrative Licensing Items of the State Administration of Foreign Exchange (Huifa No. 43 [2010]) 9. Decision of the State Council on the Sixth Batch of Revocations and Adjustments of Administrative Examination and Approval Items (Guofa No. 52 [2012]) 10. Decision of the State Council on Revocations and Delegations of a Batch of Administrative Examination and Approval Items (Guofa No. 5 [2014]) 4. Other 1. System of the State Administration of Foreign Exchange on the Receipt of Letters and Visits (Huifa No. 346 [1999]) 2. Guiding Opinions on Regulating the Administration of Important Vouchers, Examinations and Approvals, and Archives Management for Foreign Exchange Businesses (Huifa No. 1 [2004]) 3. Circular of the State Administration of Foreign Exchange on Printing and Distributing the Guidelines of the State Administration of Foreign Exchange on the Disclosure of Government Information, the Catalogue of the State Administration of Foreign Exchange on the Disclosure of Government Information, and the Working Procedures of the State Administration of Foreign Exchange on the Disclosure of Government Information Upon Application (Huifa No. 12 [2008]) 4. Regulations of the State Administration of Foreign Exchange on the Administration of Legal Consulting Work (Huizongfa No. 106 [2009]) 5. Circular of the State Administration of Foreign Exchange on Announcing the List of Repealed and Expired Regulatory Documents on Foreign Exchange Administration (Huifa No. 19 [2009]) 6. Circular of the State Administration of Foreign Exchange on Announcing 25 Repealed and Expired Regulatory Documents on Foreign Exchange Administration (Huifa No. 36 [2009]) 7. Announcement No. 16 [2009] of the People’s Bank of China on the Abolition of 6 Regulatory Documents 8. Circular of the State Administration of Foreign Exchange on Announcing the List of 56 Repealed and Expired Regulatory Documents on Foreign Exchange Administration (Huifa No. 44 [2009]) 9. Circular of the State Administration of Foreign Exchange on Announcing 55 Repealed and Expired Regulatory Documents on Foreign Exchange Administration (Huifa No. 60 [2009]) 10. Circular of the State Administration of Foreign Exchange Announcing 24 Repealed and Expired Regulatory Documents on Foreign Exchange Administration (Huifa No. 16 [2010]) 11. Circular of the State Administration of Foreign Exchange Concerning the Repeal of 52 Regulatory Documents on the Statistical Declaration of the Balance of Payments (Huifa No. 42 [2010]) 12. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Foreign Exchange Business Concerning Cross-border Trade of Environmental Interests, Including CO2 Emissions Reductions (Huizongfa No. 151 [2010]) II. Foreign Exchange Administration under the Current Account (27 Items) 1. Comprehensive Business under the Current Account 1. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Administration of Duty-free Commodities (Huifa No. 16 [2006]) 2. Circular of the State Administration of Foreign Exchange on Adjustments tothe Foreign Exchange Administration Policies for the Current Account (Huifa No. 19 [2006]) 3. Operational Procedures for the Foreign Exchange Accounts under the Current Account and Individual Foreign Exchange Purchases by Domestic Residents (Huizongfa No. 32 [2006]) 4. Circular of the State Administration of Foreign Exchange on Domestic Institutions Retaining Foreign Exchange Income under the Current Account Based on their own Discretion (Huifa No. 49 [2007]) 5. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Improving Foreign Exchange Administration under the Current Account in Areas under Special Customs’ Supervision (Huifa No. 22 [2013]) 2. Foreign Exchange Administration of Trade in Goods 1. Circular of the Ministry of Foreign Trade and Economic Cooperation, the General Administration of Customs, and the State Administration of Foreign Exchange on Printing and Distributing Several Provisions on Regulating the Agent Business for Imports and Exports (Waijingmaozhengfa No. 725 [1998]) 2. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues Concerning the Handling of the Collection and Payment of Foreign Exchangefor Imports and Exports of Gold by Commercial Banks (Huizongfa No. 85 [2012]) 3 Announcement by the State Administration of Foreign Exchange, the General Administration of Customs, and the State Administration of Taxation Concerning Reform of the Foreign Exchange Administration System for Trade in Goods (SAFE Decree No. 1 [2012]) 4. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Printing and Distributing the Provisions on Foreign Exchange Administration of Trade in Goods (Huifa No. 38 [2012]) 5. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues for Doing a Good Job in Foreign Exchange Administration of Trade in Goods under Emergency Situations (Huizongfa No. 123 [2012]) 6. Announcement by the General Administration of Customs of the People's Republic of China No. 52 [2013] 7. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Improving Foreign Exchange Administration of the Banks' Trade Financing Business(Huifa No. 44 [2013]) 3. Border Trade 1. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Administration of Trade in Border Areas(Huifa No. 12 [2014]) 4. Foreign Exchange Administration of Trade in Services 1. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Administration of Sales Agents for Foreign Currency Travelers’ Cheques (Huifa No. 15 [2004]) 2. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Administration of Donations by Domestic Institutions (Huifa No. 63 [2009]) 3. Circular of State Administration of Foreign Exchange on Printing and Distributing the Foreign Exchange Administration Regulations on Trade in Services (Huifa No. 30 [2013]) 4. Announcement by the State Administration of Taxation and the State Administration of Foreign Exchange on Issues Concerning the Filing for the Tax Record of External Payments under Trade in Services and Other Items (Announcement No. 40 [2013] of the State Administration of Taxation and the State Administration of Foreign Exchange ) 5. Foreign Exchange Administration of Individuals under the Current Account 1. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Regulating Operations for the Settlement and Sale of Individual Foreign Exchange Businesses by Banks (Huizongfa No. 90 [2007]) 2. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues Concerning Administration of Foreign Exchange Purchases by Overseas Individuals (Huizongfa No. 159 [2008]) 3. Circular of the State Administration of Foreign Exchange on Further Perfecting Administration of the Settlement and Sale of Individual Foreign Exchange Businesses (Huifa No. 56 [2009]) 4. Emergency Plan of the Management Information System for the Settlement and Sale of Foreign Exchange for Individuals (Huizongfa No. 49 [2008]) 5. Interim Measures for the Administration of E-banking-based Foreign Exchange Settlements and Sales for Individuals (Huifa No. 10 [2011]) 6 Circular of the State Administration of Foreign Exchange on the Trial Implementation of “Watch List” Management of the Splitting by Individuals of Foreign Exchange Settlements and Sales by Banks with E-Channel-based Individual Foreign Exchange Settlement and Sale Businesses (Huifa No. 41 [2011]) 7. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Regulating the Review of Access to Individual FX Settlements and Sales by E-banking (Huizongfa No. 77 [2013]) 6. Administration of Foreign Currency Cash and Denominations of Foreign Currency 1. Interim Measures for the Administration of Carrying Foreign Currency Cash into and out of China (Huifa No. 102 [2003]) 2. Operational Rules for the Administration of Carrying Foreign Currency Cash into and out of China (Huifa No. 21 [2004]) 3. Circular of the State Administration of Foreign Exchange and the General Administration of Customs on Printing and Distributing the Administrative Regulations on the Allocation and Transportation of Foreign Currency Cash into and out of China by Banks (Huifa No. 24 [2014]) III. Foreign Exchange Administration under the Capital Account (95 Items) 1. Comprehensive Issues under the Capital Account 1. Circular of the People’s Bank of China and the State Administration of Foreign Exchange on Adjustments to Certain Administrative Measures for Foreign Exchange Purchases under the Capital Account (Yinfa No. 304 [2001]) 2. Circular of the State Administration of Foreign Exchange on the Transitional Policies and Measures after Revocation of Certain Administrative Examinations and Approvals of Foreign Exchange Administration under the Capital Account (Huifa No. 50 [2003]) 3. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning the Delegation of Certain Approval Authorities for Foreign Exchange Businesses under the Capital Account (Huifa No. 63 [2005]) 4. Circular of the State Administration of Foreign Exchange on Adjustments to Certain Approval Authorities for Foreign Exchange Businesses under the Capital Account (Huifa No. 21 [2009]) 5. Circular of the State Administration of Foreign Exchange on Adjustments to Certain Approval Authorities for Foreign Exchange Businesses under the Capital Account (Huifa No. 29 [2010]) 6. Circular of the Ministry of Housing and Urban-Rural Development and the State Administration of Foreign Exchange on Further Regulating Administration of Housing Purchases by Overseas Institutions and Individuals (Jianfang No. 186 [2010]) 7. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Distributing the Operational Guidelines for Businesses under the Capital Account involved in the Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Strengthening Administration of Foreign Exchange Businesses (Huizongfa No. 29 [2011]) 8. Circular of the State Administration of Foreign Exchange on Cancellations and Adjustments to the Approval Authorities and the Administrative Measures for Certain Foreign Exchange Businesses under the Capital Account (Huifa No. 20 [2011]) 9. Circular of the State Administration of Foreign Exchange on Issues Concerning Further Clarifying and Regulating Foreign Exchange Administration under Some Capital Accounts (Huifa No. 45 [2011]) 10. Circular of the State Administration of Foreign Exchange on Foreign Exchange Administration Issues concerning Encouraging and Guiding the Healthy Development of Private Investment (Huifa No. 33 [2013]) 11. Circular of the State Administration of Foreign Exchange on Promoting the Capital Account Information System (Huifa No. 17 [2013]) 12. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Distributing the Operating Guidelines on the Foreign Exchange Business under the Capital Account (2013 version) (Huizongfa No. 80 [2013]) 13. Circular of the State Administration of Foreign Exchange on Further Improving and Adjusting the Policies for Foreign Exchange Administration under the Capital Account (Huifa No. 2 [2014]) 2. Foreign Exchange Administration of Foreign Direct Investments (1) Basic Rules 1. Interim Provisions of the State Economic and Trade Commission, the Ministry of Finance, the State Administration for Industry and Commerce, and the State Administration of Foreign Exchangeon the Reorganization of State-owned Enterprises by Utilizing Foreign Investments (Decree No. 42 [2002] 2. Provisions on the Administration of Foreign-invested Venture Investment Enterprises (Decree No. 2 [2003] of the Ministry of Foreign Trade and Economic Cooperation, the Ministry of Science and Technology, the State Administration for Industry and Commerce, the State Administration of Taxation, and the State Administration of Foreign Exchange) 3. Measures forthe Administration of Strategic Investments in Listed Companies by Foreign Investors (Decree No. 28 [2005] of the Ministry of Commerce of the People’s Republic of China, the China Securities Regulatory Commission, the State Administration of Taxation, the State Administration for Industry and Commerce, and the State Administration of Foreign Exchange) 4. Provisions on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (Decree No. 10 [2006] of the Ministry of Commerce, the State-owned Assets Supervision and Administration Commission of the State Council, the State Administration of Taxation, the State Administration for Industry and Commerce, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange) 5. Circular of the State Administration of Foreign Exchange on Further Improving and Adjusting the Policies on Foreign Exchange Administration of Direct Investments (Huifa No. 59 [2012]) 6. Circular of the State Administration of Foreign Exchange on Printing and Distributing the Provisions on the Foreign Exchange Administration of Domestic Direct Investments of Foreign Investors and the Supporting Documents (Huifa No. 21 [2013]) (2) Capital Administration 1. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Business Operational Issues Concerning Improvements tothe Administration of the Payments and Settlements of the Foreign Exchange Capital of Foreign-invested Enterprises (Huizongfa No. 142 [2008]) 2. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Business Operational Issues Concerning Improving Administration of the Payments and Settlements of the Foreign Exchange Capital of Foreign-invested Enterprises (Huizongfa No. 88 [2011]) 3. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning the Pilot on the Reform of the Management Mode for the Settlement of Foreign Exchange Capital Funds of Foreign-invested Enterprises (Huifa No. 36 [2014] 4. Circular of the Ministry of Commerce and the State Administration of Foreign Exchange Concerning Improvementsin the Filing Work for Foreign Investments in Real Estate (Shangzihan No. 340 [2014]) (3) Registration 1. Circular of the Ministry of Finance and the State Administration of Foreign Exchange on Further Strengthening Capital Verifications for Foreign-invested Enterprises and Perfecting the Foreign Exchange Registration System for Foreign Investments (Caikuai No. 1017 [2002]) 2. Opinions of the Ministry of Construction, the Ministry of Commerce, the National Development and Reform Commission, the People’s Bank of China, the State Administration for Industry and Commerce, and the State Administration of Foreign Exchange on Regulating Access and Administration of Foreign Investments in the Real Estate Market (Jianzhufang No. 171 [2006]) (4) Annual Inspections 1. Circular of the Ministry of Finance and the State Administration of Foreign Exchange on Strengthening Auditing of the Foreign Exchange of Foreign-invested Enterprises (Caiwaizi No. 607 [1998]) 2. Circular of the Ministry of Foreign Trade and Economic Cooperation, the State Economic and Trade Commission, the Ministry of Finance, the General Administration of Customs, the State Taxation Administration, the State Administration for Industry and Commerce, and the State Administration of Foreign Exchange on Implementing a Program for Joint Annual Inspections of Foreign-invested Enterprises (Waijingmaozifa No. 938 [1998]) 3. Circular of the State Administration of Foreign Exchange and the Ministry of Finance on Adjusting the Table of Foreign Exchange Issues under the Annual Inspection of the Foreign Exchange Businesses of Foreign-invested Enterprises (Huifa No. 124 [2002]) 4. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Issues Concerning the Annual Declaration Work on the Status of Foreign Exchange Operations by Foreign-invested Enterprises in 2014 (Huizongfa No. 58 [2014]) (5) Others 1. Circular of the State Administration of Foreign Exchange on Forwarding the Circular of the General Office of the State Council on Relevant Issues Concerning the Proper Handling of Existing Projects with Guaranteed Fixed Returns on Investments for Foreign Parties (Huifa No. 105 [2002]) 2. Circular of the State Administration of Foreign Exchange and the Ministry of Construction on Issues Related to Regulating Foreign Exchange Administration of the Real Estate Market (Huifa No. 47 [2006]) 3. Foreign Exchange Administration of Overseas Investments 1. Circular of the State Administration of Foreign Exchange and the Ministry of Foreign Trade and Economic Cooperation on Relevant Issues Concerning Foreign Exchange Administration of Foreign Aid Projects (Huifa No. 251 [1999]) 2. Circular of the State Administration of Foreign Exchange on Issues Concerning Foreign Exchange Administration of Overseas Lending Granted by Domestic Enterprises (Huifa No. 24 [2009]) 3. Regulations on Foreign Exchange Administration of Overseas Direct Investments by Domestic Institutions (Huifa No. 30 [2009]) 4. Circular of the Ministry of Commerce and the State Administration of Foreign Exchange on Issues \Concerning the Joint Annual Inspections of Overseas Investments (Shanghehan No. 60 [2009]) 5. Circular of the State Administration of Foreign Exchange on Issues Concerning Foreign Exchange Administration of Overseas Direct Investments by Domestic Banks (Huifa No. 31 [2010]) 6. Circular of the State Administration of Foreign Exchange on Issues Related to Foreign Exchange Administration in Terms of Overseas Investments and Financing via Special Purpose Companies and Return Investments by Domestic Residents (Huifa No. 37 [2014]) 4. Administration of Overseas Financing and Negotiable Securities (1) Overseas Issuance of Bonds and Listings 1. Interim Measures forAdministration ofProject Financing Conducted Abroad (Jiwaizi No. 612 [1997]) 2. Circular of the General Office of the State Council Forwarding the Opinion of the State Development Planning Commission and the People's Bank of China on Further Strengthening Administration of External Bond Issuances (Guobanfa No. 23 [2000]) 3. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Administration of Overseas Listings (Huifa No. 5 [2013]) (2) Hedging 1. Measures for the Administration of the Overseas Futures Hedging Business of State-owned Enterprises (Zhengjianfa No. 81 [2001]) 2. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Administration of the Overseas Futures Hedging Business of State-Owned Enterprises (Huifa No. 25 [2013]) (3) Others 1. Circular of the State Administration of Foreign Exchange on Adjusting the Authority for Examining and Approving the Opening of Dedicated Foreign Exchange Accounts and the Settlement of Foreign Exchange Proceeds of Share Offerings for Domestic Issuances of B-shares and Overseas Listed Shares (Huifa No. 380 [1999]) 2. Circular of the General Office of the PBOC on Relevant Issues Concerning the Decrease in Stakes by Foreign Stockholders of A-share Listed Companies, the Opening of Dividend-related Accounts, and Foreign Exchange Administration (Yinbanfa No. 178 [2009]) 3. Reply by the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues Concerning the Purchase of Foreign Exchange for Investments in B-Shares by Domestic Individuals (Huizongfu No. 148 [2011]) 4. Reply by the State Administration of Foreign Exchange on Foreign Exchange Administration Issues, such as the Foreign Exchange Purchase Quota for Repurchasing B-Shares by Chongqing Chang’an Automobile Co., Ltd. (Huifu No. 21 [2012]) 5. Foreign Exchange Administration of Investments in the Securities Market (1) Foreign Exchange Administration of Investments in the Domestic Securities Market 1. Measures forthe Administration of Domestic Securities Investments by Qualified Foreign Institutional Investors (Decree No. 36 [2006] of the China Securities Regulatory Commission, the People’s Bank of China, and the State Administration of Foreign Exchange) 2. Provisions on Foreign Exchange Administration of Securities Investments in China by Qualified Foreign Institutional Investors (Announcement No. 1 [2009] of the SAFE, amended based on the Announcement No. 2 [2012] of the SAFE) 3. Reply by the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues Concerning Administration of Reductions in A-Share Funds by Lüting (Hong Kong) Co., Ltd. (Huizongfu No. 58 [2010]) 4. Interim Measures for the Administration of RMB Bond Issuances by International Development Institutions (Announcement No. 10 [2010] of the People's Bank of China, the Ministry of Finance, the National Development and Reform Commission, and the China Securities Regulatory Commission) 5. Measures for the Pilot Program of Securities Investments in China by RMB Qualified Foreign Institutional Investors (Decree No. 90 [2013] of the China Securities Regulatory Commission, the People’s Bank of China, and the State Administration of Foreign Exchange) 6. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning the Pilot Program of Domestic Securities Investments by RMB Qualified Foreign Institutional Investors (Huifa No. 9 [2013]) (2) Foreign Exchange Administration of Investments in Overseas Securities Markets 1. Interim Administrative Measures for Overseas Wealth Management Businesses Conducted by Commercial Banks on Behalf of their Clients (Yinfa No.121 [2006]) 2. Interim Measures for the Administration of Overseas Investments of Insurance Funds (Decree No. 2 [2007] of the China Insurance Regulatory Commission, the People’s Bank of China, and the State Administration of Foreign Exchange) 3. Interim Measures for the Administration of Entrusted Overseas Wealth Management Businesses of Trust Enterprises (Yinjianfa No. 27 [2007]) 4. Provisions on the Administration of Foreign Exchange in Overseas Securities Investments by Qualified Domestic Institutional Investors(Announcement No. 1 [2013] of the State Administration of Foreign Exchange) 6. Administration of External Debts and External Guarantees (1) Basic Rules 1. Circular of the State Administration of Foreign Exchange on Printing and Distributing the Administrative Provisions on the Foreign Exchange Businesses of Banks and Other Relevant Regulations (Annex: Measures for the Administration of Borrowing of International Commercial Loans by Domestic Institutions) (Huizhengfazi No. 06 [1997]) 2. Interim Measures for the Administration of External Debts (Decree No. 28 [2003]of the State Development Planning Commission, the Ministry of Finance, and the State Administration of Foreign Exchange) 3. Measures for the Management of External Debts of Domestic Foreign-funded Banks (Decree No. 9 [2004] of the National Development and Reform Commission, the People’s Bank of China, and the China Banking Regulatory Commission) 4. Circular of the State Administration of Foreign Exchange on Issues Concerning Implementation of the Measures for External Debt Management of Domestic Foreign-funded Banks (Huifa No. 59 [2004]) 5. Interim Measures for the Administration of the Issuance of RMB Bonds in the Hong Kong Special Administrative Region by Domestic Financial Institutions (Announcement No. 12 [2007] of the People's Bank of China and the National Development and Reform Commission) (2) Statistics and Administration of External Debts 1. Interim Provisions on the Monitoring of External Debt Statistics 2. Circular of the State Development Planning Commission on Implementation of CalibratedPlanning Management for the Borrowing of Foreign Loans (Jiwaizi No. 751 [1996]) 3. Circular of the State Administration of Foreign Exchange on Printing and Distributing the Administrative Provisions on the Foreign Exchange Businesses of Banks and Other Relevant Regulations (Annex: Detailed Rules on the Implementation of the Monitoring of External Debt Statistics) (Huizhengfazi No. 06 [1997]) 4. Circular of the State Development Planning Commission, the People’s Bank of China and the State Administration of Foreign Exchange on Implementing Administration of Outstanding Mid-term and Long-term External Debts for State-owned Commercial Banks (Jiwaizi No. 53 [2000]) 5. Circular of the State Administration of Foreign Exchange on Adjustments to the External Debt Specifications for China and Relevant Issues (Huifa No. 174 [2001]) 6. Reply by the General Affairs Department of the State Administration of Foreign Exchange on Issues Concerning External Debt Registration for Foreign-invested Real Estate Enterprises(Huizongfu No. 118 [2007]) 7. Circular of the State Administration of Foreign Exchange on Distributing the Issues Concerning the 2010 Quotas for the Outstanding Short-term External Debt (Huifa No. 18 [2010]) 8. Circular of the State Administration of Foreign Exchange on Issues Concerning Ratification of the Quotas for Outstanding Short-term External Debt of Domestic Institutions in 2011 (Huifa No. 14 [2011]) 9. Circular of the State Administration of Foreign Exchange on Issues Concerning Ratification of the Quotas for the Outstanding Short-term External Debt of Domestic Institutions in 2012 (Huifa No. 12 [2012]) 10. Circular of the State Administration of Foreign Exchange on Issues Concerning Ratification of the Quotas for the Outstanding Short-term External Debt of Domestic Institutions in 2013 (Huifa No. 6 [2013]) 11. Circular of the State Administration of Foreign Exchange on Promulgating the Measures for Administration of External Debt Registration (Huifa No. 19 [2013]) 12. Reply by the General Affairs Department of the State Administration of Foreign Exchange on Issues Concerning the Registration of External Claims for Financing Lease Companies ( Huizongfu No. 142 [2013]) 13. Circular of the State Administration of Foreign Exchange on Issues Concerning Ratification of the Quotas for the Outstanding Short-term External Debt of Domestic Institutions in 2014 (Huifa No. 14 [2014]) (3) Guarantees 1. Circular of the State Administration of Foreign Exchange on Promulgating the Measures for Foreign Exchange Administration of Cross-border Guarantees (Huifa No. 29 [2014]) 2. Announcement by the People’s Bank of China(No. 13 [2014]) (4) Trade Credits 1. Circular of the People's Bank of China on Issues Concerning Conducting the Business of Letters of Credit and Letters of Guarantees by Commercial Banks (Yinfa No. 124 [2002]) (5) Foreign Exchange Loans 1. Measures for the Management of Registration of Foreign Exchange (On-lending) Loans 2. Circular of the State Administration of Foreign Exchange on Implementing the Reform of the Mode of Foreign Exchange Administration of Domestic Foreign Exchange Loans (Huifa No. 125 [2002]) 3. Provisions on the Collective Operations and Administration of Foreign Exchange Funds of Internal Members of Domestic Enterprises (Huifa No. 49 [2009]) 4. Circular of the State Administration of Foreign Exchange on Policy-related Issues Concerning the Mortgaging of Foreign Exchange for RMB Loans by Domestic Enterprises (Huifa No. 46 [2011]) 5. Circular of the State Administration of Foreign Exchange on Printing and Distributing the Measures for Foreign Exchange Administration of External Debt On-lending (Huifa No. 5 [2014]) 7. Foreign Exchange Administration of Personal Capital Accounts (1) Asset Transfers 1. Interim Measures for the Administration of the Sales and Payments of Foreign Exchange in Terms of External Transfers of Personal Property (Announcement No. 16 [2004] of the People’s Bank of China) 2. Operational Guidelines for the Interim Measures for the Administration of the Sales and Payments of Foreign Exchange in Terms of External Transfers of Personal Property (Trial) (Huifa No. 118 [2004]) 3. Circular of the State Administration of Foreign Exchange, the Ministry of Foreign Affairs, the Ministry of Public Security, the Ministry of Supervision, and the Ministry of Justice on Issues Concerning Implementation of the Interim Measures for the Administration of the Sales and Payments of Foreign Exchange in Terms of External Transfers of Personal Property (Huifa No. 9 [2005]) 4. Circular of the State Administration of Taxation and the State Administration of Foreign Exchange on Relevant Issues Concerning Submission of Taxation Certificates or Tax Payment Vouchers for Outward Transfers of Personal Property (Guoshuifa No. 13 [2005]) (2) Portfolio Investments 1. Circular of the State Administration of Foreign Exchange and the China Securities Regulatory Commission on Issues Concerning Domestic Securities Trading Institutions Engaging in B-share Trade (Huiguanhanzi No. 140 [1995]) 2. Circular of the China Securities Regulatory Commission and the State Administration of Foreign Exchange on Several Issues Concerning Investments in Listed Domestic Foreign-funded Shares by Domestic Individual Residents (Zhengjianfa No. 22 [2001]) 3. Circular of the State Administration of Foreign Exchange on Issues Concerning Implementation of the Circular on Several Issues Concerning Investments in Domestic Listed Foreign-funded Shares by Domestic Individual Residents (Huifa No. 26 [2001]) 4. Supplementary Circular of the State Administration of Foreign Exchange on Issues Concerning Investments in Listed Domestic Foreign-funded Shares by Domestic Individual Residents (Huifa No. 31 [2001]) 5. Supplementary Circular of the State Administration of Foreign Exchange on Issues Concerning Implementation of the Circular on Several Issues Concerning Investments in Listed Domestic Foreign-funded Shares by Domestic Individual Residents (Huifa No. 32 [2001]) 6. Supplementary Circular of the State Administration of Foreign Exchange on Issues Concerning Investments in the B-Share Market with Personal Foreign Exchange Deposits by Domestic Residents (Huifa No. 33 [2001]) 7. Reply by the State Administration of Foreign Exchange on Issues Concerning the Foreign Exchange Settlement of Income from B-Share Investments by Individual Domestic Investors (Huifu No. 283 [2007]) 8. Circular of the SAFE on Relevant Issues Concerning Foreign Exchange Administration of Involvement of Domestic Individuals in Equity Incentive Plans of Overseas Listed Companies (Huifa No. 7 [2012]) (3) RMB Loans with Pledged Foreign Exchange 1. Circular of the State Administration of Foreign Exchange on Policy-related Issues Concerning the Mortgaging of Foreign Exchange for RMB Loans by Domestic Individual Residents (Huifa No. 2 [2003]) IV. Supervision of the Foreign Exchange Business of Financial Institutions (67 items) 1. Basic Rules 1. Circular of the State Administration of Foreign Exchange on Distributing the Supplementary Provisions on the Administrative Provisions on the Banks’ Foreign Exchange Business and the Administrative Provisions on the Foreign Exchange Business of Non-bank Financial Institutions (Annex: Relevant Regulations on the Administration of the Foreign Exchange Business of Non-bank Financial Institutions) (Huiyehanzi No. 83 [1993]) 2. Definition of the Scope of the Foreign Exchange Business of Non-Bank Financial Institutions (Huiguanhanzi No. 142 [1996]) 3. Working System of the State Administration of Foreign Exchange on Off-site Supervision of Receipts and Payments in Foreign Exchange (Trial) (Huifa No. 22 [2004]) 4. Measures for the Examination of Bank Performance in Implementing the Provisions on Foreign Exchange Administration (Huifa No. 38 [2010]) 5. Circular of the SAFE on Printing and Distributing the Contents and Scoring Criteria for Assessments of Bank Implementation of the Provisions on Foreign Exchange Administration (2014) (Huizongfa No. 52 [2014]) 6. Circular on Standardizing the Interbank Business of Financial Institutions (Yinfa No. 127 [2014]) 7. Circular of the State Administration of Foreign Exchange on Issuing Data Collection Standards for the Foreign Exchange Business of Financial Institutions (Huifa No. 18 [2014]) 2. Settlement and Sales of the Foreign Exchange of Banks (1) Settlement and Sales of the Foreign Exchange of Banks 1. Detailed Rules on the Implementation of the Settlement, Sales, and Payments of Foreign Exchange of Foreign-funded Banks (Yinfa No. 202 [1996]) 2. Regulations Concerning the Accounting Treatment for the Detailed Rules on the Implementation of the Settlement, Sales, and Payments of Foreign Exchange by Foreign-funded Banks 3. Circular of the People’s Bank of China on Relevant Issues Concerning Opening Special RMB Currency Accounts for the Settlement and Sales of Foreign Exchange by Foreign-funded Banks (Yinfa No. 180 [2003]) 4. Circular of the People’s Bank of China on Relevant Issues Concerning the Special RMB Accounts for the Settlement and Sales of Foreign Exchange (Yinfa No. 292 [2005]) 5. Reply by the State Administration of Foreign Exchange on the Foreign Exchange Administration of Overseas Gold Lending/Borrowing and Derivatives Transaction Businesses (Huifu No. 253 [2005]) 6. Circular of the State Administration of Foreign Exchange on Adjusting the Administration Mode for Market Access and Withdrawals for Spot Settlement and Sales of the Banks’ Foreign Exchange (Huifa No. 20 [2007]) 7. Reply by the Balance of Payments Department of the State Administration of Foreign Exchange on Relevant Issues Concerning Administration of Market Access and Withdrawals for Spot Settlement and Sales of the Banks’ Foreign Exchange (Huiguofa No. 11 [2007]) 8. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Improving Administration of the Banks’ Own Foreign Exchange Settlement and Sales Business (Huifa No. 23 [2011]) 9. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Administration of the Exchange Rate Exposure of the Noble Metal Business Conducted by the Relevant Banks(Huifa No. 8 [2012]) 10. Administrative Measures forthe Conducting of Foreign Exchange Settlement and Sales Business by Banks (Decree No. 2 [2014]of the People’s Bank of China) (2) Position Management of the Settlement and Sales of Foreign Exchange of Banks 1. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Administration of the Synthetic Position of the Banks’ Foreign Exchange Settlement and Sales (Huifa No. 56 [2010]) 2. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Improvementsin the Administration of the Synthetic Position of the Banks’ Foreign Exchange Settlement and Sales (Huifa No. 26 [2012]) 3. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Adjusting the Statistical Statements onthe Synthetic Position of the Banks’ Foreign Exchange Settlement and Sales and the Submission Methods (Huizongfa No. 129 [2012]) (3) Settlement and Sales Statements of the Banks’ Foreign Exchange 1. Statistical System for the Settlement and Sales of the Banks’ Foreign Exchange (Huifa No. 42 [2006]) 2. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Further Regulating Statistical Administration of the Settlement and Sales of the Banks’ Foreign Exchange (Huifa No. 54 [2008]) 3. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues Regarding Including RMB Purchases and Sales in the Foreign Exchange Settlement and Sales Statistics (Huizongfa No. 99 [2010]) 4. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Adjusting the Banks’ Statistical Statements on Foreign Exchange Settlement and Sales and the Submission Methods (Huizongfa No. 152 [2012]) 5. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Adjusting the Relevant Indicators in theBanks’ Statistical Statements on Foreign Exchange Settlement and Sales (Huizongfa No. 65 [2014]) (4) Administration of Products Related to Foreign Exchange Settlement and Sales 1. Circular of the People's Bank of China on Issues Concerning Widening the Forward Settlement and Sales of Foreign Exchange of Designated Foreign Exchange Banks to Customers and Launching the Swap Business of the RMB against Foreign Currencies(Yinfa No. 201 [2005]) 2. Circular of the People’s Bank of China on Relevant Issues Concerning Policy Banks Handling the RMB Loan Business and the Currency Swap Business for Qualified Foreign Institutions (Yinfa No. 81 [2007]) 3. Circular of the State Administration of Foreign Exchange on Issues Concerning the Joint Handling of Forward Settlement and Sales of Foreign Exchange (Huifa No. 62 [2010]) 4. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning RMB Options Tradingagainst Foreign Exchange (Huifa No. 8 [2011]) 5. Circular of the State Administration of Foreign Exchange on Adjustmentsto the Administration ofthe RMB-Against-Foreign Exchange Derivatives Business (Huifa No. 46 [2013]) 6. Circular of the State Administration of Foreign Exchange on Issuing Administrative Rules on Conducting RMB and Foreign Currency Derivative Business by Banks on Behalf of Clients (Huifa No. 34 [2014]) 3. Offshore Business 1. Measures for the Administration of Offshore Banking Businesses(Yinfa No. 438 [1997]) 2. Detailed Rules onthe Implementation of the Measures for the Administration of Offshore Banking Businesses (Huiguanfazi No. 09 [1998]) 4. Business Related to Bank Cards 1. Circular of the State Administration of Foreign Exchange on Regulating Administration of Banks’ Foreign Currency Cards (Huifa No. 53 [2010]) 2. Reply by the State Administration of Foreign Exchange on Issues Concerning Relevant Foreign Exchange Business Qualifications for the Overseas Business of UnionPay Cards Undertaken by UnionPay International (Huifu No. 125 [2013] 5. Non-performing Loans 1. Circular of the People’s Bank of China and the State Administration of Foreign Exchange Concerning Relevant Foreign Exchange Administration Policies for Wholly State-owned Commercial Banks After Divesting Non-performing Foreign Exchange Loans (Yinfa No. 92 [2001]) 2. Circular of the State Development and Reform Commission and the State Administration of Foreign Exchange on Regulating Administration of the Record Filing of Outward Transfers of Distressed Debts by Domestic Financial Institutions (Fagaiwaizi No. 254 [2007]) 6. Other Bank-Related Business 1. Circular of the People’s Bank of China on Relevant Issues on Handling Personal RMB Business between Banks in Mainland China and Banks in Hong Kong and Macao (Yinfa No. 254 [2004]) 2. Reply by the State Administration of Foreign Exchange on Relevant Issues Concerning Guarantee Money Accounts and Other Aspects of Letters of Credit Issued by the Guangdong Development Bank(Huifu No. 1 [2006]) 3. Reply by the State Administration of Foreign Exchange on Launching Transactions of Personal Guarantee Money in Foreign Exchange by the Fujian Branch of the Bank of China (Huifu No. 95 [2006]) 4. Reply by the General Affairs Department of the State Administration of Foreign Exchange on the Domestic Payment Business on Behalf of Clients and Other Issues of the Guangdong Development Bank(Huizongfu No. 17 [2007]) 5. Circular of the State Administration of Foreign Exchange on Issues Concerning Foreign Exchange Administration Involved in the Restructuring of Foreign-funded Banks(Huifa No. 15 [2007]) 6. Reply by the State Administration of Foreign Exchange to the Request by the Bank of Communications to Launch Account Opening Attestation Agent Services Overseas (Huifu No. 208 [2010]) 7. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Administration of Exchange of the New Taiwan Dollar (Huifa No. 11 [2013]) 7. Insurance Companies 1. Interim Provisions on Foreign Exchange Administration of the Insurance Business (Huifa No. 95 [2002]) 2. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning the Submission of the Foreign Exchange Regulatory Reporting Forms of the Insurance Business (Huifa No. 27 [2003]) 3. Operational Rules for Foreign Exchange Administration of the Insurance Business (Huifa No. 118 [2003]) 4. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning the Launch of the Domestic Interbank Foreign Exchange Borrowing (Lending) Business by Insurance Companies(Huifa No. 105 [2003]) 5. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning the Collection and Payment of Foreign Exchange of the Export Credit Insurance Business(Huifa No. 29 [2004]) 6. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Simplification of the Examination and Verification Procedures for the Foreign Exchange Business of Insurance Institutions(Huifa No. 85 [2004]) 7. Reply by the State Administration of Foreign Exchange on Implementation of the Operational Measures for the Interbank Foreign Exchange Borrowing (Lending) Business Undertaken by Insurance Companies -- Operational Measures for the Interbank Foreign Exchange Borrowing (Lending) Business Undertaken by Insurance Companies (Interim)(Huifu No. 93 [2004]) 8. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Adjustmentsto theForeign Exchange Administration Policies of Insurance Businesses(Huifa No. 23 [2006]) 9. Reply by the State Administration of Foreign Exchange on Relevant Issues Concerning the Filing of Export Credit Insurance Contracts(Huifu No. 162 [2010]) 10. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Adjusting the Method of Submission of the Foreign Exchange Regulatory Statements of the Insurance Businesses (Huizongfa No. 64 [2014]) 8. Trust Companies, Financial Asset Companies, and Other Non-bank Financial Institutions 1. Circular of the People’s Bank of China on the Scope of the Foreign Exchange Business of Financial Asset Management Companies(Yinfa No. 160 [2000]) 2. Supplementary Circular of the China Securities Regulatory Commission and the State Administration of Foreign Exchange on Several Issues Concerning Securities Trading Institutions Engaging in B-Share Business(Zhengjianfa No. 26 [2001]) 3. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning the Purchase of Foreign Exchange to Replenish the Foreign Exchange Capital by Trust and Investment Companies(Huifa No. 159 [2001]) 4. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Administration of Fund Management Companies with Foreign Shares(Huifa No. 44 [2003]) 5. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Administration of Automotive Financial Companies(Huifa No. 72 [2004]) 9. Foreign Currency Exchange Agencies, Franchised Institutions of Domestic and Foreign Currency Exchange for Individuals, Self-service Exchange Machines, and Advance Settlement of Foreign Exchange 1. Interim Measures for the Administration of Foreign Currency Exchange Agencies (Decree No.6 [2003] of the People’s Bank of China) 2. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning the Handling of the Remittance Business of Pre-settled Foreign Exchange for Individuals by Some Banks on a Trial Basis(Huifa No. 48 [2003]) 3. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Improving Foreign Exchange Administration of Foreign Currency Exchange Agencies(Huifa No. 48 [2007]) 4. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Further Improving the Individual Domestic and Foreign Currency Exchange Business(Huifa No. 24 [2008]) 5. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Further Improving the Handling of the Remittance Business of Pre-settled Foreign Exchange for Individuals by Banks on a Trial Basis(Huifa No. 51 [2009]) 6. Reply by the State Administration of Foreign Exchange on Conducting Currency Exchange Businesses in Shenzhen Municipality with Foreign Currency Exchange Machines(Huifu No. 264 [2009]) 7. Measures for the Administration of the Pilot Program for Individual Domestic and Foreign Currency Exchange Franchise Businesses(Huifa No. 27 [2012]) 8. Reply by the General Affairs Department of the State Administration of Foreign Exchange on Conducting the Agency Sales and Reconversion Business of Electronic Travelers’ Checks by Tianjin Bohai Tonghui Currency Exchange Co., Ltd. (Huizongfu No. 9 [2013]) V. The RMB Exchange Rate and the Foreign Exchange Market (22 Items) 1. Exchange Rate 1. Announcement No. 16 [2005] of the People’s Bank of China Regarding Issues to Improve the Reform of the RMB Exchange Rate Formation Mechanism 2. Announcement of Relevant Issues on Further Perfecting the Interbank Spot Foreign Exchange Market and Improving the Method of Formation of the Mid Price of the RMB Exchange Rate (Announcement No. 1 [2006] of the People’s Bank of China) 3. Announcement No. 9 [2007] of the People’s Bank of China on Expanding the Floating Range of the Trading Price of the RMB against the US Dollar on the Interbank Spot Foreign Exchange Market 4. Circular of the State Administration of Foreign Exchange on Terminating Submission of Daily Statements on the Posted Exchange Rates by Designated Foreign Exchange Banks (Huifa No. 9 [2012]) 5. Announcement by the People’s Bank of China(No. 5 [2014]) 6. Circular of the People's Bank of China on Relevant Issues Concerning Administration of the Trading Exchange Rates in the Interbank Foreign Exchange Market and the Exchange Rates Listed by Banks(Yinfa No. 188 [2014]) 2. Foreign Exchange Transaction Market 1. Circular of the State Administration of Foreign Exchange on Strengthening Supervision of the Foreign Exchange Market and Regulating Office Procedures(Huiguohanzi No. 009 [1996]) 2. Interim Provisions on the Administration of the Interbank Foreign Exchange Market(Yinfa No. 423 [1996]) 3. Reply by the State Administration of Foreign Exchange on the Launch of EUR/RMB Trade on the Interbank Foreign Exchange Market by the China Foreign Exchange Trade System(Huifu No. 14 [2002]) 4. Announcement No. 16 [2003] of the People’s Bank of China on the Provision of Clearance Arrangements for Relevant Banks that Handle Individual Business of RMB Savings, Currency Exchange, Bank Cards, and Remittances in Hong Kong SAR 5. Circular of the State Administration of Foreign Exchange on Carrying Out Bilateral Trade on the Interbank Foreign Exchange Market(Huifa No. 109 [2003]) 6. Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning the Launch of Spot Over-the-Counter Trading on the Interbank Foreign Exchange Market(Huifa No. 87 [2005]) 7. Detailed Rules on Implementation of the Application for Membership on the Interbank Spot Foreign Exchange Market by Non-financial Enterprises and Non-bank Financial Institutions (Interim)(Huifa No. 94 [2005]) 8. Circular of the People’s Bank of China on Relevant Issues Concerning Accelerating the Development of the Foreign Exchange Market(Yinfa No. 202 [2005]) 9. Circular of the State Administration of Foreign Exchange on Unifying the Time for Spot Bid-Offer Trading and Spot Over-the-Counter Trading on the Interbank Foreign Exchange Market(Huifa No. 50 [2006]) 10. Reply by the State Administration of Foreign Exchange on the Launch of GBP/RMB Trade on the Interbank Foreign Exchange Market by the China Foreign Exchange Trade System(Huifu No. 153 [2006]) 11. Circular of the People's Bank of China on Relevant Issues Concerning the Launch of the RMB and Foreign Currency Swap Business on the Interbank Foreign Exchange Market(Yinfa No. 287 [2007]) 12. Interim Measures for the Administration of the Foreign Exchange Brokerage Business for Currency Brokerage Companies(Huifa No. 55 [2008]) 13. Circular of the People’s Bank of China and the State Administration of Foreign Exchange on Relevant Matters Regarding Suspension of the Foreign Currency Clearance Business(Yinfa No. 137 [2009]) 14. Reply by the State Administration of Foreign Exchange on the Launch of RMB-FOREX Options Trading on the Interbank Foreign Exchange Market by the China Foreign Exchange Trade System (Huifu No. 30 [2011]) 15. Circular of the State Administration of Foreign Exchange on Adjusting the Administration of Certain Businesses in the Interbank Foreign Exchange Market (Huifa No. 30 [2012]) 16. Circular of the State Administration of Foreign Exchange on Amending the Guidelines for Interbank Foreign Exchange Market-Makers (Huifa No. 13 [2013]) VI. Balance of Payments and Foreign Exchange Statistics (26 items) 1. Comprehensive Rules and Regulations on theBalance of Payments Statistics 1. Circular of the State Administration of Foreign Exchange and the General Administration of Quality Supervision, Inspection and Quarantine on the Overall Use of the Organizational Identification Code in Foreign Exchange Businesses (Huifa No. 24 [2002]) 2. Detailed Rules on Implementation of the Measures for the Declaration of Balance-of-Payments Statistics(Huifa No. 21 [2003]) 3. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Ceasing Submission of the Statistical Declaration Form for Exchange Businesses (Huizongfa No. 54 [2010]) 4. Circular of the Ministry of Commerce and the National Bureau of Statistics of the People’s Republic of China on the Printing and Issuing of the Statistical System for China’s Foreign Direct Investments (Shanghehan No. 1129 [2012]) 5. Decision of the State Council on Amending the Measures forthe Declaration of the Balance of Payments Statistics（Decree No. 642 of the State Council of the People’s Republic of China） 6. Circular of the State Administration of Foreign Exchange on Printing and Distributing the Regulations on the Administration of the Vouchers of Domestic Banks for Foreign-related Receipts and Payments(Huifa No. 19 [2014]) 2. Indirect Declarations of the Balance-of-Payments Statistics 1. Operating Rules for the Declaration of the Balance-of-Payments Statistics through Financial Institutions(Huifa No. 22 [2010]) 2. Operational Rules for the Online Balance of Payments Declaration System (Huizongfa No. 122 [2010]) 3. Reply by the Balance of Payments Department of the State Administration of Foreign Exchange on Relevant Issues ConcerningDeclaration of the Balance-of-Payments Statistics (Huiguofu No. 6 [2010]) 4. Reply by the Balance of Payments Department of the State Administration of Foreign Exchange on Issues Concerning Indirect Declarations of the Balance-of-Payments Statistics inOverseas Contracted Projects (Huiguofu No. 10 [2010]) 5. System for the Verification of Indirect Declarations of the Statistics on the Balance of Payments (Huifa No. 1 [2011]) 6. Circular of the State Administration of Foreign Exchange on Further Strengthening Verification of the Balance of Payments (Huifa No. 47 [2011]) 7. Circular of the State Administration of Foreign Exchange on Specifying and Adjusting Matters Related to the Declaration of the Balance-of-Payments Statistics (Huifa No. 34 [2011]) 8. Circular of the State Administration of Foreign Exchange on Doing Well the Work Related to Adjustments in the Domestic Banks’ Foreign-related Receipt and Payment Vouchers and Preparation of the Relevant Information for Submission (Huifa No. 49 [2011]) 9. Circular of the State Administration of Foreign Exchange on Starting to Use the Relevant Vouchers of Domestic Banks for Foreign-related Receipts and Payments and the Clarifying of the Submission Requirements for the Relevant Data(Huifa No. 42 [2012]) 10.Circular of the State Administration of Foreign Exchange on Issuing the Classifications and Codes of Foreign-related Receipt and Payment Transactions (2014 version) (Huifa No. 21 [2014]) 3. Direct Declarations of the Balance-of-Payments Statistics 1. Circular of the State Administration of Foreign Exchange on Submission of the Statistical Statement on Foreign Exchange Assets and Liabilities by Chinese-Funded Financial Institutions(Huifa No. 6 [2009]) 2. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Conducting Surveyson the Banks' Trade Financing Business (Huizongfa No. 114 [2011]) 3. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Adjusting the Reporting Mode for the Foreign Exchange Balance Sheet and Other Statements of Chinese-funded Financial Institutions (Huizongfa No. 136 [2012]) 4. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Strengthening the Declaration of Overseas Assets and Liabilities as well as the Profits and Losses by Financial Institutions and Upgradingthe Reporting System (Huizongfa No. 145 [2012]) 5. Circular of the State Administration of Foreign Exchange on Printing and Distributing the Statistical System for External Financial Assets and Liabilities and Foreign Transactions (Huifa No. 43 [2013]) 4. The System of Sampling Surveys 1. Circular of the State Administration of Foreign Exchange on Printing and Distributing the Investigation System for Trade Credits and the Implementation Plan for Trade Credit Investigations(Huifa No. 67 [2004]) 2. Circular of General Affairs Department of the State Administration of Foreign Exchange on Adjustments to the Sampling Survey Report for Trade Credits and Use of the Trade Credit Sampling Survey System for Data Submission(Huizongfa No. 12 [2009]) 3. Circular of the Balance of Payments Department of the State Administration of Foreign Exchange on Relevant Issues Concerning Conducting Trade Credit Surveys at End-June2010 (Huiguofa No. 8 [2010]) 4. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Expanding the Scope of the Trade Credit Survey Regions and Increasing the Frequency of the Surveys (Huizongfa No. 28 [2011]) 5.Circular of the Department of International Revenue and Expenditure of the State Administration of Foreign Exchange on Starting to Use the New Version of the Trade Credit Sampling Survey System (Huiguofa No. 17 [2012]) VII. Foreign Exchange Inspections and Application of the Laws and Regulations (16 items) 1. Procedures for Investigating Cases 1. Regulations of the State Administration of Foreign Exchange on the Administration of Authority for Administrative Penalties during Foreign Exchange Inspections (Huifa No. 219 [2001]) 2. Procedures of the State Administration of Foreign Exchange on Administrative Penalty Hearings(Huifa No. 79 [2002]) 3. Procedures of the State Administration of Foreign Exchange on Administrative Reconsiderations(Huifa No. 80 [2002]) 2. Legal Basis 1. Circular of the State Administration of Foreign Exchange on Forwarding the Interim Provisions on Implementing Administrative or Disciplinary Sanctions for Fraudulent Purchases, Illegal Purchases, Evasion, and Illegal Trading of Foreign Exchange and Other Acts in Violation of the Rules on Foreign Exchange Administration(Huifa No. 102 [1999]) 2. Circular of the State Administration of Foreign Exchange on the Applicability of the Laws and Regulations for Investigating Acts in Violation of the Foreign Exchange Administration Rules after Revision of the Regulations of the People's Republic of China on Foreign Exchange Administration(Huifa No. 41 [2008]) 3. Circular of the State Administration of Foreign Exchange on Issues Regarding the Content and Meaning of Certain Provisions and the Application Principles in Chapter VII: Legal Responsibilities in the Regulations of the People's Republic of China on Foreign Exchange Administration(Huifa No. 59 [2008]) 4. Reply by the Legislative Affairs Office of the State Council on the Request by the State Administration of Foreign Exchange for Interpreting the Relevant Legal Liability Clauses in the Regulation on Foreign Exchange Administration (Guofahan No. 219 [2012]) 3. Others 1. Circular of the State Administration of Foreign Exchange on Opinions onthe Punishment of Financial Institutions Engaging in Illegal Foreign Exchange Futures Transactions(Huiyehanzi No. 121 [1993]) 2. Circular of China Securities Regulatory Commission, the State Administration of Foreign Exchange, the State Administration for Industry and Commerce, and the Ministry of Public Security on Sternly Investigating and Punishing Illegal Foreign Exchange Futures Transactions and Foreign Exchange Margin Trading Activities(Zhengjianfazi No. 165 [1994]) 3. Circular of the China Securities Regulatory Commission, the State Administration for Industry and Commerce, the State Administration of Foreign Exchange, and the Ministry of Public Security on Printing and Distributing the Minutes of the Conference on Implementing the Circular of the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the State Administration for Industry and Commerce, and the Ministry of Public Security on Seriously Investigating and Punishing Illegal Foreign Exchange Futures Transactions and Foreign Exchange Margin Trading Activities (Zhengjianfazi No. 196 [1994]) 4. Circular of the State Administration of Foreign Exchange and the State Administration of Industry and Commerce on Prohibiting Pricing and Settlement in Foreign Currency without Authorization within the Territory of China and Prohibiting the Release of Advertisements Containing Information on the Pricing and Settlement in Foreign Currencies (Huiguanhanzi No. 177 [1996]) 5. Circular on Prohibiting Financial Institutions from Conducting Overseas Derivative Instrument Transactions without Authorization (Yinfa No. 81 [1995]) 6. Circular of the State Administration of Foreign Exchange and the Ministry of Public Security on Imposing Severe Punishments on Illegal Foreign Exchange Trading Activities (Huifa No. 155 [2001]) 7. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Determining the Nature of Foreign Exchange Settlement Acts by Foreign-funded Enterprises for Repaying RMB Loans(Huizongfa No. 39 [2008]) 8. Reply by the General Affairs Department of the State Administration of Foreign Exchange on Identifying Relevant Issues Concerning Illegal On-line Foreign Exchange Speculation(Huizongfu No. 56 [2008]) 9. Reply by the General Affairs Department of the State Administration of Foreign Exchange on Handling Violations for the Failure of Designated Foreign Exchange Banks to File the Modified Information on the Settlement and Sales Business of Foreign Exchange in Compliance with the Relevant Regulations(Huizongfu No. 117 [2008]) VIII. Scientific Administration of Foreign Exchange (5 items) 1. Measures of the State Administration of Foreign Exchange on the Management of Standardization of the Information System Codes (Interim)(Huizongfa No. 162 [2008]) 2. Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues Concerning Standardization of the Information System Codes(Huizongfa No. 101 [2009]) 3. Detailed Rules of the State Administration of Foreign Exchange on Implementation of Management of Standardizationinthe Information System Codes (Huizongfa No. 131 [2011]) 4. Measures of the State Administration of Foreign Exchange on the Management of the Information System Data (Trial)(Huifa No. 64 [2012]) 5. Circular of the State Administration of Foreign Exchange and the General Administration of Quality Supervision, Inspection and Quarantine on Amending and Issuing the Operational Rules on the Assignments of the Special Organizational Codes (Huifa No. 16 [2014]) 2014-11-26/en/2014/1126/1131.html
Q&As with a Responsible Person from the SAFE on the Streamlining of Regulatory Foreign Exchange Administration Documents
The SAFE has recently released the Circular of the SAFE Announcing that Thirty-four Regulatory Foreign Exchange Administration Documents shall be abolished and declared invalid (Huifa No. 44 [2014], hereafter referred to as the “Circular”). According to the Circular, thirty-four regulatory documents on foreign exchange administration will be abolished or will expire, among whicheighteen will be abolished and sixteen will expire. A relevant responsible person from the SAFE answered questions from reporters on related issues. I. What is the background for streamlining the laws and regulations? What are the implications? To implement the requirements of the CPC Central Committee and the State Council to streamline administration and decentralization as well as administration by law, we have streamlined the effective foreign exchange administration regulations in a centralized manner in accordance with the Opinions of the State Council on Strengthening Construction of Government by Law (Guofa No. 33 [2010]). According to the Opinions, the regulatory documents will be streamlined biennially and the results shall be announced to the public. In recent years, the SAFE has announced that more than 700 regulatory documents have been annulled or declared invalid, reducing the number of regulatory documents by over 60 percent. First, regularly streamlining the laws and regulations is conducive to improving the transparency of the foreign exchange administration policies, making it easier for the public to understand the foreign exchange administration regulations and promoting trade and investment facilitation. Second, it is favorable for establishing a clear and concise legal framework for foreign exchange administration and for promoting the transformation of government functions to carry out their regulatory responsibilities according to the law. II. What is the priority in the streamlining efforts this time? The streamlining efforts this time focus on solving problems such as the mismatch between the regulatory documents and the difficulties in applying them accurately.To be specific, such problems include inconsistencies between previous and existing regulations due to the replacement of the relevant management content with subsequent regulations; the inability to adapt to new trends and developments and the inappropriatenessof the relevant management contentfor the transformation of government functions; the expiration of the application period forthe relevant regulations or the disappearance of the objects to be adjusted. III. What laws and regulations are being streamlined at this time? The regulatory documents repealed or declared invalid this time are divided into seven major groups categorized by business type: First, five comprehensive regulatory documents. They involve off-site supervision of foreign exchange receipts and payments, declaration and cancellation after verification of the BOP for cash settlements, strengthening foreign exchange emergency management, as well as foreign exchange administration regulations for rescue-and-relief operations in Ya’an, Sichuan, and so forth. Second, two regulatory documents on foreign exchange administration under the current account. These regulations involve foreign exchange administration for foreign trade denominated in RMB by domestic institutions and the reimbursed expenses of insurance companies. Third, nine regulatory documents on foreign exchange administration under the capital account. They cover operational processes of foreign exchange administration for processing and assembly projects with overseas-supplied materials and foreign aid projects, foreign exchange administration for projects ensuring fixed returns for foreign investors, external debt management for foreign-invested banks in China, external debt registration for foreign-funded real estate enterprises, overseas funding by foreign-funded MNCs in Pudong New Area, overseas financing of the security balance quota, and outward remittances of foreign exchange profits by foreign-invested enterprises. Fourth, ten regulatory documents on the supervision of the foreign exchange of financial institutions. These documents involve supplementingcapital for foreign exchange purchases by trust companies, remittances for personal advances for foreign exchange settlements, statistics on the use of Chinese mainland RMB cards in Hong Kong, management of special stamps for foreign exchange settlements and sales by banks, limits on cash withdrawals using UnionPay Cards at overseas ATMs, content and scoring standards for the assessment of banks in implementing the provisions of foreign exchange administration, and so forth. Fifth, three regulatory documents on the RMB exchange rate and the foreign exchange market. These documents involve the exchange of the Russian Ruble, the listed exchange of the KRW, the submission of daily reports on the listed exchange rate, and so forth. Six, two regulatory documents on the BOP and foreign exchange statistics. These documents involve BOP declarationsonthe transformation of foreign-invested banks, trade credit surveys, and so forth. Seventh, three regulatory documents on foreign exchange inspections and applicable laws and regulations. These documents involve the handling of illegitimate foreign exchange futures trading institutions, restituting settlement of the capital in the qualitativeirregularities in the RNB loans through the revised Regulations on Foreign Exchange Administration, and so forth. IV. How will the businesses involved in this clean-up be handled in the future? As the eighteen repealed laws and regulations have mainly been replaced by subsequent regulations, the relevant regulations currently in force will prevail. As for the sixteen laws and regulations that have been declared invalid, no further implementation is needed since they have expired or the objects of adjustment have disappeared. In particular, after the Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Some Bank Pilots to Handle Remittancesby Individuals with Pre-settled Foreign Exchange (Huifa No. 48 [2003] and the Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Further Improving the Bank Pilots to Handle Remittances by Individuals Pre-settled Foreign (Huifa No. 51 [2009]) are repealed, administrative approvals for market access for remittancesby individuals with pre-settled foreign exchange are cancelled. But the pre-settled foreign exchange format can remain, and the banks can decide at their own discretion whether to offer this business in accordance with the relevant regulations on personal foreign exchange administration based on the market situation. V. What arrangements will the SAFE make to further streamline the laws and regulations during the next step? Next, the SAFE will further implement a long-term mechanism for streamliningthe laws and regulations to facilitate understanding by banks, companies, and individuals to apply the laws and regulations for foreign exchange administration, to promote foreign exchange administration according to the law, and to promote trade and investment facilitation. First, we will continue to thoroughly streamline the foreign exchange administration regulations to achieve new results in the clean-up as soon as possible. Second, we will promote reform of the foreign exchange administration and transformation of the administrative patterns. By combining overall promotion and making breakthroughs in key respects, we will strengthen the top-down design of the overall plan for the reform of foreign exchange administrationand will build a new foreign exchange administration framework based on streamlining administration and decentralization to satisfy the requirements for trade and investment facilitation. Third, we will update the Catalogue of Effective Laws and Regulations on Foreign Exchange Administration The SAFE will update the catalogue by the end of 2014 in accordance with the laws and regulations that have beenrepealed or declared invalid at this time. Fourth, we will compile and publish a Collection of Laws and Regulations on Foreign Exchange Administration of the People’s Republic of China (2014 version). The Collection will include the regulations on foreign exchange administration in effect and will provide explanations about thosethat have expired. 2014-11-26/en/2014/1126/1129.html
Adapt to the New Normal by Opening Up a New Chapter for Foreign Exchange Administration Reform
A national work conference on foreign exchange administration was recently held in Beijing. Following the spirit of the 18th CPC National Congress, the Third and Fourth Plenums of the 18th CPC Central Committee and the Central Economic Work Conference, the conference reviewed foreign exchange administration in 2014, analyzed the current economic, financial, and BOP situations, and made plans for foreign exchange administration in 2015. Yi Gang, SAFE administrator and PBC deputy governor, delivered a work report. Deputy administrators, discipline and inspection heads, chief accountants, heads of the SAFE branches (foreign exchange administration departments) and divisions of the SAFE participated in the conference. The conference pointed out that following the plans of the CPC Central Committee and the State Council and under the direct guidance of the CPC Committee of the PBC, the foreign exchange administration departments have regarded the reform of foreign exchange administration as a top priority in 2014. Specifically, the conference promoted the "five shifts" in foreign exchange administration and reduced the administrative approval items in order to streamline administration, delegate power, and facilitate trade and investment. The conference also launched pilot reforms, such as centralized operations for the foreign exchange capital of MNCs and voluntary settlement of foreign exchange capital to promote development of the foreign exchange market and to further expand the capital utilization channels for "going global." The conference also improved the statistics and monitoring system for cross-border capital flows and stepped up foreign exchange inspections to strengthen capabilities for on-going and ex-post regulation. In addition, operations, management, and utilization of foreign exchange reserves were enhanced and capabilities were consistently improved to serve the economic restructuring, transformation, and upgrading. To sum up, the conference successfully completed the tasks established at the beginning of the year. The conference stressed that 2015 will be key to deepening the reform and will mark the first year to advance the rule of law as well as the last year to complete the 12th Five-year Plan. During the year, following the spirit of the 18th CPC National Congress and the Third and Fourth Plenums of the 18th CPC Central Committee and the plans of the Central Economic Work Conference, the foreign exchange administration departments should adapt to the new normal in economic development and accelerate the "five shifts" in foreign exchange administration to achieve the goal of realizing a basic equilibrium in the BOP. Focusing on making breakthroughs in the reform, the convertibility of cross-border capital and financial trade should be increased in good order, the foreign exchange market should be further developed, risk-prevention controls should be intensified, and an external debt and management system for capital should be built and improved under a macro-prudential management framework, and the operations, management, and utilization of the foreign exchange reserves should be enhanced innovatively so as to promote stable and healthy economic development. The conference also set the working priorities for foreign exchange administration in 2015. The foreign exchange authorities will be required to: first, adhere to law-based administration and continue to promote administrative streamlining and delegation of power in terms of foreign exchange administration; second, continue with the reform and opening up and accelerate capital account convertibility; third, maintain a bottom line for risks by intensifying monitoring, warnings, and risk responses with respect to cross-border capital flows; fourth, transform management by accelerating the building of an external debt and capital flow management system under a macro-prudential framework; fifth, put heavy pressure on those who break the laws and crack down on illegalities and foreign exchange violations; sixth, promote the development of the foreign exchange market under guidance of the market; seventh, promote innovative utilization of the foreign exchange reserves and further improve the operations and management of the foreign exchange reserves to serve the overall economic interests; eighth, step up efforts to accomplish basic tasks, such as news promotion and research based on the work priorities; and ninth, continue with strict management by enhancing CPC building, team building, and internal management, and stepping up efforts to clean up the work styles and to promote integrity among CPC officials. 2015-01-16/en/2015/0116/1143.html
Facilitating Foreign Exchange Settlement and Sales by Banks and Boosting Development of the Foreign Exchange Market
In order to facilitate settlement and sales of foreign exchange by banks and based on the Administrative Measures for Foreign Exchange Settlement and Sales by Banks (People’s Bank of China DecreeNo. 2 [2014], hereafter referred to as the “Measures”), the State Administration of Foreign Exchange recently issued a Circular on Printing and Distributing the Detailed Rules for the Implementation of the Administrative Measures for Foreign Exchange Settlement and Sales by Banks (Huifa No. 53 [2014], hereafter referred to as the “Rules”). In order to carry out the reform agenda regardingstreamlining administration and delegating power to lower levels, these Rules integrate the regulations on market entry for foreign exchange settlement and sales by banks, administration of spot foreign exchange settlement and sales, management of RMB and foreign exchange derivatives and the comprehensive position of foreign exchange settlement and sales by banks, and make adjustments to some of their content. The highlights are as follows: First, management of market entry for foreign exchange settlement and sales and RMB/foreign exchange derivatives transactions will be integrated, and the filing procedures for foreign exchange settlement and sales by banks will be simplified. Second, the requirement of unified service marksfor RMB and foreign currency conversions for individuals is abolished and substituted by the provision that banks conducting foreign exchange settlement and sales to individuals shall put the service mark in a conspicuous position. Third, daily examinations of the comprehensive position of foreign exchange settlement and sales will be substituted by a weekly examination, while the policy that links the comprehensive position of foreign exchange settlement and sales with the foreign exchange loan-to deposit ratio is abolished. Fourth, the approval authority forRMB and foreign currency conversion of the equity capital (working capital) of banks will be delegated to lower levelsandthe approvals for the foreign exchange settlement and sales by banks on behalf of their debtors will be cancelled. Last, the principles of “understanding your transactions, knowing your customers, and performing due diligence” are specified for foreign exchange settlement and sales. The Rules will come into effectas of January 1, 2015. 2015-01-20/en/2015/0120/1144.html
Improve Regulations System for Foreign Exchange Administration to Enhance Policy Transparency
To further enhancethe policy transparency regarding foreign exchange administration, the State Administration of Foreign Exchange (SAFE)continued toreinforce legislations in key areas and sort out regulations, and improved regulations on administration of foreign exchange sales and settlement by banks and foreign exchange administration for overseas listingin the second half of 2014. Meanwhile, the SAFE rescinded and announced invalid some foreign exchange administrative regulations as the foreign exchangeadministration reform proceeded. To facilitate public enquiry and application, the SAFE then upgraded the Catalogue of Major Existing Laws and Regulations in Effect on Foreign Exchange Administration (Catalogue) and released it at its official website. The upgraded Catalogue contains 259 policies, laws and regulations on foreign exchange administration released as of December 31, 2014, which fall into 8 categories including general foreign exchange administration, foreign exchange administration under the current account, foreign exchange administration under the capital account, regulation of the foreign exchange business of financial institutions, the RMB exchange rate and the foreign exchange market, balance-of-payments and foreign exchange statistics, foreign exchange inspections and application of the laws and regulations, and the scientific administration of foreign exchange, and several sub-categories by specific business type. The SAFE will make further efforts to build and improve a long-term mechanism for sorting out laws and regulations, and streamline and upgrade the Catalogue regularly to enhance policy transparency, facilitate banks, companies, and individuals to understand and apply foreign exchange administrative regulations and promote law-basedforeign exchange administration. 2015-02-09/en/2015/0209/1147.html
Further Streamlining the Regulatory Documents to Improve theTransparency of Foreign Exchange Administration Policies
To implement the requirements of the CPC Central Committee and the State Council to streamline administration and decentralization, and the administration by law, to further improve the transparency of the foreign exchange administration policies, and to promote trade and investment facilitation, the State Administration of Foreign Exchange (SAFE) has recently released the Circular of the SAFE Announcing Thirty-four Repealed and Expired Regulatory Documents on Foreign Exchange Administration (Huifa No. 44 [2014]), based on ongoing efforts to streamline effective foreign exchange administration regulations in a centralized manner. According to the Circular, thirty-four regulatory documents on foreign exchange administration will be abolished or will expire, among whicheighteen will be abolished and sixteen will expire. Such documents include five comprehensive regulations, two regulations on foreign exchange administration under the current account, nine regulations on foreign exchange administration under the capital account, ten regulations on supervision of the foreign exchange business of financial institutions, three regulations on the RMB exchange rate and the foreign exchange market, two regulations on the balance of payments and foreign exchange statistics, and three regulations on foreign exchange inspections and application of the laws and regulations. The SAFE will next continue to engage in a long-term mechanism to clear up the laws and regulations, carry out such work on a regular basis so as to provide facilitation to banks, enterprises, and individuals to understand and utilize the laws and regulations on foreign exchange administration, carry forward foreign exchange administration according to law, and promote the facilitation of trade and investment. 2014-11-26/en/2014/1126/1128.html

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