-
The SAFE convened an extended meeting of the central team of the Party Leadership Group on September 21, 2009 to deliver and study the spirit of the Fourth Plenary Session (hereinafter referred to as the Session) of the 17th CPC Central Committee, and made plans for the tasks related to implementation of the spirit of the Session. Yi Gang, secretary of the Party leadership Group and administrator of the SAFE, chaired the meeting. It was pointed out at the meeting that the Session is an important meeting on the eve of the 60th anniversary of the founding of the New China, which is of significant and far-reaching importance for carrying out the spirit of the 17th CPC National Congress in an all-around manner, deeply implementing the scientific outlook on development, effectively coping with the impact of the global financial crisis, maintaining steady and rapid growth of the national economy, striving for new victories for the building of well-off society, as well as opening up new prospects for the construction of socialism with Chinese characteristics. It was proposed at the meeting that all Party members and cadres of the SAFE should earnestly comprehend the spirit of the Session, act in full conformity with the CPC Central Committee, continue to emancipate the mind, strive to be innovative and to blaze new trails, actively update concepts for foreign exchange administration, further enhance the service-oriented and market-oriented awareness of foreign exchange administration, constantly increase the service and management level of foreign exchange administration, and conscientiously safeguard the economic and financial security of the state so as to promote the steady and rapid development of the national economy. Yi Gang stressed that there still will be twists and turns before the global economy recovers. Since the foundation for an upswing in Chinas national economy is still not stable, firm, and balanced, the national economy is at a critical stage for maintaining growth and rebounding. To do a good job in foreign exchange administration requires that we comply with the important and strategic planning of the Session on strengthening and improving Party construction for the present and for the upcoming period, exert a major effort to construct a study-oriented Marxist political party, improve ideological and political consciousness of all Party members, persist in and perfect the system of democratic centralism, actively develop intra-Party democracy, deepen the reform of the personnel system relating to cadres, build ranks of high-quality cadres, fulfill the duties for fundamental work by improving work at the grassroots level, consolidate the organizational foundation for the leadership of the Party, carry forward the fine work style of the Party, maintain close bonds between the Party and the masses, speed up construction of a system to punish and prevent corruption, and thoroughly carry out the anti-corruption drive. It was pointed out at the meeting that some uncertainty will still exist for some time to come in terms of international capital flows and the balance of payments. Against the backdrop of the new circumstances and challenges, the foreign exchange administration departments should consolidate confidence and enhance the sense of crisis and risk awareness. The departments should continue to prioritize the maintenance of steady and rapid growth of the national economy as well as to promote a basic equilibrium in the balance of payments for foreign exchange administration, based on a scientific judgment of the economic situations both at home and abroad. The foreign exchange administrations must consistently cater to the needs for the steady and rapid growth of the national economy when fulfilling their duties, act in conformity with the policy orientation to prevent massive outflows or sudden influxes of capital, and conscientiously carry out the following foreign exchange administration tasks based on implementation of the spirit of the Session: First, further facilitate foreign exchange collection and payments for various market entities, expedite the reform of the verification and writing-off system for foreign exchange collection and payments for imports and exports, and constantly improve foreign exchange administration for trade in services. Second, further intensify efforts to reform and innovate the mechanism for foreign exchange administration, continue to emphasize the expansion of channels for capital outflows, push forward the opening of the capital account in a prudent and orderly manner, steadily promote product innovation on the foreign exchange market, and provide enterprises with more risk-hedging instruments. Third, further improve supervision for foreign exchange administration, enhance efforts for system integration, improve the statistical and monitoring system for cross-border fund flows, further enhance statistics, monitoring, analysis, and early warning levels for cross-border fund flows and the balance of payments, expedite the construction of foreign exchange administration laws and regulations, further increase the transparency and public credibility of foreign exchange administration, strengthen the balanced administration of cross-border fund inflows and outflows, and continue to improve the contingency mechanism for the balance of payments. Fourth, persist in fulfilling the responsibilities for the construction of Party work style and clean administration, intensify efforts for education, supervision, reform, and system innovation, enhance education on clean administration and self-discipline of cadres, improve various systems for the construction of Party work style and clean administration, and establish and perfect the internal control mechanism for administrative power so as to constantly reach new achievements in the construction of Party work style and clean administration. (The End) 2009-09-21/en/2009/0921/899.html
-
We are an official institution under the State Administration of Foreign Exchange (SAFE), responsible for China's foreign exchange reserve management. We are now looking for high caliber professionals who share our commitment to "professional, responsible and international" asset management to join us. Our Culture Composed of young, qualified and motivated staff from diversified academic backgrounds of finance, economics, engineering, maths, computer science, languages and human resources etc., we embrace "Dedication, Discipline, Enterprise and Cooperation" as our core value and we attach utmost importance to the safety, liquidity, diversification and return of reserve assets under our management. We value human capital as the most important resource and offer competitive reward incentives. Vacancies Currently, we have the following job vacancies, based in Beijing headquarter and overseas offices: portfolio management, transaction execution, manager of managers, research and analysis, system development, operations and legal consultation. Requirement 1.Bachelor, Master or PhD degree from world renowned universities; 2.Over 2-year working experience with renowned overseas financial institutions; 3.Good command of both Chinese and English as working language; 4.Computer proficiency; 5.Other criteria specific to the vacancy. Application Procedures 1.Please visit the website of http://safe.chinahr.com to submit your CV and cover letter; 2.Application Deadline: December 4th,2009 (24:00 Beijing Time); 3.Short-listed applicants will be invited to interview after documentation screening; 4.New recruits will be required to sign Employment Contracts (with probation) in accordance with Chinese and local regulations. Contact Tel: 86-10-66218899 ext. 3073 (8:00-17:00 Beijing time) Fax: 86-10-66213319 Email: HR@mail.rmd-safe.gov.cn (recommended) 2009-10-31/en/2009/1031/903.html
-
After twice disclosing in 2006 and 2007 the names of over 600 untraceable companies accused of foreign exchange fraud and in order to coincide with the 2008 nationwide Promotion of Honest Business Operations Month, the SAFE recently again disclosed cases of fraud by untraceable enterprises. Since April 2006, the SAFE has implemented a system for disclosure of (negative) information regarding illegal foreign exchange activities throughout the country, regularly releasing the information publicly and responding to online inquiries, in particular exposing information about fraud by untraceable enterprises both on the Web site of the SAFE and in the Financial Times. The 83 cases of fraud in the present disclosure represent the recent results of the foreign exchange administration and law enforcement inspections. In their operations, these enterprises violated the relevant laws and regulations of the state regarding foreign exchange administration. In addition, for other reasons they had their entity qualifications deregistered. As a result, the foreign exchange administrative departments cannot place the cases thereof on file or impose punishment. Such behavior not only disrupted the normal business environment and orderly competition in the foreign exchange market, but also resulted in hidden dangers to the financial security of the state. Therefore, enterprises and the relevant departments shall pay more attention to untraceable enterprises that commit foreign exchange violations, and shall prevent them from continuing to become in involved in other illegal activities that may cause damages to enterprises that are engaged in normal business operations. After twice disclosing in 2006 and 2007 the names of over 600 untraceable companies accused of foreign exchange fraud and in order to coincide with the 2008 nationwide Promotion of Honest Business Operations Month, the SAFE recently again disclosed cases of fraud by untraceable enterprises. Since April 2006, the SAFE has implemented a system for disclosure of (negative) information regarding illegal foreign exchange activities throughout the country, regularly releasing the information publicly and responding to online inquiries, in particular exposing information about fraud by untraceable enterprises both on the Web site of the SAFE and in the Financial Times. The 83 cases of fraud in the present disclosure represent the recent results of the foreign exchange administration and law enforcement inspections. In their operations, these enterprises violated the relevant laws and regulations of the state regarding foreign exchange administration. In addition, for other reasons they had their entity qualifications deregistered. As a result, the foreign exchange administrative departments cannot place the cases thereof on file or impose punishment. Such behavior not only disrupted the normal business environment and orderly competition in the foreign exchange market, but also resulted in hidden dangers to the financial security of the state. Therefore, enterprises and the relevant departments shall pay more attention to untraceable enterprises that commit foreign exchange violations, and shall prevent them from continuing to become in involved in other illegal activities that may cause damages to enterprises that are engaged in normal business operations. 2008-10-07/en/2008/1007/878.html
-
For the purpose of improving the service level of individual domestic and foreign currency exchange businesses and satisfying the ever-increasing demand for individual domestic and foreign currency exchange, the State Administration of Foreign Exchange (SAFE) has approved the carrying out of pilots for individual domestic and foreign currency exchange franchise businesses in Beijing and Shanghai . In the pilots, eligible domestic non-financial institutions may provide domestic and foreign currency exchange services for individuals upon approval, operate domestic individual foreign exchange sale and purchase business and overseas individual foreign exchange sale business within the prescribed annual total quota, and handle the business of converting RMB into foreign currency for overseas individuals, with a cumulative amount not exceeding the equivalent of US$ 500 per person per day (US$ 1000 in outlets within the borders of the PRC but outside Customs). Institutions operating individual domestic and foreign currency exchange franchise businesses shall use the uniform exchange mark provided by the SAFE, and can use their own brands to conduct autonomous management and to take full responsibility for their own profits and losses; they may decide with which bank to cooperate, may choose the currencies for the listed transactions in line with their own service ability, and may determine their listed exchange rate with reference to the relevant provisions of the Administration of the Exchange Rate of the Peoples Bank of China. According to international experience, the individual domestic and foreign currency exchange market generally comprises bank outlets, franchise foreign currency dealers, and some specially engaged merchants, and it is a multi-level service system relating to different customer groups and different customer characteristics. The trial operation of the individual domestic and foreign currency exchange franchise business is conducive to taking advantage of the long business hours, various exchange currencies, flexible operating mechanisms, and specialized services of the operating institutions, which complement the domestic and foreign currency exchange business of the banks to better service the individual domestic and foreign currency exchange business. (End) 2008-08-20/en/2008/0820/876.html
-
For the purpose of meeting the growing demand for domestic and foreign currency exchange by individuals, in August 2008 the SAFE initiated a pilot implementation of domestic and foreign currency exchange business to individuals in the localities of Beijing and Shanghai. Building on the results of the pilot implementation, the SAFE recently expanded the range of this pilot implementation and perfected the Measures for the Administration of the Pilot Implementation of Domestic and Foreign Currency Exchange Franchise Business to Individuals. There are four aspects to this expansion: first, the range of the pilot implementation has been expanded to 13 provinces, municipalities, and autonomous regions including Beijing and Shanghai, as well as 4 cities specifically designated in the state plan; second, the number of franchise operations institutions has been increased, and cross-regional chains of franchise operations institutions via the establishment of branches in the pilot areas are encouraged; third, relevant exchange procedures have been streamlined, viz. for small amounts of exchange business under USD 500 for each transaction, after completing the relevant procedures, the operations institutions are allowed to append the transaction data to the information system for the administration of settlement and sales of foreign exchange to individuals; fourth, regulatory compliance and operational conveniences have been taken into account in the pilot implementation, and the requirements for supervision of franchise operations institutions have been clarified. The expansion is expected to further satisfy the demand for domestic and foreign currency exchange by individuals in foreign-related economically strong regions, international tourist hubs, as well as border/port regions (apart from Beijing and Shanghai). The move will also stimulate fair competition in the market of domestic and foreign currency exchange to individuals, make the most of the advantages of the franchise operations institutions with respect to their business hours, vast diversity of exchange currencies, as well as their operational flexibility, and will upgrade the overall level of Chinas domestic and foreign currency exchange services to individuals. 2009-12-23/en/2009/1223/910.html
-
In order to further increase the transparency of foreign exchange administration and facilitate public comprehension and mastery of knowledge regarding foreign exchange administration, the State Administration of Foreign Exchange (SAFE) has compiled an Overview of Foreign Exchange Administration (hereinafter referred to as the Overview), in which the purpose, framework, business administration principles, key policy points, and so forth on foreign exchange administration are elaborated. In parallel with its promulgation, the contents of the Overview have been posted on the official Web site of the SAFE (www.safe.gov.cn). The Overview is composed of six sections. Each section gives a brief introduction to the framework of forex administration, forex administration of current accounts, forex administration of capital accounts, statistics and monitoring of the balance of payments, forex business of financial institutions, and operation and administration of forex reserves, etc. A directory of commonly-used laws and regulations related to forex administration is included in the Overview, to serve as a reference for comprehension of relevant laws and regulations applicable to the related businesses. Other parts of the Overview such as the RMB Exchange Rate and Foreign Exchange Market, the Inspection and Applicability of the Laws and Regulations on Foreign Exchange Administration, and so forth will be promulgated after compilation of the Overview is completed. The Overview will serve as an outline and summary of the objectives, policies, measures, and other important issues related to foreign exchange administration. It is promulgated to facilitate comprehension by the general public of issues related to foreign exchange administration. The Overview shall not be deemed to be legally binding. 2009-12-04/en/2009/1204/909.html
-
(News Release of the SAFE October 14, 2009) Beginning in April 2006, the SAFE implemented a nationwide system of information disclosure on (negative) foreign exchange violations, and at regular intervals has announced to the public information about cases of foreign exchange violations through open disclosures and public queries. To the present, the SAFE has announced information on over 600 enterprises that have committed foreign exchange violations and escaped punishment, thus effectively protecting the environment for normal operations and competitive order in the foreign exchange market. In order to coordinate with the 2009 nationwide activity of the Month of Advocating the Running of Business with Integrity,the SAFE again announced information on 110 enterprises that committed foreign exchange violations and escaped punishment, which had been discovered from foreign exchange administration and inspections since the third quarter of 2008. On the one hand, the disclosure of information on enterprises that escaped punishment reminds the society to pay attention to such illegal enterprises, in particular to take measures to avoid damages on compliant enterprises that carry out normal production and operations by their continuation of such illegal acts. On the other hand, the disclosure warns other foreign exchange-related subjects about their foreign exchange income and expenditure activities, thus enhancing the notion of honesty with respect to trade in foreign exchange income and expenditure, guiding foreign exchange-related subjects to self-regulate, and creating an honest, committed, and normative foreign exchange market environment. 2009-11-13/en/2009/1113/906.html
-
August 20, 2007 - The SAFE recently approved a pilot program for direct foreign portfolio investments by domestic individuals, in which individual residents can directly conduct foreign portfolio investments with proprietary foreign exchange or with foreign exchange purchased with RMB through relevant channels in the pilot areas. With the rapid and stable development of China 's national economy these years, the income levels of domestic individuals have improved substantially and the diversification of their investment demands has been increasing day by day. In addition, China 's abundant foreign exchange capital offers favorable conditions for direct foreign portfolio investments by domestic individuals. The SAFE chose the Tianjin Binhai New Area to pilot direct foreign portfolio investment by domestic individuals. It main contents include: First, individual residents can directly invest in foreign securities with proprietary foreign exchange or with foreign exchange purchased with RMB. The investment size is not limited to the foreign exchange purchase quota of USD 50,000 per year stipulated by the Detailed Rules on Measures for the Administration of Individual Foreign Exchange. Second, the investment will be handled through the BOC Tianjin Branch and Hongkong BOCI Securities Limited. Investors should open foreign exchange accounts for individual foreign portfolio investment in the BOC Tianjin Branch and entrust it to open corresponding securities agency accounts in Hongkong BOCI Securities Limited. Third, during the early stage of the experiment, investors can invest in securities publicly listed in Hong Kong Exchanges and Clearing Limited (HKEx). Fourth, the principal and gains of the foreign exchange purchased with RMB can be held in the form of foreign exchange or the investors can sell the foreign exchange to the banks where they open the accounts. If the investors want to sell the principal and gains of the proprietary foreign exchange, the corresponding affairs should be handled according to the Detailed Rules on Measures for the Administration of Individual Foreign Exchange. Fifth, the principle of assuming the risks by the investors is implemented. The business agencies should faithfully point out the investment risks. Meanwhile, they should strengthen internal risk control, carry out relevant laws and regulations, improve the information disclosure mechanism, and guarantee the legal rights and interests of the investors. The pilot program for direct foreign portfolio investment by domestic individuals will help promote the orderly development of individual foreign investment and accumulate related supervision and risk prevention experience. The lifting of the exchange restrictions on individual foreign investment is a helpful trial for the optimization of the asset allocations of domestic individuals, dispersing investment risks and increasing investment gains through the international financial market. Meanwhile, this trial is an important measure to deepen the reform of the foreign exchange administration system, to expand the outflow channel of foreign exchange capital, and to promote a general equilibrium in the balance of payments. 2007-08-20/en/2007/0820/846.html
-
Shanghai Pudong Development Bank's purchasing quota of foreign exchange for overseas investment services on behalf of its clients approved 2007-08-31/en/2007/0831/849.html
-
Agricultural Bank of China 's purchasing quota of foreign exchange for overseas investment services on behalf of its clients increased 2007-08-31/en/2007/0831/848.html