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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and all designated Chinese-funded foreign exchange banks: In order to standardize the opening and use of domestic foreign exchange accounts by overseas institutions and other relevant operations, to promote the facilitation of trade and investment, and to prevent financial risks, the relevant issues are hereby notified as follows according to the related provisions of the Regulations of the Peoples Republic of China on Foreign Exchange Administration. 1. Overseas institutions as stated in this Circular refer to institutions legally registered and established outside the territory of China (including Hong Kong SAR, Macao SAR, and Taiwan Province). Domestic banks in this Circular refer to Chinese-funded banks and foreign-funded banks that are qualified to accept public deposits and handle domestic and overseas settlements in accordance with the law. The domestic foreign exchange accounts of overseas institutions referred to in this Circular do not include domestic offshore accounts of overseas institutions (accounts opened by overseas institutions according to the regulations of the offshore business departments of the domestic banks that have obtained eligibility to handle offshore banking businesses in accordance with the law). 2. Overseas institutions and domestic banks shall, in accordance with the provisions of this Circular, open and use foreign exchange accounts, conduct foreign exchange receipt and payment business, and abide by the provisions as provided by the relevant laws and regulations of the State. 3. When opening foreign exchange accounts for overseas institutions, the domestic banks shall examine and verify the materials for the account opening, such as the documentary evidence testifying to the legality of the overseas registration and establishment of the overseas institutions. In cases when the account opening materials, such as the documentary evidence, are presented in languages other than Chinese, the overseas institutions shall also provide Chinese translations of the corresponding evidence. Unless otherwise specified by the SAFE, the opening of foreign exchange accounts by domestic banks for overseas institutions is not subject to the approval of the SAFE and its branches or sub-branches (hereinafter referred to as the Foreign Exchange Administrations). The account name on the domestic foreign exchange accounts of overseas institutions shall conform with the name presented in the documentary evidence testifying to the legality of the overseas registration and establishment (or the corresponding Chinese translation) of the overseas institutions. 4. When opening foreign exchange accounts for overseas institutions, the domestic banks shall mark NRA (NON-RESIDENT ACCOUNT) preceding the foreign exchange account numbers in a uniform manner, i.e., NRA + the foreign exchange account number, and at their discretion shall distinguish between banks and non-bank institutions among overseas institutions, so that the domestic payees and payers and their due banks and paying banks with fund transfers from/to the said foreign exchange accounts will be able to accurately identify whether the foreign exchange accounts are domestic foreign exchange accounts of overseas institutions. The domestic banks shall, within 18 months after implementation of this Circular, complete the adjustments to their internal systems for affixing the NRA mark in a uniform manner on the domestic foreign exchange accounts of overseas institutions as stipulated in the preceding paragraph and the uniform marking of NRAin front of the account number of the domestic foreign exchange accounts that were opened prior to the issuance of this Circular and other relevant work. The domestic banks shall comply with the Circular of the State Administration of Foreign Exchange and the General Administration of Quality Supervision, Inspection, and Quarantine of the Peoples Republic of China on the Issuance of Operational Rules on the Coding for Special Institutions in the Declaration of the Balance of Payments Statistics (Huifa No.131 [2003]) in applying for and acquiring codes for overseas institutions that open foreign exchange accounts, conducting basic information registration for overseas institutions at the Foreign Exchange Administrations, and submitting the detailed information about the account opening, balances and receipts, and payments of the domestic foreign exchange accounts of overseas institutions to the Foreign Exchange Administrations via the foreign exchange account management information system. Foreign exchange accounts such as inter-bank deposit accounts opened by overseas banks in domestic banks are not subject to the provisions stipulated in this paragraph. 5. Foreign exchange receipts and payments of domestic institutions and individuals from/to domestic foreign exchange accounts of overseas institutions shall be subject to cross-border transaction administration. Domestic banks shall handle such foreign exchange receipts and payments after examining and verifying the valid commercial documents and vouchers of the domestic institutions and individuals according to foreign exchange administration regulations on cross-border transactions. If payments are made by overseas institutions to domestic institutions and individuals via the domestic foreign exchange accounts prior to completion of the NRA marking by the domestic banks, the remitting bank shall note NRA PAYMENT in the transaction postscript of the remittance instruction so that the due bank can identify whether the funds are remitted from a domestic foreign exchange account of overseas institutions. When payments are made by domestic institutions and individuals to the domestic foreign exchange accounts of overseas institutions, the domestic institutions and individuals shall, in addition to providing valid commercial documents and vouchers according to the regulations, provide the remitting banks with documentary evidence to demonstrate the nature of the foreign exchange account of the beneficiary; in cases when the remitting bank cannot identify the nature of the foreign exchange account due to a lack of clarity in the provided documentary evidence, the remitting bank shall inquire in writing to the due bank regarding the nature of the foreign exchange account, and the due bank shall respond through a written confirmation. 6. Unless otherwise specified by the SAFE, where a domestic foreign exchange account of an overseas institution is involved in (a) a foreign exchange collection from home or abroad; (b) a foreign exchange transfer with another domestic foreign exchange account of the overseas institution; (c) a foreign exchange transfer with an offshore account, or; (d) a payment made overseas, the domestic bank may directly handle such business as per the clients directions. 7. Fund receipts and payments via the domestic foreign exchange accounts of overseas institutions from/to domestic or overseas parties and consequent changes in the balance of accounts shall be subject to declaration of the balance of payments statistics according to the relevant regulations. 8. The deposit and withdrawal of cash in foreign currency via the domestic foreign exchange accounts of overseas institutions and the foreign exchange settlement of funds in such accounts in a direct or disguised manner are prohibited unless when approved by branches or administrative departments of the SAFE at the locality of registration. 9. The balance of funds in the domestic foreign exchange accounts of overseas institutions shall be incorporated into short-term external debt quota management of the domestic banks, unless otherwise specified by the SAFE. In cases where the said balance is used as pledge for domestic institutions to obtain loans from domestic banks, it shall be handled in accordance with the foreign exchange administration regulations on overseas guarantees under the item of domestic loans. 10. When conducting business related to the domestic foreign exchange accounts of overseas institutions, the domestic banks shall abide by the provisions of the anti-money laundering laws and the administrative regulations and departmental rules such as those on the reporting of large-sum and suspicious transactions. 11. Where overseas institutions and individuals open offshore accounts in the offshore business departments of domestic banks that are eligible for offshore banking business according to the law, the foreign exchange receipts and payments of such offshore accounts from/to the domestic institutions shall be handled in strict compliance with the Measures for the Administration of Offshore Banking Business (Yinfa No. 438 [1997]), the detailed implementation rules, and other relevant regulations. 12. For the opening, use, and cancellation of foreign exchange accounts of qualified overseas institutional investors, special foreign exchange accounts of foreign investors, B-share foreign exchange accounts of overseas institutions, and domestic foreign exchange accounts of embassies and consulates of foreign countries (regions) in China with diplomatic immunity or of representative institutions of international organizations in China, if there are applicable regulations stipulated by the SAFE, the opening, use, and cancellation of such accounts shall be subject to these regulations. If there are no applicable regulations, the opening, use, and cancellation of such accounts shall be conducted in accordance with the provisions of this Circular, which include the marking of NRA, etc. 13. The Foreign Exchange Administrations shall impose a penalty for any acts in breach of the provisions of this Circular according to the foreign exchange administration regulations including the Regulation of the Peoples Republic of China on Foreign Exchange Administration. 14. This Circular shall take effect as of August 1, 2009, except for the provision on submitting detailed information about account opening, balances, as well as receipts and payments of domestic foreign exchange accounts of overseas institutions via the foreign exchange account management information system to the Foreign Exchange Administrations. The SAFE shall separately provide information on the specific time for implementing the latter provision. This Circular shall be interpreted by the SAFE. On receiving this Circular, all SAFE branches and foreign exchange administrative departments shall transmit it in a timely manner to the central sub-branches, sub-branches, and designated foreign exchange banks under their administration. For any questions arising from implementation of this Circular, please provide timely feedback to the General Affairs Department of the SAFE. Tel: 68402429, 68402129 Fax: 68402430 July 13, 2009 2009-07-13/en/2009/0713/693.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange 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: In accordance with the Measures for the Declaration of Balance of Payments Statistics and their detailed rules for implementation, for the purpose of collecting in a all-around manner information about foreign-related collections and payments by non-residents from/to overseas parties via domestic banks and information about collections and payments by domestic non-residents from/to domestic residents via domestic banks, the relevant requirements are hereby notified as follows: I. Declaration of the balance of payments statistics on collections and payments (including foreign exchange and RMB) by domestic non-residents from/to overseas parties via domestic banks shall be conducted according to the following regulations: (I) For foreign-related collections and payments by domestic non-residents from/to overseas parties via domestic banks, the banks handling this business shall handle the indirect declarations for the balance of payments statistics according to the provisions stipulated in the Operating Procedures for the Declaration of Balance of Payments Statistics via Financial Institutions (Trial). (II) The handling banks shall complete the Form of the Basic Information on the Entity for their non-resident institutional clients, and submit the information on the Form of the Basic Information on the Entity electronically to the foreign exchange administrations. (III) The handling banks shall electronically submit the information on the Declaration Form for Foreign-related Income, the Application Form for Overseas Remittances, and the Advisory Notice on External Payments/Acceptances to the foreign exchange administrations. (IV) The nature of such collection and payment transactions shall be declared in a uniform manner under the item Other investments liabilities - currencies and deposits - deposits from overseas - outward transfer of deposits from overseas, and the transaction code for the balance of payments shall be 802031. The transaction remark shall indicate collection by non-residents from overseas or payment by non-residents to overseas. II. The declaration of the balance of payments statistics on collections and payments made by domestic non-residents from/to domestic residents via domestic banks shall be handled according to the following regulations: (I) Collections and payments by domestic non-residents from/to domestic residents via domestic banks shall be incorporated into the scope of the data on the indirect declarations of balance of payments statistics, and the banks shall improve the scope of the data acquisition on their interface programs according to this Circular and the relevant provisions. Banks that have completed the development of their interface programs according to the Circular of the State Administration of Foreign Exchange Concerning Preparatory Work for Further Implementing the Pilot Operation of the SAFE Sub-project of the Jinhong Project (Huifa No. 7 [2009]) shall improve their interface programs according to the provisions in this Circular before the end of July 2009; banks that have not completed the development of their interface programs shall proceed according to their interface program development plan reported for the record, and the development of their interface programs shall be carried out in accordance with the provisions of this Circular. (II) For collections and payments by domestic non-residents from/to domestic residents via domestic banks, the indirect declaration of the balance of payments statistics shall be carried out by domestic residents according to the provisions stipulated in the Operating Procedures for the Declaration of Balance of Payments Statistics via Financial Institutions (Trial), the Declaration Form for Foreign-related Receipts, the Application Form for Overseas Remittances, or the Advisory Notice on External Payments/Acceptances shall be completed. The nature of such transactions shall be declared according to the actual nature of the transaction conducted between the domestic resident and the non-resident. Regarding the verification and writing-off of imports and exports for collections and payments made by domestic non-residents from/to domestic residents via domestic banks, domestic residents are not required to fill out again the Declaration Form for Information on the Special Page used for Verification and Writing-off of Export Foreign Exchange Proceeds (Domestic Income), the Application Form for Domestic Remittances, and the Advisory Notice for Domestic Payments/Acceptances. (III) The declaration of receipts of foreign exchange by domestic residents from domestic non-residents When domestic payment banks handle payments made by domestic non-residents to domestic residents, the domestic payment banks shall make the note in the payment remark of the payment message NRA payment (or OSA payment) (if the payment is handled via an offshore account of domestic non-residents so as to facilitate the banks recognition of the source of payment, and shall inform the domestic residents that the declaration must be handled in a timely manner. When domestic collection banks receive the aforesaid payment made by domestic non-residents, the domestic collection banks shall inform, urge, and direct the domestic residents to handle the indirect declaration of the balance of payments statistics in a timely manner. When domestic residents receive foreign exchange payments made by domestic non-residents, the domestic residents shall fill out the Declaration Form for Foreign-related Income, and the nature of the transaction shall be declared according to the actual nature of the transaction carried out between the domestic resident with and the domestic non-resident. The wording receipt of foreign exchange payment from domestic non-resident shall be noted in the transaction remark area, preceding the description of this transaction deal according to the existing regulations. (IV) The declaration of foreign exchange payments made by domestic residents to domestic non-residents When domestic payment banks handle foreign exchange payments made by domestic residents to domestic parties, the domestic payment banks shall inquire the domestic residents about the conditions of the receipt so as to judge whether the receivers are domestic non-residents. If the receivers are domestic non-residents, the said banks shall request the domestic residents to fill out the Application Form for Overseas Remittances or the Advisory Notice of External Payments/Acceptances, and the nature of the transaction shall be declared according to the actual nature of the transaction between the domestic resident and the domestic non-resident. The wording payment to domestic non-resident shall be noted in the transaction remark area, preceding the description of this transaction according to the existing regulations. (V) From August 1, 2009, an indirect declaration of balance of payments statistics shall be made for foreign exchange collections and payments made by domestic non-residents via domestic banks from/to domestic residents according to the provisions of this Circular. (e) For the time being, RMB collections and payments made by domestic non-residents via domestic banks from/to domestic residents shall not be subject to the indirect declaration of balance of payments statistics. III. Collections and payments made by foreign embassies and consulates in China and by representative offices of international organizations in China from/to overseas parties shall be declared under the corresponding item service - governmental services not mentioned elsewhere. Collections and payments made by foreign embassies and consulates in China as well as those by representative offices international organizations in China from/to domestic parties will not be subject to the indirect declarations of balance of payments statistics. IV. Collections and payments made between domestic non-residents via domestic banks will not be subject to the indirect declarations of balance of payments statistics. V. Non-residents and residents as referred to in this Circular include entities and individuals. Domestic non-residents refer to non-residents making collections and payments via domestic banks, and include non-residents who open accounts in domestic banks that are entitled to engage in offshore banking business according to the relevant laws and regulations. VI. The foreign exchange administrative departments and branches of the SAFE shall transmit this Circular to the central sub-branches, sub-branches, as well as to local commercial banks, rural credit cooperatives, and foreign banks within their jurisdictions in a timely manner upon receipt of this Circular. Regarding any questions arising from implementation of this Circular, please provide feedback to the SAFE in a timely manner. Telephone number: (010)68402373, 68402447. June 17, 2009 2009-07-17/en/2009/0717/694.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (hereinafter referred to as the “SAFE”) of all provinces, autonomous regions, and municipalities directly under the Central Government; the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo： To implement the Circular of the State Council on Printing and Distributing the Reform Plan on the Registered Capital Registration System (Guofa No. 7 [2014]) and the Circular of the General Office of the State Council on Accelerating Implementation of the Reform on the Registered Capital Registration System (Guobanhan No. 14 [2015]), some regulatory documents on foreign exchange administration are nullified and modified as follows: I. The Circular of the State Administration of Foreign Exchange on the Implementation of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals (Huifa No. 38 [2008]) is nullified. II. Article 2 under the Circular of the State Administration of Foreign Exchange on Printing and Distributing the Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals (Huifa No. 27 [2012]) and Article 18 Paragraph (I) of the attached Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals are deleted. Article 8 Paragraph (I) of the attached Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals is modified into “having independent legal person qualification.” The sequence of the relevant provisions is adjusted accordingly. III. Article 6 Paragraph (V) under the Appendix II to the Circular of the State Administration of Foreign Exchange on Printing and Distributing of the Regulations for Foreign Exchange Administration on Trade in Services (Huifa No. 30 [2013]), namely, the Rules for Implementation of the Guidelines on Foreign Exchange Administration for Trade in Services, is modified into “external payment under profit, dividend and bonus: the board resolution on profit distribution relating to this outward remittance.Interim dividend and bonus attributable to an overseas shareholder and payable by a domestic institution according to the law; External payment under the profit attributable to a foreign partner in a foreign-invested partnership: resolution on profit distribution to partners; Receipt of foreign exchange under profit, dividend and bonus: resolution on disposal of profit and financial statements of an overseas institution for relevant year(s).” IV. Article 6 of the Circular of the State Administration of Foreign Exchange and the Ministry of Construction on Issues Related to Regulating Foreign Exchange Administration of the Real Estate Market (Huifa No. 47 [2006]) is modified into “a foreign-invested real estate enterprise which has not obtained the State-owned Land Use Certificate or whose capital fund for a development project has not reached 35% of the total project investment is not allowed to make borrowings from overseas. Nor shall a foreign exchange authority conduct external debt registration and approve of foreign exchange settlement and verification with respect of external debts.” V. In the Appendix 2 to the Circular of the State Administration of Foreign Exchange on Promulgating the Measures for Administration of External Debt Registration (Huifa No. 19 [2013]), i.e., the Operating Guidelines on Administration of External Debt Registration, Paragraph 2(2) and (3) (Principles for review) of Section I (Registration of External Debt Contract Execution for Non-banking Debtors) are deleted; Paragraph 6(3) thereof is modified into “a foreign-invested real estate enterprise which has not obtained the State-owned Land Use Certificate or whose capital fund for a development project has not reached 35% of total project investment is not allowed to make borrowings from overseas. Nor shall a foreign exchange authority conduct external debt registration and approve of foreign exchange settlement and verification with respect of external debts.” The sequence of the relevant provisions is adjusted accordingly. VI. Article 7 Paragraph 1 of the Circular of the State Administration of Foreign Exchange on Foreign Exchange Administration for Overseas Loans Extended by Domestic Enterprises (Huifa No. 24 [2009]) is modified into “lenders and borrowers shall be organized and registered according to the law” VII. Article 14 of the Circular of the State Administration of Foreign Exchange on Releasing the Provisions for the Centralized Operations and Administration of Foreign Exchange Funds of Internal Members of Domestic Enterprises (Huifa No. 49 [2009]) is modified into “domestic enterprises engaging in the foreign currency fund pool business shall be organized and registered according to the law and have not violated any laws or regulations on foreign exchange administration in the last two years.” VIII. In the Appendix 1 to the Circular of the State Administration of Foreign Exchange on Further Improving and Adjusting the Policies on Foreign Exchange Administration of Direct Investments (Huifa No. 59 [2012]), i.e., Operating Guidelines for Foreign Exchange Business for Direct Investment under the Capital Account(SAFE Version), Paragraph 2 (Principles for review) of Article 1.14, “Domestic Enterprises Engaging in the Foreign Currency Fund Pool Business” is modified into “domestic member enterprises applying for engaging in the foreign currency fund pool business shall be organized and registered according to the law and independently bear legal liabilities”;Paragraph 1 (Principles for review) of Article 2.8, “Registration of the Quota for Overseas Loans Extended by Domestic Institutions” is modified into “lenders and borrowers shall be organized and registered according to the law.” IX. In the Appendix to the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Printing and Distributing the Operating Guidelines on the Foreign Exchange Business under the Capital Account (2013 version) (Huizongfa No. 80 [2013]), i.e., the Operating Guidelines on the Foreign Exchange Business under the Capital Account, Paragraph 2 (Principles for review) of Article 2.10 “domestic enterprises engaging in the foreign currency fund pool business” is modified into “domestic member enterprises applying for engaging in the foreign currency fund pool business shall be organized and registered according to the law and independently bear legal liabilities”;Paragraph 1 (principles for review) of Article 3.7 “registration of the quota for overseas loans extended by domestic institutions” is modified into “lenders and borrowers shall be organized and registered according to the law”; Paragraph 2(2) and (3) (Principles for review) of Article 4.2, “registration of external debt contract execution for non-banking debtors” are deleted; and Paragraph 6(3) is modified into “a foreign-invested real estate enterprise which has not obtained the State-owned Land Use Certificate or whose capital fund for a development project has not reached 35% of total project investment is not allowed to make borrowings from overseas. Nor shall a foreign exchange authority conduct external debt registration and approve of foreign exchange settlement and verification with respect of external debt.” The sequence of the relevant provisions is adjusted accordingly. The Circular will take effect as of the date of promulgation. The General Affairs Department of the State Administration of Foreign Exchange May 4, 2015 2015-06-24/en/2015/0624/763.html
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On February 18, 2016, Pan Gongsheng, Deputy Governor of the People's Bank of China and Administrator of the State Administration of Foreign Exchange (SAFE), met with Colm Kelleher, President at Morgan Stanley, in Beijing. The two sides exchanged ideas on various issues, such as the world economy, China's economy, recent fluctuations in the global financial markets and monetary policies of major economies. 2016-03-16/en/2016/0316/1197.html
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On February 28, 2016, Pan Gongsheng, Deputy Governor of the People's Bank of China and Administrator of the State Administration of Foreign Exchange (SAFE), met with Nathan Sheets, Under Secretary of the US Department of the Treasury, in Beijing. The two sides exchanged ideas on various issues, such as macroeconomic conditions, capital flows, and monetary policies in China and the US. 2016-03-16/en/2016/0316/1196.html
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FILE: Catalogue of Major Existing Laws аnd Regulations in Effect on Foreign Exchange Administration (as of June 30, 2015) 2015-09-01/en/2015/0901/767.html
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QFII investment quota of Yale University approved 2006-08-10/en/2006/0810/796.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; all designated Chinese-funded foreign exchange banks, and China UnionPay Co., Ltd.: To standardize and facilitate operation by banks and individuals in respect of foreign exchange business and improve classified regulation of individual players for foreign exchange trading, the State Administration of Foreign Exchange (SAFE) decides to further improve the administration of individual foreign exchange as the individual foreign exchange business monitoring system is launched. The relevant issues are hereby notified as follows: I. The individual foreign exchange business monitoring system will be launched nationwide on January 1, 2016, and at the same time, the management information system for foreign exchange settlement and sales for individuals will be no longer in use. Banks that have the qualifications for handling foreign exchange settlement and sales (bank) shall handle individual foreign exchange business such as settlement and purchases of foreign exchange through this monitoring system and report relevant business data accurately, completely and in time. II. In handling foreign exchange business, individuals shall observe relevant regulations in respect of the administration of individual foreign exchange and are not allowed to evade quota and authenticity management in a split way. If doing so, these individuals will be put on a watch list by the SAFE and its branches and sub-branches (foreign exchange authorities). (I) Foreign exchange authorities will issue the Risk Reminder Notification for Individual Foreign Exchange Business (see Appendix 1) as a risk reminder to individuals who lend their quota to another individual for the evasion of quota and authenticity management. If this happens again, these individuals will be put on a watch list by foreign exchange authorities. (II) Foreign exchange authorities will put individuals who borrow another individual's quota for the evasion of quota and authenticity management on a watch list and notify them through the Notification on Watch List for Individual Foreign Exchange Business (see Appendix 2) issued by banks. (III) The watch period of an individual on a watch list is the year the individual is put on the watch list and the two consecutive years that follow. During this period, the individual has to present his/her valid ID card and evidencing materials indicating the trading amount to go through procedures for settlement and sales of foreign exchange for individuals. Banks shall review relevant evidencing materials in strict accordance with the authenticity review principles. III. Banks shall cooperate with foreign exchange authorities in inspecting individuals and institutions involved in the evasion of quota and authenticity management, and report, within 20 days since the day the individual foreign exchange business monitoring system pushes relevant information, the purposes of individual settlement of foreign exchange, the sources of funds for purchases of foreign exchange and other information required by foreign exchange authorities. IV. Foreign exchange authorities and banks shall access the individual foreign exchange business monitoring system through the SAFE's application service platform. The details are as follows: Type of user Way of access Interface Foreign exchange authorities Intranet http://100.1.48.51:9101/asone/ Banks External net http://banksvc.safe (Main login interface) http://asone.safe:9101/asone/ (Backup login interface) Foreign exchange authorities and banks shall assign technicians and business operators for the daily maintenance of the individual foreign exchange business monitoring system to ensure smooth operation of the system. V. In case of a nationwide systemic error in the individual foreign exchange business monitoring system, foreign exchange authorities and banks shall take emergency measures in accordance with the Emergency Plan for the Individual Foreign Exchange Business Monitoring System (see Appendix 3) to ensure the smooth and timely handling of individual foreign exchange business. VI. The foreign exchange settlement and sales under the individual remittance business of China UnionPay Co., Ltd., and individual domestic and foreign currency exchange business handled by franchised institutions for domestic and foreign currency exchange for individuals (franchised institutions) shall be handled in accordance with this Circular. Where there are provisions as otherwise stated in respect of foreign exchange administration, those provisions shall prevail. VII. This Circular shall take effect as of January 1, 2016. At the same time, the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Regulating Operations of Foreign Exchange Settlement and Sales for Individuals by Banks (Huizongfa No. 90 [2007]), the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Promulgating the Emergency Plan for the Management Information System for Foreign Exchange Settlement and Sales for Individuals (Huizongfa No. 49 [2008]), the Circular of the State Administration of Foreign Exchange on Printing and Distributing the Interim Measures for Administration of Foreign Exchange Settlement and Sales for Individuals through E-banking (Huifa No. 10 [2011]), the Circular of the State Administration of Foreign Exchange on Trial Implementation of the "Watch List" Management of Individual Splitting Foreign Exchange Settlement and Sales by Banks Engaging in E-Channeled-based Foreign Exchange Settlement and Sales for Individuals (Huifa No. 41 [2011]), the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Regulating the Review of Access to Foreign Exchange Settlement and Sales for Individuals through E-banking (Huizongfa No. 77 [2013]) will be nullified. In case of any discrepancies with prior regulations, this Circular shall prevail. Upon receipt of this Circular, all branches and foreign exchange administrative departments of the SAFE should immediately forward it to the central sub-branches, sub-branches, urban and rural commercial banks, foreign banks and franchised institutions. The designated Chinese-funded foreign exchange banks shall, upon receipt of this Circular, forward it immediately to their branches. Please report any problems encountered in implementation to the SAFE in a timely manner. Business Enquiry Hotline: 010-68402673 (Bank business) 010-68402295 (Franchised institution business) Technology Enquiry Hotline: 010-68402674 Appendix: 1. Risk Reminder Notification for Individual Foreign Exchange Business 2. Notification on Watch List for Individual Foreign Exchange Business 3. Emergency Plan for the Individual Foreign Exchange Business Monitoring System State Administration of Foreign Exchange December 25, 2015 FILE: Risk Reminder Notification for Individual Foreign Exchange Business FILE: Notification on Watch List for Individual Foreign Exchange Business FILE: Emergency Plan for the Individual Foreign Exchange Business Monitoring System 2016-01-13/en/2016/0113/775.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 the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo: To improve the domestic and foreign currency exchange services for domestic individuals, and facilitate and regulate the franchise domestic and foreign currency exchange business for individuals (“franchise business”), this Circular is hereby issued to clarify the issues regarding the provision of the exchange services by institutions that conduct the franchise business(“franchise institutions”) through the Internet. I. For the purpose of this Circular, the term “exchange through the Internet” refers to the process during which a domestic individual places an order with a franchise institution for foreign currency banknotes or electronic traveler’s checks and completes payment for the order through electronic channels such as the Internet and mobile terminals, and withdraws the banknotes or traveler’s checks through an outlet of the franchise institution or other eligible outlet. II. A franchise institution providing the exchanges through the Internet shall meet the following conditions: (I) having a good credit standing, and being free from significant noncompliance with the regulations on the franchise business over the last 2 years; (II) having a necessary administrative system in place for the business; (III) having software & hardware facilities and personnel required by the business; and (IV) other requirements imposed by the SAFE. III. Prior to the provision of the exchanges through the Internet, the head office of a franchise institution should ensure that the business is filed with a branch or an administrative department of the State Administration of Foreign Exchange in a relevant province, autonomous region or municipality directly under the Central Government (“SAFE branch”) in writing or via email. The documents required for the filing include: (I) the business process, roles and responsibilities of the personnel, description of the ordering system, management of the provision for payment, description of customer information validation, and the anti-money laundering system for the exchanges through the Internet; (II) description of the ability to record each transaction of the exchanges through the Internet; (III) copies of payment & settlement agreements with banks and third party payment institutions, cooperation agreements with partners, and exchange agreements with customers; and (IV) other materials required by a SAFE branch. IV. A SAFE branch shall verify the filings submitted by a franchise institution within its jurisdiction in an appropriate manner; if there is no dissent within 20 working days, the franchise institution can provide exchanges through the Internet at its sole discretion. V. A franchise institution shall comply with the following requirements for the exchanges through the Internet: (I) the ordering service may be provided to customers through channels such as proprietary website, a partner’s website or mobile terminal. For the ordering service provided through channels other than the proprietary website, the responsibilities of institutions and customers must be indicated on the ordering interface, and that the exchange service is provided by the franchise institution must be specified; (II) the franchise institution may, based on its circumstances, provide compliant online payment channels (such as debit card online banking and third party payment) to customers, and input the completed payment into the individual foreign exchange monitoring system; (III) the franchise business conducted by the franchise institution must not exceed the relevant requirements on the provision for payment and the exchange quota; (IV) the franchise institution shall verify a customer's identity, ensure the ordering customer is the withdrawer, and keep the photocopies or electronic copies of the customer's personal ID certificate for the withdrawal; (V) the head office of the franchise institution should include the separate statistics of the exchanges through the Internet in the current franchise business statements. VI. The outlets for the withdrawal of foreign currency banknotes (including traveler’s checks) shall be owned by the franchise institution. A franchise institution approved to conduct nationwide franchise business may establish withdrawal outlets across the country at its sole discretion; if approved of conducting franchise business within the jurisdiction of a particular SAFE branch, the franchise institution may, at its sole discretion, establish outlets within the business range, but must not establish any outlet for offline withdrawal outside the jurisdiction. For the addition of other types of outlets (limited to foreign currency exchange points under outlets of banks or other franchise institutions, or under the SAFE itself), a new outlet must be able to ensure the security of banknotes and travelers' checks and be equipped with video monitoring facilities, and the head office of the franchise institution is required to file with the local SAFE branch by presenting the following documents; if there is no dissent within 20 working days, the new outlet may commence doing business at its sole discretion: (I) description and relevant qualification certificates of the withdrawal outlet (such as license of a financial institution, letter of confirmation for foreign currency exchange outlet, and license of domestic and foreign currency exchange franchise businesses for individuals); (II) documents evidencing the existence of equipment and facilities for the withdrawal, including but not limited to monitor video and cash storage cabinet; (III) cooperation agreement between both parties and their relevant management mechanisms; and (IV) other materials required by a SAFE branch. VII. Every SAFE branch should intensify ex-post regulation of the franchise institutions within its jurisdiction, prevent and timely address the default and compliance risks of the franchise institutions, protect the rights and interests of consumers, and watch out for the implementation of administrative measures regarding the authenticity and financial security of customers for the purpose of effective risk control during its daily regulation. Any abnormality must be immediately dealt with and reported to the SAFE. VIII. This Circular shall enter into force as of the date of issuance. In case of any inconsistency between previous provisions and this Circular, this "Circular" shall prevail. The SAFE branches shall, upon receipt of this Circular, promptly forward it to the central sub-branches and sub-branches as well as the franchise institutions within their respective jurisdiction. State Administration of Foreign Exchange September 28, 2015 2015-12-09/en/2015/1209/771.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo： To further regulate the foreign currency banknotes business for domestic institutions and satisfy their demand, the State Administration of Foreign Exchange (SAFE) has developed the Measures for Managing the Receipts and Payments of Foreign Currency Banknotes by Domestic Institutions (see appendix), which are hereby issued for your compliance and implementation. Upon receipt of this Circular, the SAFE branches and foreign exchange administration departments should immediately forward it to the central sub-branches (sub-branches), local commercial banks, and foreign banks within their respective jurisdiction, and all designated Chinese-funded foreign exchange banks should promptly forward it to their branches. If you have any questions during the execution of these documents, please promptly contact the Current Account Management Department of the SAFE. Appendix: Measures for Managing the Receipts and Payments of Foreign Currency Banknotes by Domestic Institutions State Administration of Foreign Exchange December 18, 2015 FILE: Measures for Managing the Receipts and Payments of Foreign Currency Banknotes by Domestic Institutions 2016-01-08/en/2016/0108/774.html