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《2025年中国国际收支报告》 2026-03-31/ningbo/2026/0331/2550.html
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The branches and administrative departments of the State Administration of Foreign Exchange (SAFE) in various provinces, autonomous regions, and municipalities directly under the Central Government, the SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, and Chinese-funded banks: In order to further deepen the reform of foreign exchange administration of the capital account, streamline the procedures for administrative examination and approval, and promote trade and investment facilitation, and in accordance with the Regulations of the People’s Republic of China on Foreign Exchange Administration and other relevant provisions, the SAFE has decided to further improve the method of foreign exchange administration for the capital account and to adjust some of the administrative measures under the capital account. The relevant issues are hereby notified as follows: I. Simplifying foreign exchange administration of external claims of financial leasing companies (I) Financial leasing companies comprise three entities, namely financial leasing companies established upon the approval of banking regulators, foreign-funded leasing companies established upon the approval of the relevant commercial departments, and domestic-funded financial leasing companies jointly confirmed by the Ministry of Commerce (MOFCOM) and the State Administration of Taxation (SAT) (hereinafter collectively referred to as financial leasing companies). (II) When conducting foreign financial leasing business, financial leasing companies or their project companies shall register the external claims for financial leasing at the local SAFE branch, along with submission of the following materials within 15 working days after the occurrence of the financial leasing external claims. The local SAFE branch shall check the compliance and authenticity of such transactions. 1. The application form, including but not limited to basic information about the company and the leasing project; 2. The approval document from the relevant department for establishing the financial leasing company or the project company, and its business license; 3. The audited financial report for the previous year and the financial statement for the last period; 4. The leasing contract and evidentiary materials regarding the lease transfer (e.g., the customs declaration form, the archival filing checklist, invoice, and so forth). (III) When conducting foreign financial leasing business, financial leasing companies are not limited by the current overseas lending quota for domestic enterprises. (IV) Financial leasing companies may open a special account for overseas lending directly at the local bank to retain the rental income from the foreign financial leasing. When depositing the said foreign exchange funds into the account, the bank shall check their sources. When the foreign exchange receipts in the account are to be settled, the financial leasing companies can apply directly to the bank to handle the settlement. (V) In the capital account information system, the local SAFE branch shall use the “overseas lending” function to register the external claim contract information of the financial leasing companies and shall collect the withdrawal information with a paper statement. Upon receiving rental income from foreign financial leasing, financial leasing companies shall make a declaration in accordance with the relevant declaration requirements for the balance of payments, fill in the business number of the external claim under the column “number of the approval document of the SAFE/number of the filing form/business number,” and report the occurrence of the external claims and rental income from the financial leasing to the local SAFE branch on a monthly basis. The bank shall provide feedback about the rental income from the foreign financial leasing and other information through the capital account information system. Relevant information shall be collected as per the new requirements after the module functions related to the capital account information system are improved. II. Simplifying foreign exchange administration for transfers of domestic non-performing assets to overseas investors (I) Cancelling the SAFE’s leading management of foreign exchange receipts and payments and exchange approvals involved in the disposal of non-performing assets (NPAs) by financial asset management companies (FAMCs). (II) Simplifying the registration formalities for the transfer of domestic NPAs to overseas investors. Within 30 days after the relevant department approves the transfer of NPAs from domestic institutions to overseas investors, the overseas investors or their domestic agents shall go through the registration formalities for the transfer of domestic NPAs to overseas investors at the SAFE branch where the main assets or their domestic agents are located and shall present the following materials. 1. The application form, and the completed Registration for Transfers of Domestic Non-performing Assets to Overseas Investors (see attachment); 2. The approval or record-keeping documents from the relevant department on the external transfer of NPAs from domestic institutions; 3. A copy of the main terms of the transfer contract signed between the domestic institutions and the overseas investors (they are not require to provide data on individual performing assets and guarantees); 4. The agency agreement is also required if it is handled by a domestic agent; 5. The necessary supplementary materials for the abovementioned materials. (III) Cancelling the SAFE’s approval of foreign exchange settlements of income from NPA disposals by FAMCs, with the accounting or foreign exchange settlement formalities directly handled instead by the bank. After receiving the consideration from the overseas investors, domestic institutions transferring NPAs may apply directly to the bank to open a foreign exchange account to retain the foreign exchange proceeds or to settle the foreign exchange proceeds from the NPAs along with submission of the following materials. 1. An application form; 2. The Agreed Handling Certificate (copy) of the capital account information system obtained during the registration of the transfer of the NPAs to overseas investors; 3. A copy of the main terms of the claim assignment contract; 4. Necessary supplementary materials for the abovementioned materials. When opening a foreign exchange account to retain foreign exchange proceeds or to handle the settlement procedures for foreign exchange proceeds from NPAs, domestic institutions shall make a declaration in accordance with the relevant declaration requirements for the balance of payments, foreign exchange account and foreign exchange settlement, and fill in the corresponding business number of the registered transfer of the domestic NPAs to the overseas investors under the column “number of the approval document of the SAFE/number of the filing form/business number.” (IV) For changes or losses of ownership by overseas investors of registered assets due to counter purchases, sales (transfers), clearing and recovery, share transfers, or other reasons, the overseas investors or their agents shall go through the change of registration or cancellation procedures for the transfer of domestic NPAs to overseas investors within 30 working days after the change or loss of ownership. (V) Cancelling the SAFE’s approval of foreign exchange purchases and payments of NPA disposal income by FAMCs, and instead to be checked and handled by the bank. For proceeds obtained from clearing and recovery, reassignment, and so forth, overseas investors with transferred NPAs can directly apply to the bank to go through the foreign exchange purchase and payment formalities with the following materials. 1. An application form; 2. The Agreed Handling Certificate of the capital account information system; 3. A copy of the Registration Form for the Transfer of Domestic Non-performing Assets to Overseas Investors; 4. Documents certifying the sources of the income of the disposed NPAs; 5. The agency agreement is also required if it is handled by a domestic agent; 6. Necessary supplementary materials for the abovementioned materials. When handling the foreign exchange purchase and payment procedures, the overseas investors shall make a declaration in accordance with the relevant declaration requirements for the balance of payments, and shall fill in the business number of the registered transfer of domestic NPAs to overseas investors under the column “number of the approval document of the SAFE/number of the filing form/business number.” (VI) The bank shall carefully verify the business number of the registered transfer of domestic NPAs to overseas investors completed by the domestic institutions when opening a foreign exchange account to retain the foreign exchange proceeds and to settle the foreign exchange proceeds from NPAs, and completed by the overseas investors when going through the foreign exchange purchase and payment formalities. (VII) In the case that the original guarantee beneficiary is changed to an overseas investor due to a transfer of domestic NPAs, the guarantee is not included under the external guarantee management. The new external guarantee after the transfer of domestic NPAs to overseas investors shall be managed in accordance with the current foreign exchange administration provisions for external guarantees. III. Further relaxing management of upfront expenses for overseas direct investments by domestic institutions (I) If the accumulated remitted amount of upfront expenses for overseas direct investments (ODI) (hereinafter referred to as upfront expenses) is not more than USD3 million and 15 percent of the aggregate investment on the Chinese side, the domestic institutions may register the upfront expenses at the local SAFE branch with the business license and organization code certificate. (II) If the accumulated remitted amount of upfront expenses is more than USD3 million or 15 percent of the aggregate investment of the Chinese side, the domestic institutions shall provide the local SAFE branch with the written application that has already been submitted to the relevant ODI department and the relevant materials certifying the authenticity of their participation in bidding, M&As, or joint venture projects, in addition to the business license and organizational code certificate to register the upfront expenses. (III) If the upfront expenses still have not been approved or filed by the relevant ODI department within 6 months after they are remitted, the domestic institutions shall report the use of these expenses to the local SAFE branch and return the remaining funds. If there are sound objective reasons, the domestic institutions may apply to the local SAFE branch for an extension of no longer than 12 months. IV. Further relaxing management of overseas lending by domestic enterprises (I) Relaxing the restrictions on overseas lending entities of domestic enterprises. Domestic enterprises are allowed to extend loans to their overseas counterparts with which they have an equity relationship. Domestic enterprises shall register the overseas lending quota at the local SAFE branch by providing the overseas lending agreement and the latest financial audit report. The accumulated overseas lending quota of a domestic enterprise may not exceed 30 percent of its ownership interest. If it is indeed necessary to exceed the said proportion, it shall be handled by the SAFE branch (administrative department) where the domestic enterprise is located by means of a collective deliberation on a case-by-case basis. (II) Lifting the restriction on the two-year term of validity of the overseas lending quota. Domestic enterprises may apply to the local SAFE branch for the term of validity based on their actual business needs. (III) If the principal and interest of the overseas lending cannot be recovered for sound objective reasons, the domestic enterprises may apply to the local SAFE branch (administrative department) to write off the overseas lending, which shall be handled by the latter by means of collective deliberation on a case-by-case basis. If the principal of the overseas lending is repaid with interest (including debt-to-equity swaps, debt relief, and performance guarantees) or the overseas lending is written off and no longer provided, the domestic enterprises may apply to the local SAFE branch to write off the overseas lending quota. V. Simplifying management of profit remittances by domestic institutions (I) To remit profits equivalent to USD50,000 or less for a domestic institution, in principle the bank no longer needs to check the transaction documents; and to remit profits more than the equivalent of USD50,000, the bank no longer needs to check the financial audit report or capital verification report. The bank instead shall check the original copy of the profit distribution resolution of the board of directors (or the resolution for the distribution of the profits among the partners) and the tax registration form related to the remittance of the profits based on the principle of the real transaction. After each profit is remitted, the bank shall endorse the actual amount remitted and the date of remittance of the profit with its seal on the original copy of the tax registration form. (II) Removing the restriction that in principle the amount of profits disposed in the current year by the enterprise may not exceed the total amount of “dividends payable” and “undistributed profits” that belong to foreign shareholders during the latest financial audit report. VI. Simplifying management of foreign exchange sales and payments of personal property transfers (I) Foreign exchange purchases and payments for property transfers due to immigration shall be examined and approved by the local SAFE branch in the place of the immigrant’s original registered permanent residence. Foreign exchange purchases and payments for property transfers due to inheritance shall be examined and approved by the local SAFE branch in the place of the decedent’s original registered permanent residence prior to death. The requirement that the total amount of property transfer exceeding the equivalent of RMB500,000 shall be reported to the SAFE for the record shall be cancelled. (II) The requirement that an immigrant’s property can be transferred several times is cancelled. After the applicant goes through the approval procedures for the property transfer due to immigration at the local SAFE branch where the original permanent residence of the applicant is registered, the bank may remit the relevant funds in a lump sum or in several batches within the limit specified in the approval document. (III) The requirement that property inherited from different decedents shall be applied and remitted separately is cancelled. To inherit property from different decedents, the inheritor may choose to submit combined application materials to the local SAFE branch in the place where the permanent residence of one decedent is registered, and the relevant funds will be remitted in a lump sum or in several batches at the bank upon approval. (IV) The notarization requirement for documents concerning property rights (e.g., the property ownership certificate, the real estate sales contract or the location compensation and resettlement agreement, the contracting or lease contract or agreement, the property transfer agreement or contract, the franchise use agreement or contract, and so forth) and documents concerning the entrusted agency agreement and the agent’s identification is cancelled. VII. Improving management of the License for Foreign Exchange Operations in the Securities Business for securities companies To run foreign exchange businesses, securities companies shall obtain a License for Foreign Exchange Operations in the Securities Business (hereinafter referred to as the License) from the SAFE according to the relevant provisions. Except for timely applying for a renewal of the License in accordance with the relevant provisions due to a change in the company name, an adjustment in the foreign exchange business scope, and so forth, the securities companies do not need to regularly replace the License from the date of implementation of this Circular. Securities companies engaged in foreign exchange businesses that have already obtained the License shall submit a written report on the operation of the foreign exchange business (covering the company’s specific foreign exchange business operations, foreign exchange business lines, foreign exchange purchases and settlements, inward and outward remittances of funds, compliance with the foreign exchange business, and the balance sheet of the relevant foreign exchange business) for the previous year to the local SAFE branch prior to January 31 of each year. This Circular shall take effect as of February 10, 2014. In cases of any discrepancy with the previous regulations, this Circular shall prevail. All branches and administrative departments of the SAFE shall timely transfer this Circular to the central sub-branches, sub-branches, and banks under their jurisdictions; and Chinese-funded banks shall forward this Circular to their branches as soon as possible. Any problems during implementation shall be reported to the Capital Account Management Department of the SAFE in a timely fashion. Attachment: Registration Form for the Transfer of Domestic Non-performing Assets to Overseas Investors State Administration of Foreign Exchange January 1, 2014 FILE: Regulations on the Administration of Banks’ Transport of Foreign Currency Banknotes Into or Out of the Territory of the PRC 2014-08-01/en/2014/0801/741.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the SAFE branches in Shenzhen, Dalian , Qingdao , Xiamen , and Ningbo ; China UnionPay Co., Ltd.; and all designated Chinese-funded foreign exchange banks: To regulate the administration of foreign currency bank cards and facilitate the general publics understanding of the management policies for foreign currency bank cards, the State Administration of Foreign Exchange straightened out and integrated the laws and regulations on foreign exchange administration relating to foreign currency bank cards. We hereby notify you of the relevant issues as follows: I. The term foreign currency bank cards as referred to in this Circular includes domestic foreign currency cards, which refers to those issued by domestic financial institutions (hereinafter referred to as domestic cards), and foreign bank cards, which refer to those issued by overseas institutions (hereinafter referred to as foreign cards), with the exception of RMB cards issued overseas institutions.. II. Classification of domestic cards 1. According to whom the cards are issued, domestic cards are classified into personal cards, i.e., those issued to natural persons, and entity cards, i.e., those issued to legal persons or other organizations and are to be used by the persons designated by such entities. 2. According to whether a line of credit is granted to the holder, domestic cards are classified into credit cards, which, within the line of credit granted by the issuing financial institution, allows the holders to use it before payment, and debit cards, the holders of which have no line of credit and must make a deposit on the cards before use. 3. According to the currency for which they are issued, domestic cards are classified into foreign currency cards, which refers to cards denominated in only one foreign currency, and home-foreign currency cards, which refers to cards denominated in both RMB and one or more foreign currencies. III. Issuance and Use of Domestic Cards 1. Domestic financial institutions may issue foreign currency entity credit cards, provided that there is no foreign exchange fund in such cards. They may also issue foreign currency entity debit cards to entities that have foreign exchange accounts under the current account with the issuing financial institutions, provided that the foreign exchange funds in these cards shall be incorporated into the fund management in the foreign exchange accounts under the current account. 2. Personal cards can be used to draw cash in RMB over the counter of domestic banks, and the banks that accept personal cardholdersapplications for drawing cash in RMB shall promptly enter the foreign exchange settlement information into the management information system for individual foreign exchange settlement and sale information. Personal cards can also be used to draw cash in foreign currencies listed for exchange over the counter of the card-issuing financial institutions, but may not be overdrawn or be used at ATM to draw cash in foreign currencies. 3. Entity cards may not be used to draw cash in any foreign currency or RMB within the territory of China . 4. Domestic cards can be used outside of China to pay for consumption under the current account, but may not be used to pay for other transactions. See Items 5 through 10 below for the detailed management rules. 5. All card-issuing financial institutions shall configure their systems based on the merchant category codes (MCC) listed in the Merchant Category Codes for the Use of Domestic Bank Cards outside of China (See Annex 1) and strictly restrict offline transactions. 6. The merchant category codes as listed in Annex 1 include three categories: completely prohibited, limited in terms of amount, and fully open. Completely prohibited codes refer to codes for which the cardholders are prohibited from carrying out transactions. Limited-in-amount codes refer to codes for which the amount of a single transaction made by a cardholder is limited to the equivalent of USD5, 000 or less, with the exception of the codes 6010 and 6011. Fully open codes refer to the codes for which there is no limit to the transaction amount. 7. Card-issuing financial institutions shall set a limit on cash withdrawals overseas under the merchant category codes 6010 (cash withdrawals over the counter) and 6011 (cash withdrawals at ATMs). The limit shall be the equivalent of USD1,000 per day cumulatively, USD5,000 per month cumulatively, and USD10,000 for each six months cumulatively. 8. All card-issuing financial institutions that carry out authorized transactions through an international bank card organization shall abide by the provisions of this Circular. 9. Card-issuing financial institutions that fail to set up the system in time due to technical problems or for any other reason shall report the incompliant transactions that occurred each month one by one to the State Administration of Foreign Exchange. 10. The merchant category codes listed in Annex 1 include four bank card organizations, i.e., Visa, MasterCard, American Express, and JCB. Financial institutions that issue cards bearing the symbol of other bank card organizations must report the involved merchant category codes to the State Administration of Foreign Exchange for archival purposes. IV. Acquiring Services for Foreign Cards 1. With a foreign card, one can withdraw cash in RMB within the territory of China . To withdraw cash over the counter, the bank shall promptly enter the foreign exchange settlement data into the management information system for individual foreign exchange settlement and sale; to withdraw cash at an ATM, the maximum amount shall be RMB3, 000 for each time. With a foreign card, one can also withdraw cash in foreign currencies over the counter of a domestic financial institution; withdrawals in foreign cash are not allowed at ATMs. 2. With regard to the un-used part of the RMB cash withdrawn within the territory of China by an overseas individual with a foreign card, he/she may, within 6 months after such withdrawal, have the amount converted back into the foreign currency over the counter of a bank upon the strength of the original voucher, such as the relevant ATM slip or the slip obtained at the counter of the acquiring financial institution, and may remit or carry it out of China in line with the relevant provisions. 3. Deposits of money into a foreign card through a domestic financial institution shall be deemed as remitting money overseas and shall be governed by the relevant provisions of the SAFE. 4. Foreign-funded financial institutions within the territory of China that have not opened the RMB business shall, when providing acquiring services for foreign cards, settle the RMB funds for the bank card through a special RMB account for foreign exchange settlement and sale opened upon the approval of the branch or sub-branch of the Peoples Bank of China in the place where the institution is located. V. Clearing, Payment, and Exchange Purchases with Foreign Currency Bank Cards 1. The use of foreign currency bank cards within the territory of China shall be governed by the provisions on foreign exchange administration prohibiting the valuation or settlement in foreign currencies within the territory of China . The settlement of transactions involving foreign currency bank cards accepted by domestic merchants (including duty-free shops) with the acquiring financial institutions shall be made in RMB. 2. Domestic card transactions within the territory of China shall be settled in RMB through domestic clearing channels after deducting the amount of cash in foreign currencies withdrawn over the counter. Any overdraft arising from domestic transactions shall be paid by the cardholder in RMB. 3. If, for any reason, the clearing of domestic transactions made within the territory of China with domestic cards is made through an international bank card organization, the card-issuing financial institution may, after clearing in foreign currency, purchase exchange with the RMB funds repaid by the cardholder to make up for the foreign exchange that has been used in the clearing. Clearing through an international bank card organization refers to two circumstances: the clearing of domestic transactions made with domestic foreign currency cards through an international bank card organization; and wrong throw,in which the clearing is made through an international bank card organization due to the acquiring service institutions mistreating a domestic home-foreign currency card as a foreign currency card, which, when used within the territory of China, shall be regarded as a RMB card. 4. The exchange received by an acquiring financial institution from an international bank card organization in connection with foreign currency bank card transactions within the territory of China shall, after deducting the amount of cash withdrawn over the counter in foreign currencies, be promptly settled. 5. Clearing between a merchant approved to accept, outside the territory of China , foreign currency bank cards, such as a domestic airline company, and an acquiring financial institution may be conducted in foreign exchange, and the card-issuing financial institution may make payments in foreign exchange. 6. For any overdraft of a domestic card arising from consumption or cash withdrawals outside China , the cardholder may make repayments with either his/her own foreign exchange or with the foreign exchange purchased from the card-issuing financial institution. 7. Where a card-issuing financial institution handles the foregoing exchange sales, the amount of exchange sold may not exceed the amount of foreign currency overdraft already accumulated on the domestic card, and the foreign exchange must be directly used to pay off the existing overdraft. 8. Various expenses by the domestic cards, annual fees, and fees for card replacement shall be calculated and charged in RMB, while other expenses may be either directly withheld by the banks from the exchange balance in the cards or paid by the cardholders in RMB. 9. Except for foreign exchange settlement for consumption within the territory of China with foreign currency cards (including domestic cards and foreign cards), withdrawal of RMB cash at ATMs with foreign cards and foreign exchange purchases for repayment of consumer expenditures made overseas with domestic cards, the individual foreign exchange settlement and sale business by bank cards shall be entered into the management information system for individual foreign exchange settlement and sale in line with the provisions. 10. Individuals who handle foreign exchange transactions through bank cards both inside and outside China must strictly observe the Measures for Individual Foreign Exchange Administration (Decree No. 3 [2006] of the Peoples Bank of China), the Detailed Rules for the Implementation of the Measures for Individual Foreign Exchange Administration (Annex to Document of Huifa No. 1 [2007]), and other provisions on individual foreign exchange administration. VI. Statistics and Filing of the Relevant Business of Foreign Currency Bank Cards 1. According to the principle of territorial jurisdiction, the foreign exchange settlement and sales statistics pertaining to foreign currency bank cards shall be made by the financial institutions receiving and settling the foreign exchange or withholding the amount in RMB and purchasing foreign exchange. 2. Declaration of the balance of payments statistics in connection with foreign currency bank cards shall be made in line with the Circular of the State Administration of Foreign Exchange on Printing and Distributing the Operating Rules for the Declaration of Balance of Payments Statistics through Financial Institutions (Huifa No.22 [2010]). 3. All card-issuing financial institutions shall summarize and annually file the Statistical Statements on Transactions and Foreign Exchange Purchases of Domestic Foreign Currency Bank Cards (see Annex 2) with the State Administration of Foreign Exchange. The statistical statements shall be submitted in hard copy (affixed with the official seal of the business department) within one month after the end of each year to: Huarong Plaza , No. 18, Fucheng Road , Haidian District, Beijing . Addressee: Bank Foreign Exchange Receipt and Expenditure Division, Balance of Payments Department of the State Administration of Foreign Exchange. Postal code: 100048. 4. Regarding large-sum deposits, cash withdrawals, or consumptions by foreign currency bank cards, the domestic financial institutions shall strictly fulfill the reporting obligations for anti-money laundering purposes. VII. Others 1. The consumption, cash withdrawal limits, and reporting of large-sum transactions with the affiliated cards of a domestic card shall be managed under the same account as the principal card. 2. In this Circular, one month refers to a calendar month, and six monthsrefers to six consecutive calendar months. 3. Domestic RMB card clearing organizations shall do a good job in the RMB clearing of domestic transactions involving home-foreign currency cards. Card-issuing financial institutions must report the bank identification number (BIN) of their home-foreign currency cards to the domestic RMB card clearing organizations for download by the acquiring financial institutions. The acquiring financial institutions shall properly set up bank card systems under which a RMB card is preferred over other cards when being read. 4. For the use of RMB cards outside of China , domestic RMB card clearing organizations responsible for information transfers shall make system setups in a unified way under the guidance of Annex 1. Domestic RMB card clearing organizations shall put Code 6010 in the completely prohibited category to prevent the use of RMB cards for the withdrawal of cash over the counter of banks outside of China . Monetary limits shall be set on Code 6011 which shall be the equivalent of RMB10, 000 per card per day. 5. Financial institutions operating foreign currency bank card business shall inform its customers of the foreign exchange administration policies in relation to foreign currency bank cards in a comprehensive and objective manner, and explain to the public the administrative provisions concerning the scope of use, overdrafts, and repayment of foreign currency bank cards. Any unilateral publicity or misleading representation shall be prevented. 6. All local foreign exchange authorities shall follow up and inspect implementation of the foreign exchange administration regulations and policies by domestic financial institutions within their jurisdiction of any dubious information involved in the publicity and business development in connection with the foreign currency bank cards. Any financial institution that makes any unilateral or false publicity shall be ordered to make corrections. The local foreign exchange authorities may, pursuant to the Regulations of the Peoples Republic of China on Foreign Exchange Administrtion and other relevant foreign administration regulations, impose penalties on the financial institutions, merchants, and individuals that violate the provisions on foreign exchange administration. VIII. This Circular shall come into force as of November 1, 2010. At the same time, the Circular of the State Administration of Foreign Exchange on Regulating the Administration of Foreign Currency Bank Cards (Huifa No.66 [2004]), the Circular of the State Administration of Foreign Exchange on Issuing the Merchant Category Codes Prohibited and Restricted for the Use of Domestic Bank Cards outside China (Huihan No.19 [2004]), the Circular of the State Administration of Foreign Exchange on Updating the Merchant Category Codes for the Use of Domestic Bank Cards outside China (Huifa No.110 [2004]), and the Circular of the State Administration of Foreign Exchange on Regulating Some New Merchant Category Codes for the Use of Domestic Bank Cards outside China (Huifa No.55 [2007]) shall be abolished. All branches and foreign exchange administration departments shall, after receiving this Circular, forward it to all central sub-branches, sub-branches, and Chinese-funded and foreign-funded financial institutions as soon as possible. In cases of any problems encountered during implementation, please immediately report them to the Balance of Payments Department of the State Administration of Foreign Exchange. Tel: 010-68402313, fax: 68402315. 2011-09-20/en/2011/0920/730.html
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In order to further promote the facilitation of trade and strengthen foreign exchange administration for trade in goods, the State Administration of Foreign Exchange, the State Administration of Taxation, and the General Administration of Customs have decided to reform the foreign exchange administration system for trade in goods and to optimize and upgrade the information-sharing mechanism for foreign exchange receipts from exports and export rebates. Entering into effect as of December 1, 2011, the pilot reform will take place in Jiangsu , Shandong , Hubei , Zhejiang (excluding Ningbo ), Fujian (excluding Xiamen ), Dalian , and Qingdao . An announcement is hereby made as follows: I. Reform of the foreign exchange administration mode for trade in goods During the pilot period, the Guidelines for the Pilot Implementation of the Foreign Exchange Administration for Trade in Goods and the Detailed Rules on Implementation of the Guidelines for the Pilot Implementation of the Foreign Exchange Administration for Trade in Goods enacted by the State Administration of Foreign Exchange (see the Annex, hereinafter referred to as the “Pilot Regulations”) shall be implemented for trial and the enterprises in the pilot regions will not be required to undergo procedures for the verification and writing-off of foreign exchange collections from exports. The foreign exchange authorities in the pilot regions shall change their foreign exchange administration mode for trade, from on-site verification and writing-off on a case-by-case basis to off-site aggregate verification, and through the Foreign Exchange Monitoring System for Trade in Goods they shall collect comprehensive enterprise data with respect to the imports and exports of goods and foreign exchange receipts and payments from trade on a case-by-case basis, shall regularly compare and assess the overall match between the flows of goods and the flows of capital and shall facilitate enterprise compliance with foreign exchange receipts and payments from trade; and shall carry out focal monitoring and where necessary on-site verifications of enterprises with unusual circumstances. II. Dynamic classified management of enterprises in the pilot regions The foreign exchange authorities in the pilot regions shall classify Category A, B, and C enterprises based on their foreign exchange receipts and payments from trade compliance, with the provisions on foreign exchange administration. The documents required for foreign exchange payments for imports by Category A enterprises shall be simplified, and the foreign exchange payments may be directly handled by the banks upon the strength of the import customs declarations, contracts, invoices, or any other documents that prove the authenticity of the transactions; and foreign exchange collections from exports will not be subject to online inspections; and the banks’ examination procedures with respect to receipts and payments of foreign exchange shall be simplified accordingly. Strict supervision shall be applied to Category B and Category C enterprises with respect to document examination for foreign exchange receipts and payments from trade, business types, and modes of settlement. Foreign exchange receipts and payments from trade of Category B enterprises shall be subject to electronic data verification by the banks, and foreign exchange receipts and payments from trade of Category C enterprises shall be subject to prior registration with the foreign exchange authorities on a case-by-case basis. The foreign exchange authorities in the pilot regions shall dynamically adjust the results of the classification based on the enterprises’ compliance with the Pilot Regulations during the period of validity of the classified management. Where Category A enterprises violate the regulations on foreign exchange administration, they shall be downgraded to Category B or Category C enterprises; where Category B or Category C enterprises have been in compliance with the regulations on foreign exchange administration during the period of validity of classified management, they may be upgraded to Category A enterprises after expiry of the period of validity of the classified management. III. Simplification of export-rebate vouchers During the pilot period, where the export enterprises in the pilot regions apply for export rebates, they are not required to provide a paper Export Verification Form for Foreign Exchange Collection. The tax authorities shall, in accordance with the relevant provisions, examine the enterprises’ export rebates with reference to the information provided by the foreign exchange authorities on the foreign exchange receipts from exports and the classification of the enterprises. IV. Adjustment of customs declaration procedures for exports During the pilot period, where export enterprises in the pilot regions make customs declarations for exports, they shall still provide an Export Verification Form for Foreign Exchange Collections in accordance with the provisions in force. Upon nationwide acceptance of the reform of the foreign exchange administration system for trade in goods, the General Administration of Customs and the State Administration of Foreign Exchange will adjust the export customs declarations procedures and shall cancel the Export Verification Form for Foreign Exchange Collections. V. Reinforcement of joint supervision by the authorities The enterprises in the pilot regions shall strictly comply with the relevant provisions, enhance their awareness of honesty, strengthen their self-regulation, and conscientiously operate according to the law. The State Administration of Foreign Exchange, the State Administration of Taxation, and the General Administration of Customs will further strengthen their cooperation and realize data-sharing; improve the coordination mechanism and form a regulatory synergy; and rigorously crack down on irregular cross-border capital flows and on activities such as tax fraud and smuggling in violation of the relevant laws. The specific issues related to foreign exchange administration, export rebates, and export customs declarations involved in this Announcement shall be governed separately by the provisions enacted by the relevant authorities. During the pilot period, where other regulations conflict with this Announcement, the latter shall prevail in the pilot regions. September 9, 2011 FILE: Guidelines for the Pilot Implementation of Foreign Exchange Administration of Trade in Goods.eng FILE: Detailed Rules on Implementation of the Guidelines for the Pilot Implementation of Foreign Exchange Administration of Trade in Goods.eng 2011-09-15/en/2011/0915/729.html
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Provincial, Autonomous Region, and Municipal Branches, Foreign Exchange Departments, Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo Branches of the SAFE and designated national foreign exchange banks: To be in line with the new international standards for BOP statistics and to enhance the monitoring of cross-border capital flows, the State Administration of Foreign Exchange (SAFE) has revised and released the Classifications and Codes for Transactions of Foreign-Related Receipts and Payments. Meanwhile, the new Industrial Classifications and Codes for national economic activities shall be used according to the new national standards. The two types of classifications and codes will come into force as of May 1, 2014. Implementation matters are hereby notified as follows: I. Adjustments of the involved codes 1. Classifications and codes for transactions of foreign-related receipts and payments are used to declare transactions of foreign-related receipts and payments. Transactions of foreign-related receipts and payments refer to BOP transactions and other economic transactions in relation to foreign-related receipts and payments. These revised and newly released classifications and codes for transactions of foreign-related receipts and payments are the 2014 version (hereinafter referred to as the new transaction codes, see Appendix 1). Refer to Appendix 2 for the Table of Codes for Transactions of Foreign-related Receipts and Payments (Receipts/Payments). The transaction codes for domestic receipts and payments under verification of trade in goods, domestic receipts and payments of foreign exchange under verification of non-trade in goods, and settlement and sales of foreign exchange under the foreign exchange account shall be included within the above. 2. Codes for BOP transactions. According to the Circular of the SAFE on the Issuance of the Operating Procedures for the Declaration of BOP Statistics via Financial Institutions (Huifa No. 22 [2010]), non-banking institutions and individuals shall declare the BOP statistics for foreign-related receipts or payments via domestic banks and the involved BOP transaction codes shall be adjusted to the new transaction codes. The codes for BOP transactions adopt part of the content of the Classifications and Codes for Transactions of Foreign-Related Receipts and Payments: codes for receipts including “121050,” “121060,” “121070,” “521010,” “621050,” “621060,” “621070,” “622040,” “622050,” “622060,” “622070,” “821041,” “821042,” “822041,” “822042,” “822050,” and transaction codes for receipts starting with 92 are not adopted; and codes for payments including “121050,” “121060,” “121070,” “521010,” “621040,” “621050,” “621060,” “621070,” “622040,” “622050,” “622060,” “622070,” “821041,” “821042,” “822041,” “822042,” “822050” and transaction codes for payments starting with 92 are not adopted. 3. Transaction codes under the capital account that will be adjusted according to the new transaction codes. These codes are the transactions codes beginning with 5, 6, 7, 8, and some codes starting with 9 in the Classifications and Codes for Transactions of Foreign-Related Receipts and Payments. Some codes starting with 9 refer to transaction codes for receipts, excluding “921030,” “922010,” “922090,” “925010,” “925020,” “929030,” and “929080,” and transaction codes for payments, excluding “921030,” “922090,” “925010,” “925020”, “929030,” and “929080”. 4. The Industrial Classifications and Codes for National Economic Activities shall be used according to the new national standards (GB/T 4754-2011) (hereinafter referred to as the new industrial codes, see Appendix 3). II. Implementation steps for changing the codes 1. Business changes. Designated foreign exchange banks (hereinafter referred to as the “banks”) shall use the new transaction codes and the adjusted codes for BOP transactions, the transaction codes under the capital account, and the new industrial codes in their own systems starting from May 1, at 00:00. Banks shall guide the declaration entities to make the declarations using the new codes beginning from May 1. 2. System changes. The SAFE will store the interface data, including the BOP, company profile, and account information in the database using the old codes for the last time on April 30, at 11:59 pm and shall provide error feedback on time. Starting from May 1, at 00:00, the banks shall fill in or submit the interface data using the new codes (including the data not declared before May 1 or the data declared before May 1 but needing to be modified) and thereafter the business systems of the SAFE will no longer receive or use the old codes. With no other elements requiring re-submissions due to these changes, the historical data (including the business and filing data) shall not be re-submitted using the new codes. III. Other related matters 1. Banks can change their historical data based on the concordance table for the old and new codes, which will be available at www.safe.gov.cn and http://banksvc.safe. 2. Some business systems of the SAFE will be shut down from May 1 to May 3 for the change of the old codes to the new codes. More information will be released at www.safe.gov.cn and http://banksvc.safe. 3. An application has been submitted to the National Financial Standardization Technology Committee and the Standardization Administration Committee of the People's Republic of China for the current revisions of the recommended Classifications and Codes for Transactions for Foreign-Related Receipts and Payments (GB/T 19583—2004). 4. Upon receipt of this Circular, branches and Foreign Exchange Departments of the SAFE shall immediately forward it to the banks under their jurisdiction and provide training for the declaration entities under their jurisdiction. Please contact the SAFE if you have any questions during implementation. For the new transaction codes, please call 010-68402448; for the new industrial codes, please call 010-68402459; and for technical support, please call 010-68402459. Appendices: 1. Classifications and Codes for Transactions of Foreign-Related Receipts and Payments (2014) 2. Table of Codes for Transactions of Foreign-related Receipts and Payments (Receipts/Payments) 3. New and Altered Industrial Classifications and Codes of National Economic Activities (GB/T 4754-2011) State Administration of Foreign Exchange April 16, 2014 FILE: Classifications аnd Codes for Transactions of Foreign-related Receipts аnd Payments (2014) FILE: Table of Codes for Transactions of Foreign-related Receipts аnd Payments FILE: New аnd Altered Industrial Classifications аnd Codes of National Economic Activities 2014-12-08/en/2014/1208/750.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange(SAFE) in all provinces, autonomous regions, and municipalities directly under the central government, and SAFE branches of Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo: In accordance with the Regulations of the Peoples Republic of China on the Administration of Foreign-funded Banks, which were promulgated by the State Council on November 11, 2006, a circular on foreign exchange management issues involved in the transformation of the branches of foreign-funded banks is hereby given as follows: 1. Business qualifications Wholly foreign-funded banks after the transformation shall take over the licenses for spot purchases and sales of foreign exchange, forward purchases and sales of foreign exchange, swaps of renminbi against foreign currencies, and other renminbi derivatives against foreign currencies that the original branches of the foreign banks had already obtained, and shall attend to the procedures to alter the registration at the local SAFE branches (including the foreign exchange administrative departments, hereinafter referred to as SAFE branches). The branches of the wholly foreign-funded banks shall take over the licenses for foreign exchange purchases and sales and renminbi derivatives against foreign currencies that the same outlets had obtained before the transformation, and shall attend to the procedures to alter the registration at the local SAFE branches. The wholly foreign-funded banks after the transformation shall take over the membership in the foreign exchange market of the original branches of the foreign-funded banks. The wholly foreign-funded banks, taking over the membership in the inter-bank spot foreign exchange market, shall go through the procedures to alter the registration at the China Foreign Exchange Trade System; the wholly foreign-funded banks taking over the licenses for inter-bank forward foreign exchange transactions and inter-bank renminbi swaps against foreign currencies shall report the changes to the China Foreign Exchange Trade System for preliminary inspection and to the SAFE to alter the registration; the wholly foreign-funded banks taking over the licenses for market-makers of renminbi-foreign currency transactions in the inter-bank foreign exchange market shall report the changes to the SAFE for registration and filing. The branches of foreign-funded banks that had obtained the license for QFII custodian shall, after the transformation, apply to the SAFE to confirm their taking over of the license for QFII custodian. If the wholly foreign-funded banks take over the license, a procedure to alter the registration shall be undertaken at the SAFE. If the branches of foreign-funded banks that keep the foreign exchange wholesale business (hereinafter referred to as bookkeeping branches) take over the license, a registration procedure shall be undertaken at the SAFE. The wholly foreign-funded banks transformed from the branches of foreign-funded banks with a QDII license may take over their QDII quotas directly. 2. Management of the general position over foreign exchange purchases and sales The SAFE and its branches shall implement the ongoing method to manage the general position over foreign exchange purchases and sales of wholly foreign-funded banks. The wholly foreign-funded banks may take over the general position quotas over foreign exchange purchases and sales of the original branches of the foreign-funded banks. If the wholly foreign-funded banks need to adjust the general position quotas over foreign exchange purchases and sales, they shall, based on their amount of capital, apply to the local SAFE branches in accordance with the Circular of the SAFE on Adjusting the Method of Managing Bank Foreign Exchange Purchase and Sale Positions (HuiFa No.69 [2005]) and the Circular of the General Affairs Department of the SAFE on Prescribing the Banks General Position Quotas over Foreign Exchange Purchases and Sales (HuiZongFa No. 118 [2005]), and other relevant provisions. The bookkeeping branches not implementing centralized management of the general position over foreign exchange purchases and sales before the transformation may take over the general position quotas over the foreign exchange purchases and sales of the original branches of the foreign-funded banks. The bookkeeping branches implementing centralized management of the general position over foreign exchange purchases and sales before the transformation shall carry the relevant documentation to the local SAFE branches to apply for a re-prescription of their general position quotas over foreign exchange purchases and sales. 3. Transfers of foreign exchange capital and exchanges between local and foreign currencies Transfers of foreign exchange operating funds between wholly foreign-funded banks and their branches after the transformation can be made at their own discretion. Exchanges between domestic and foreign currencies of foreign-funded bankscapital (or operating funds) are subject to advance approval by the local SAFE branches in accordance with the Circular of the SAFE on the Approval Principles and Procedures for the Banks' Own Foreign Exchange Purchases and Sales under the Capital and Financial Account (HuiFa No.61 [2004]). When the accumulated amount of one-year exchanges between domestic and foreign currencies is more than the equivalent of USD 500 million (including USD 500 million), the local SAFE branches shall give preliminary approval and report to the SAFE for further approval. 4. Accounting items for foreign exchange purchases and sales Wholly foreign-funded banks after the transformation shall, in accordance with the Interim Measures for the Management of the Designated Foreign Exchange Banks' Handling of Foreign Exchange Purchase and Sale Operations (Decree of the People's Bank of China No.4 [2002]), establish independent foreign exchange purchase and sale accounting items, separate foreign exchange purchases and sales for the clients, their own foreign exchange purchases and sales, intra-system foreign exchange purchase and sale positions management transactions, and market foreign exchange purchase and sale positions management transactions, and they shall be accounted for separately under the accounting items for foreign exchange purchases and sales. The wholly foreign-funded banks that cannot meet the aforesaid requirements by the end of the preparatory period for the transformation shall meet the said requirements within two years after obtaining approval to start operations from the China Banking Regulatory Commission. 5. Management of surplus quotas for short-term external debts and external guarantees The wholly foreign-funded banks after the transformation shall take over the quotas of the short-term external debt and external financial guarantees provided to overseas enterprises from the original branches of the foreign banks, and shall report to the SAFE and the local SAFE branches. The registrations of claims, debts, and external guarantees that were originally handled by the branches of the foreign banks shall accordingly now be handled by the wholly foreign-funded banks. The changes in the external debts registration shall be handled collectively at one time by the banks at the SAFE. The registration changes of the external guarantees and domestic foreign exchange loans shall be handled collectively at one time by the guarantors or claimants at the local SAFE branches/ sub-branches. If an overseas bank has both a wholly foreign-funded bank and a bookkeeping branch in China, the said wholly foreign-funded bank and the bookkeeping branch shall share the surplus quotas of the short-term external debt and the external financial guarantees provided to the overseas enterprise. The wholly foreign-funded bank shall be responsible for management. To go through the aforesaid registration changes or filing, a written application, the approval to start a business issued by the China Banking Regulatory Commission, the licenses for relevant operations issued by the foreign exchange bureaus, and other documents required by the foreign exchange bureaus shall be presented. All SAFE branches shall simplify the procedures for approving a change of registration. On receiving this Circular, all SAFE branches shall transmit it promptly to the sub-branches and foreign-funded banks under their jurisdiction. In cases of any problems encountered during implementation, please send the feedback to the SAFE in a timely manner. Telephone numbers: Balance of Payments Department: 010-68402464, 68402311; Fax numbers: 010-68402315, 68402303 Capital Account Management Department: 010-68402247, 68402348; Fax numbers: 010-68402208, 68402349 2011-09-21/en/2011/0921/731.html
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Provincial, Autonomous Region, and Municipal Branches, Foreign Exchange Departments, Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo Branches of the SAFE, and designated China-funded foreign exchange banks: To deepen the reform of the foreign exchange administration system, streamline administrative approval procedures, and regulate receipt and payment activities under cross-border guarantees, the State Administration of Foreign Exchange (SAFE) has decided to improve the methods of foreign exchange administration for cross-border guarantees and has developed the Provisions on Foreign Exchange Administration for Cross-border Guarantees and its operational guidelines (hereinafter referred to as “these Provisions”). These Provisions are now issued to you for implementation. These Provisions will come into force as of June 1, 2014. If there is any inconsistency between previously issued regulations and these Provisions, these Provisions will prevail. When these Provisions become effective, the regulations as listed in Annex 3 will be repealed. Upon receipt of these Provisions, the SAFE branches and Foreign Exchange Departments should promptly forward them to the central sub-branches, sub-branches, urban commercial banks, rural commercial banks, foreign banks, and rural credit cooperatives under their respective jurisdictions, and the China-funded banks should promptly forward them to the branches under their jurisdictions. Please contact the Capital Account Administration Department of the SAFE immediately should any problems be encountered in terms of their implementation. Annex: 1. Provisions on Foreign Exchange Administration for Cross-border Guarantees 2. Operational Guidelines for Foreign Exchange Administration for Cross-border Guarantees 3. Catalogue of the Repealed Regulations The State Administration of Foreign Exchange May 12, 2014 FILE: Provisions on Foreign Exchange Administration for Cross-border Guarantees FILE: Operational Guidelines for Foreign Exchange Administration of Cross-border Guarantees FILE: Catalogue of the Repealed Regulations 2014-08-22/en/2014/0822/745.html
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To the Shanghai Headquarters, Branches, Business Management Departments, and Central Sub-branches in the capital cities of provinces (autonomous regions) and insub-provincial cities；the branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the central government, the SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, all Chinese-funded designated foreign exchange banks, and the China Foreign Exchange Trade System: To further enhance the formation mechanism for RMB market-based exchange rates, the following issues concerning management of the trading rates in the interbank foreign exchange market and the exchange rates posted by banks are hereby notified: 1. The People’s Bank of China (hereafter “the PBC”) authorizes the China Foreign Exchange Trading Center (hereafter “the Center”) to announce to the public, at 9:15 AM of each working day, the mid-rates of the RMB to the USD, EUR, JPY, HKD, GBP, MYR, RUB, AUD, CAD, and NZD for the day, as the mid-rates for interbank spot foreign exchange market transactions (including those on a quoting or matching basis) for that day. The mid-rates, which are announced for that day by the Center, as authorized by the PBC, shall prevail upon such announcement until an announcement of new mid-rates. 2. The formation mechanism of the RMB/USD mid-rate is as follows: the Center makes a price enquiry prior to the opening of the interbank foreign exchange market on a daily basis to the market makers and uses the quotations of the market makers as the sample to calculate the RMB/USD mid-rate, deletes the highest and lowest quotations and obtains the RMB/USD mid-rate for that day based on the weighted average of the remaining quotations; the weightedfunction is determined on a comprehensive basis by the Center according to indicators such as the trading volume and the quotations of the market makers in the interbank foreign exchange market. 3. The Center determines the mid-rates of the RMB to the EUR, HKD, and CAD respectively on a cross-rate basis according to the mid-rate of the RMB to the USD for the day, and the rates of the EUR, HKD, and CAD to the USD in the international foreign exchange market at 9:00 AM. The Center determines the mid-rates of the RMB to the JPY, GBP, AUD, NZD, MYR, and RUBrespectively according to the average quotations of the corresponding currencies made by the market makers for direct dealings prior to the opening of the interbank foreign exchange market on a daily basis. 4. The daily trading rate of the RMB/USD in the spot foreign exchange market may move within a range of plus or minus 2% from the mid-rate of the RMB/USD announced for the day by the Center. The trading rates of the RMB to the EUR, JPY, HKD, GBP, AUD, CAD, and NZD may move within a range of plus or minus 3% from the mid-rate of the RMB to the corresponding currency as announced by the Center.The trading rates of the RMB to the MYR and RUB may move within a range of plus or minus 5% from the mid-rate of the RMB to the corresponding currency as announced by the Center. The ranges the movement of the trading rates of the RMB to other non-USD currencies are separately prescribed. 5. The banks may post to its clients, on an independent basis, the exchange rates of the RMB to various currencies according to market demand and pricing ability; the buying and selling rates for spot exchanges or cash are not subject to any limits, but are subject to independent pricing according to market supply and demand. The banks shall establish and consolidate the internal control system for the posted exchange rates so as to prevent risks and to avoid unfair competition. 6. This Circular shall enter into effect as of the date of issuance. The Circular of the People’s Bank of China on Issues Concerning Management of the Trading Rates in the Interbank Foreign Exchange Market and the Exchange Rates Posted by DesignatedForeign Exchange Banks (YinfaNo. 183 [2005]), the Circular of the People’s Bank of China on Further Improving Management of the Trading Rates in the Interbank Foreign Exchange Market and the Exchange Rates Posted by Designated Foreign Exchange Banks (Yinfa No. 250 [2005]), and the Circular of the People’s Bank of China on Issues Concerning Management of the Trading Rates in the Interbank Foreign Exchange Market and the Exchange Rates Posted by Designated Foreign Exchange Banks (Yinfa No. 325 [2010])shall be simultaneously abolished. This Circular shall prevail for relevant issues concerning the management of the trading rates in the interbank foreign exchange market and the exchange rates posted by banks referred to in other documents issued by the PBC and the SAFE. People’s Bank of China July 1, 2014 2014-08-06/en/2014/0806/744.html
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The branches and foreign exchange administration departments of the State Administration of Foreign Exchange (the SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, all policy banks, state-owned commercial banks, joint-stock commercial banks, and the China Foreign Exchange Trade System: For the purpose of promoting foreign exchange market development, the following relevant matters are hereby notified concerning adjustments in the business management of RMB foreign exchange derivative products according to the Interim Measures for Management of Conducting Settlements and Sales of Foreign Exchange by Designated Foreign Exchange Banks and other legal and regulatory stipulations: I. Streamlining access administration for foreign exchange swap and currency swap businesses. Banks and their branches that have obtained (including during the period prior to implementation of this Circular) qualifications for forward settlements and sales of foreign exchange business in line with the Circular of the People’s Bank of China Concerning Expansion of Forward Foreign Exchange Settlements and Sales to Clients and Launching RMB and Foreign Currency Swap Businesses by Designated Foreign Exchange Banks (Yinfa No. 201 [2005]) may automatically obtain business qualifications for foreign exchange swaps and currency swaps, and are not required to apply again for filing. Before the banks and their branches newly launch foreign exchange swap and currency swap business for clients, they shall confirm with the State Administration of Foreign Exchange (SAFE) or their branches and sub-branches the statistics on their settlements and sales of foreign exchange and other administrative matters. II. Increasing the principal exchange modes for currency swap business. Banks can repay the principal and interest for domestic and overseas foreign currency liabilities of clients in conformity with the foreign exchange administrative stipulations, conduct currency swap business without actual exchanges of the principal on the effective date of the contract or currency swap business with or without actual exchanges of the principal on the date of maturity, and can add the principal exchange mode for inter-bank foreign exchange market currency swap business accordingly. For foreign exchange exposure generated in the aforementioned currency swap business, banks can integrate it into their overall position for the settlement and sale of foreign exchange for uniform management. III. Supporting banks to refine options business pricing and risk management With regard to the balance settlement options business conducted for clients or on the inter-bank foreign exchange market by banks in line with the Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Options Transactions of RMB to Foreign Exchange (Huifa No. 8 [2011]), the reference price may be determined by both trading partners in line with the business principles upon consultation, but it shall be the authentic and effective domestic market exchange rate. Banks can select a reasonable and proper approach and the parameters based on their own discretion to measure the Delta position of the options and to integrate them into the overall position of the settlements and sales of foreign exchange for universal management. IV. When banks conduct RMB foreign exchange derivative product business for clients, they shall follow the principles of “knowing your clients,” “knowing your business,” and “due diligence reviews,” and shall sell the right products to the right clients, strengthen risk disclosure and their own risk management, and conduct business in a prudent and compliant manner. V. The China Foreign Exchange Trade System shall, in line with the stipulations in this Circular, adjust the relevant trading rules and systems of the inter-bank foreign exchange market accordingly and shall do a good job in terms of technical support. VI. This Circular will enter into effect as of January 1, 2014. Upon receiving this Circular, the branches and foreign exchange departments of the SAFE shall immediately distribute it to the banks and currency brokerage companies under their respective jurisdictions. The Circular is hereby notified. State Administration of Foreign Exchange December 16, 2013 2014-08-01/en/2014/0801/742.html
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In order to adapt to the development of banks’ transport of foreign currency banknotes and further standardize administration of banks’ transport of foreign currency banknotes into or out of the territory of the PRC, the State Administration of Foreign Exchange (SAFE) and the General Administration of Customs (GAC) jointly revised the Regulations on the Administration of Banks’ Transport of Foreign Currency Banknotes Into or Out of the Territory of the PRC (see the attachment). It is hereby printed and distributed to you and the relevant particulars are notified as follows: I. Banks that already qualify to transport foreign currency banknotes into or out of PRC territory prior to the issuance of this Circular do not need to reapply for such qualification. II. The License for Banks’ Transport of Foreign Currency Banknotes Into or Out of PRC Territory that has been printed and signed by the SAFE prior to the issuance of this Circular shall remain valid until September 30, 2015. Licenses that have not been used by then will be uniformly reclaimed and destroyed by the SAFE. After receiving the Regulations, the branches and administrative departments of the SAFE shall timely transfer them to the central sub-branches, sub-branches, and Chinese-foreign banks within their respective jurisdictions. The Circular of the State Administration of Foreign Exchange and the General Administration of Customs on the Issuance of Regulations on the Administration of Banks’ Transport of Foreign Currency Banknotes Into or Out of the Territory of the PRC (Huihan No. 65 [1998]), the Circular of the State Administration of Foreign Exchange and the General Administration of Customs on Issues Concerning Banks’ Transport of Macau Pataca Banknotes (Huifa No. 204 [1999]), the Circular of the Comprehensive Department of the State Administration of Foreign Exchange and the General Office of the General Administration of Customs on Issues Concerning the Transport of Russian Ruble Banknotes Into or Out of the Territory of the PRC (Huizongfa No. 44 [2004]), and the Circular of the Comprehensive Department of the State Administration of Foreign Exchange and the General Office of the General Administration of Customs on Issues Concerning Banks’ Transport of Foreign Currency Banknotes Into or Out of the Territory of the PRC Handled by the Urumqi Port Customs (Huizongfa No. 198 [2007]) shall simultaneously be repealed. If problems arise in implementation, please contact the SAFE and the GAC in a timely manner. Contact No. of the SAFE: 010-68402313 Contact No. of the GAC: 010-65194959 Attachment: Regulations on the Administration of Banks’ Transport of Foreign Currency Banknotes into or Out of the Territory of the PRC State Administration of Foreign Exchange (SAFE) General Administration of Customs (GAC) April 22, 2014 FILE: Regulations on the Administration of Banks’ Transport of Foreign Currency Banknotes Into or Out of the Territory of the PRC 2014-08-01/en/2014/0801/743.html