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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and all designated foreign exchange banks: In order to further satisfy the requirements of domestic economic entities to hedge exchange-rate risks, the relevant issues with regard to foreign exchange administration for Renminbi-against-forex currency swaps (hereinafter referred to as the currency swap) provided by the designated foreign exchange banks (hereinafter referred to as the banks) to their clients are hereby notified as follows: 1. The currency swap stated in the Circular refers to a trading agreement by which both parties of the agreement exchange agreed-upon quantities of Renminbi and principal in a foreign currency within a prescribed term, in parallel with the regular exchange of interest of the two currencies. The principal is exchanged in the forms of: (1) the exchange of the principal in Renminbi and the foreign currency by both parties as per the agreed-upon exchange rate on the date when the agreement becomes effective, and the reverse exchange of the principal based on the same exchange rate and quantity on the date when the agreement expires; (2) other forms as prescribed by the Peoples Bank of China and the SAFE. Interest exchange means that one party in question pays the other party in question the amount of interest computed based on the swap-in currency on a regular basis; the interest can be computed either based on a fixed rate or on a floating rate. 2. Any bank that has acquired a one-year qualification to operate Renminbi-against-forex swaps can directly launch currency swaps for its clients. The branches of banks (branches of foreign commercial banks are deemed to be legal persons) can launch currency swaps to their clients after being authorized by their legal persons thereof. 3. The transaction elements such as currencies and terms involved in the currency swaps provided by the banks to their clients are determined by discretion of the banks. The interest rate involved in the currency swaps shall be determined by both parties in question through negotiations, but it shall comply with the regulations of the Peoples Bank of China on the administration of deposit and lending rates. The banksinterest rate of the swap-in (or swap-out) currency shall not exceed the upper (or lower) limit of the benchmark deposit (or lending) rate publicized by the Peoples Bank of China . 4. The banks shall comply with the relevant provisions on foreign exchange administration and the statistical requirements with regard to the foreign exchange swap business as specified in the documents including the Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Administration for Forward Settlement and Sales of Foreign Exchange and Renminbi-Against-Forex Swaps Provided by Designated Foreign Exchange Banks to Their Clients (Hui Fa [2006] No. 52), the Circular of the State Administration of Foreign Exchange on the Distribution of the Statistical Rules for Foreign Exchange Settlement and Sales by Banks (Hui Fa [2006] No. 42), etc. The banks shall submit on a monthly basis a report on the interest rate of the Renminbi involved in the currency swaps. See Appendices 1 and 2 for details. 5. In operating the currency swaps, the banks shall incorporate the interest in foreign currencies earned from their clients into the foreign exchange earnings thereof for centralized management, and shall not separately carry out foreign exchange settlement. 6. In the event that the banks deal with currency swaps in violation of the Circular, the SAFE shall impose penalties thereupon in accordance with the Regulations of the Peoples Republic of China on Foreign Exchange Administration and the relevant laws and regulations. VIII. This Circular shall enter into force as of March 1, 2011. The branches and foreign exchange administration departments of the SAFE shall, upon receipt of this Circular, forward it immediately to urban commercial banks, rural commercial banks, rural cooperative banks, and foreign-funded banks within their jurisdictions. For any problems arising from implementation, please contact the Department of the Balance of Payments of the SAFE. The telephone numbers are: 010-68402304, 68402313. January 19, 2011 affix1:Statistical Form for Renminbi Interest Rates in Currency Swaps Provided by (the name of the bank) to Clients affix2:Instructions for Completing the Statistical Form on Renminbi Interest Rates in Currency Swaps Provided by Banks to their Clients 2011-01-30/en/2011/0130/718.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches in Shenzhen, Dalian , Qingdao , Xiamen , and Ningbo ; and all designated Chinese-funded foreign exchange banks: In order to promote the facilitation of trade and investment and to regulate foreign exchange receipts and payments concerning cross-border trade of environmental interests such as carbon dioxide emissions reductions, related issues are hereby notified as follows: 1. The cross-border trade of environmental interests including carbon dioxide emissions reductions stated in this Circular refers to cross-border trading in which a domestic institution sells or purchases environmental interests including carbon dioxide emissions reductions to or from an overseas institution. Domestic institutions and overseas institutions shall handle the business with regard to the foreign exchange receipts and payments involved in the aforesaid category of transactions in compliance with the relevant provisions in this Circular, the regulations on foreign exchange administration, and the relevant laws and regulations of the State. 2. The receipts and payments involved in the cross-border trade of environmental interests including carbon dioxide emissions reductions shall have real and legitimate transaction backgrounds. Domestic institutions shall, by virtue of the valid documents specified in Article 3 of this Circular, deal with the relevant businesses directly at the designated foreign exchange banks (hereinafter referred to as the banks). 3. When handling foreign exchange collections for domestic institutions under the cross-border trade of carbon dioxide emissions reductions, the banks shall examine the following documents: 1) The letter of application by the domestic institution; 2) The commercial invoice; 3) The contract for the trade of environmental interests such as carbon dioxide eissions reductions; 4) An official written reply from the National Development and Reform Commission regarding the trading of environmental interests such as carbon dioxide emissions reductions; and 5) A letter of verification on the actual emissions reductions issued by institutions designated by the United Nations. The banks only need to examine the documents specified in the foregoing three paragraphs with regard to the start-up fees paid by an overseas purchaser to a domestic institution for the purpose of consultation, assessment, filing an application with the United Nations, and so forth under the Clean Development Mechanism project. The banks only need to examine the documents specified in the foregoing four paragraphs for advances received from the sale of emissions reductions by domestic banks. For fees paid by overseas purchasers to domestic institutions for the purchase of carbon dioxide emissions reductions under voluntary emissions reductions, the banks shall examine the documents specified in the foregoing three paragraphs and the letter of verification on the actual emissions reductions issued by legitimate and authorized certification agencies; for start-up fees and advance payments paid by overseas purchasers to domestic institutions for the consultation, assessment, filing of applications to the relevant authorities, and so forth under voluntary emissions reductions, the banks only need to examine the documents specified in the foregoing three paragraphs. In the event that voluntary emissions reductions are subject to approval by the National Development and Reform Commission and other relevant authorities, the banks shall examine the official reply issued by the authorities thereof. The banks shall examine the authenticity of the relevant businesses in compliance with the provisions of the first three sections herein when dealing with foreign exchange payments under the cross-border trade of carbon dioxide emissions reductions by domestic institutions and the foreign exchange receipts and payments under other items of cross-border trade of environmental interests. 4. The banks may, when dealing with the procedures for the receipts from cross-border trade of environmental interests such as carbon dioxide emissions reductions, handle the settlement of foreign exchange for domestic institutions or open a Capital Account Foreign Exchange Account for Environmental Equity Trading (the code of an account of this nature is 2219) to preserve the relevant category of foreign exchange earnings after examining the materials proving the authenticity of the relevant transactions pursuant to Article 3 hereof and based on the needs of the domestic institutions. The receipts shall fall into the category of foreign exchange earnings under trade of environmental interests, and the payments shall fall into the category of payments under the current account and payments under the capital account approved by the State Administration of Foreign Exchange. Upon approval by the State Administration of Foreign Exchange, domestic institutions, such as the environmental exchanges, emission rights exchanges, and forest ownership exchanges, may open a Foreign Exchange Account for Cash Deposits from Special Trade (the code for an account of this nature: 3500). The receipts shall fall into the category of trading deposits by intended transferees and trading commissions and taxes to be paid by intended transferees; the payments shall fall into the category of foreign exchange margins that should be refunded to the transferees in cases of the failure of the transaction, the costs of deposits transferred to sellers after conclusion of the transaction, and commissions, taxes, and fees deducted by the exchanges. The banks shall submit to the State Administration of Foreign Exchange detailed information on the account opening, balance, receipts, and payments for the aforementioned two categories of foreign exchange accounts through the information system for the management of foreign exchange accounts in compliance with the regulations. 5. Prior to the opening of the Capital Account Foreign Exchange Account for Environmental Interests Tradingat the banks, domestic institutions shall register the basic information with the foreign exchange authorities in their localities according to their business licenses and organizational code certificates. Before opening the Foreign Exchange Account for Cash Deposits from Special Tradeat the banks, domestic institutions shall register the basic information with the foreign exchange authorities in their localities based on their business licenses and organizational code certificates. Domestic institutions that have already opened the aforesaid account prior to promulgation of this Circular shall, within 30 working days as of the date of promulgation, re-register the basic information with the foreign exchange authorities in their localities. 6. The foreign-related receipts and payments resulting from the sale or purchase of environmental interests such as carbon dioxide emissions reductions by domestic institutions shall be declared under the item of Capital Account Purchase/Waiver of Non-productive and Non-financial Assets Receipts from Expenditures/Payments for the Transfer of Ownership of Other Intangible Assets; the code for foreign-related receipts and payments is 502030.Under the remarks column for the relevant transactions shall be included: the sale (or purchase) of quotas of carbon emissions reductions (or the specific types of environmental interests trading based on the actual situation). The indirect declaration of BOP statistics for foreign-related receipts and payments generated from the Foreign Exchange Account for Cash Deposits from Special Tradeshall be handled in accordance with the Circular of the State Administration of Foreign Exchange on the Distribution of the Instructions for the Declaration of the Statistics on the Balance of Payments Through Financial Institutions (Hui Fa [2010] No. 22). 7. This Circular shall be interpreted by the State Administration of Foreign Exchange, and shall come into force as of the date of promulgation. Simultaneously, the reply of the General Affairs Department of the State Administration of Foreign Exchange on Conducting Foreign Exchange Business in terms of Emission Reductions Trade of Carbon Dioxide (Hui Zong Fu [2008] No. 27) shall be repealed. The branches and foreign exchange administrative departments of the SAFE shall, upon receiving this Circular, transmit it as soon as possible to the central sub-branches, sub-branches, foreign-funded banks, local commercial banks, and relevant units under their respective jurisdictions. All designated Chinese-funded foreign exchange banks shall, upon receipt of this Circular, immediately forward it to their subordinate branches. Please provide feedback to the SAFE in a timely manner regarding any problems arising from implementation of this Circular. Tel.: 010-68402350, 010-68402429 Fax: 010-68402430 December 3, 2010 2010-12-31/en/2010/1231/716.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and all designated Chinese-funded foreign exchange banks: In order to increase the efficiency of the use of funds by domestic enterprises and to further promote the facilitation of trade and investment, the State Administration of Foreign Exchange has decided to implement the Interim Measures for the Administration of Overseas Deposits of Export Proceeds from Trade in Goods (hereinafter referred to as the Interim Measures,see Appendix 1 for details) on a nationwide scale as of January 1, 2011 in accordance with the Regulations of the Peoples Republic of China on Foreign Exchange Administration, based on the results of the pilot implementation. The Interim Measures and the Instructions for Operations (see Appendix 2) are hereby distributed, with the relevant issues notified as follows: 1. All branches and administrative offices of the SAFE shall comply with the Interim Measures when disseminating the policies on overseas deposits of export proceeds throughout the country, when providing training to branches within their jurisdictions and to enterprises that apply for overseas deposits of export proceeds, when strengthening publicity about the relevant policies, and when keeping a close eye on and addressing problems arising from implementation of the policies. 2. Pilot enterprises in the pilot regions that have received approval from the foreign exchange authorities for the operation of overseas deposits of export proceeds can make adjustments to the ways of reporting information about receipts and payments of the overseas accounts in accordance with the Interim Measures. 3. All branches and administrative offices of the SAFE shall, within the first five working days of each month, report the information about the overseas deposits of export proceeds of the previous month within their jurisdictions to the Current Account Management Department of the SAFE. The branches and foreign exchange administrative departments of the SAFE shall, upon receiving this Circular, transmit it as soon as possible to the central sub-branches, sub-branches, foreign-funded banks, local commercial banks, and relevant units under their respective jurisdictions. All designated Chinese-funded foreign exchange banks shall, upon receipt of this Circular, immediately forward it to their subordinate branches. With respect to any problems arising from implementation of this Circular, please provide feedback to the SAFE in a timely manner. Tel.: 010-68402450 December 27, 2010 2010-12-31/en/2010/1231/715.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and the designated national foreign exchange banks: In response to developments and changes in foreign-related collections and payments and for the purpose of improving the declaration of balance of payments statistics by the declaring entities via domestic financial institutions, the SAFE has revised the Operating Rules on the Declaration of Balance of Payments Statistics via Financial Institutions (see annex), which have now been printed and distributed. All branches and foreign exchange administrative departments of the SAFE shall, upon receipt of this Circular, transmit it in a timely fashion to the sub-branches and banks under their respective jurisdictions for compliance. May 25, 2010 FILE: Operating Rules for the Declaration of Balance of Payments Statistics through Financial Institutions 2010-06-08/en/2010/0608/705.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: In order to meet the changing needs for indirect declaration of statistics on the balance of payments, to ensure and improve the quality of data declared indirectly on the balance of payments, and to further standardize the verification of the indirect declarations of the statistics on the balance of payments, the State Administration of Foreign Exchange formulated the System for the Verification of Indirect Declarations of Statistics on the Balance of Payments (see the Appendix for details), which is hereby issued for your implementation. All branches and foreign exchange administration departments of the SAFE shall, upon receipt of this Circular, forward it immediately to the sub-branches and banks within their jurisdictions. For any problems arising from implementation, please contact the Department of the Balance of Payments of the SAFE. Tel.: 010-68402448, 68402593; E-mail address: bop@bop.safe (Intranet). January 12, 2011 2011-01-20/en/2011/0120/717.html
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Purchasing quota of foreign exchange for domestic banks' overseas investment services on behalf of their clients approved for the first time. 2006-07-21/en/2006/0721/792.html
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China 's balance of payments in 2005 released 2006-04-28/en/2006/0428/783.html
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China 's balance of payments report in 2005 published 2006-04-28/en/2006/0428/784.html
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Foreign exchange administration policies of outward direct investment adjusted. 2006-06-08/en/2006/0608/788.html
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China 's international investment position of 2005 issued for the first time. 2006-05-25/en/2006/0525/787.html