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Several days ago, Premier Wen Jiabao of the State Council signed a State Council decree, promulgating the revised Regulations of the People's Republic of China on Foreign Exchange Administration, which came into force as of the date of promulgation. Officials in charge of the Legislative Affairs Office of the State Council, the People's Bank of China, and the State Administration of Foreign Exchange (SAFE) held an interview with reporters on relevant issues concerning the Regulations. Q: What is the main background to the revision to the Regulations? Answer: It is common practice in the world to timely adjust financial regulations in line with changing situations. The original Regulations of Peoples Republic of China on Foreign Exchange Administration played an important role in promoting an equilibrium in the balance of payments and preventing financial risks since their promulgation on January 29, 1996 and their revision on January 14, 1997. In recent years, with the rapid economic development of China and the profound changes in the international economic situation, the foreign exchange administration in China has confronted some new situations and problems, which the system must resolve. First, with the deepening of the reform of foreign exchange administration, full convertibility of the current account has been realized, foreign exchange income under the current account can be discretionarily retained by enterprises, the demand for personal foreign exchange is basically satisfied, the convertibility of the capital account is improving constantly, and the RMB exchange rate formation mechanism has been further perfected, so the Regulations need to be revised to consolidate the reform achievements and to allow room for further reform. Second, the situation in the balance of payments in China has changed fundamentally, from a foreign exchange shortage to excessive growth of foreign exchange reserves, but the original Regulations only focus on administration of foreign exchange outflows, so the Regulations needed to be revised for the balanced and standard administration of both capital inflows and outflows of foreign exchange. Third, as Chinas economy has become increasingly globalized and international capital flows have accelerated, the monitoring system for cross-border capital flows needed to be further perfected and a sound balance of payments emergency response and guarantee system needed to be established to effectively prevent risks and to improve the open economy. The revised draft of the Regulations of Peoples Republic of China on Foreign Exchange Administration, jointly drafted by the Peoples Bank of China and the SAFE on the basis of in-depth studies and seeking broad views and opinions, was submitted to the State Council for review. After soliciting opinions of the relevant departments of the State Council, various banks, and enterprises, the Legislative Affairs Office of the State Council, together with the Peoples Bank of China , the SAFE, and other departments, conducted repeated studies and modifications of the revised draft, and then submitted the final draft to the executive meeting of the State Council for review. The final Regulations were announced in a decree of the Decree of the State Council with the approval of the executive meeting of the State Council. Q: What principles were followed in revising the Regulations? A: First, adhering to the policy of reform and opening up, we drew on the reform achievements with respect to the current account, capital account, foreign exchange market, and RMB exchange rate formation mechanism in recent years, and reserved policy space for further reform. Second, centering on macro control and focusing on promoting an equilibrium in the balance of payments, we carried out balanced and standard administration of the capital inflows and outflows of foreign exchange. Third, we focused on creating a fair competitive environment to abolish the differential treatment between domestic enterprises and foreign enterprises, state-owned enterprises and private enterprises, institutions and individuals, and to exercise supervision according to the nature of the transaction. Fourth, in line with the requirements of the administrative system reform and the legal administration, we further perfected the regulations regarding the content and modes of foreign exchange administration, promoted trade and investment facilitation, and strengthened supervision and limits over administrative power. Q: Compared with the original Regulations, what contents have been revised in the new Regulations? A: The new Regulations, composed of 54 articles, represent a comprehensive revision of the original Regulations. They further facilitate trade and investment activities, improve the RMB exchange rate formation mechanism and the foreign exchange control system of financial institutions, establish a balance of payments emergency response and guarantee system, strengthen the monitoring of cross-border capital flows, perfect foreign exchange supervisory means and measures, and correspondingly clarify relevant legal liabilities. First, they pursue balanced administration of capital inflows and outflows of foreign exchange. They require that foreign exchange income and expenditure under the current account be made on the basis of authentic and lawful trade; they abolish the requirement for compulsory repatriation of foreign exchange income; and they allow foreign exchange income to be transferred back to China or deposited overseas in line with the prescribed conditions and terms; they standardize administration of the settlement of foreign exchange income under the capital account, and require that the foreign exchange and funds from sales of foreign exchange under the capital account be used for purposes approved by the relevant authorities, and impose penalties on illegal activities, such as illegal inflows of foreign exchange, illegal sales of foreign exchange, violations of the administration of the flow of funds from sales of foreign exchange; and they clarify the authority of the foreign exchange administrative organs in supervising and inspecting capital inflows and outflows, and specify administrative powers and procedures. Second, they improve the RMB exchange rate formation mechanism and the foreign exchange administration of financial institutions. They stipulate that the RMB exchange rate be subject to a floating exchange rate regime based on market supply and demand, and require the financial institutions operating foreign exchange sale and purchase business and other institutions satisfying the requirements to conduct foreign exchange transactions in the inter-bank foreign exchange market be in line with the stipulations of the foreign exchange administrative departments of the State Council; they regulate the administrative modes of the foreign exchange position, and carry out comprehensive position management of the foreign exchange business of financial institutions. Third, they strengthen the monitoring of cross-border capital flows and establish a balance of payment emergency response and guarantee system. They perfect the balance of payment statistics and reporting system, improve the collection of foreign exchange income and expenditure data, and strengthen statistics, analysis, and monitoring of cross-border capital flows; in accordance with WTO rules, they stipulate that the state may take necessary protection and control measures over the balance of payments when the balance of payments becomes or may become seriously unbalanced, or when the national economy confronts or may confront a serious crisis. Fourth, they perfect the foreign exchange supervisory means and measures. In order to guarantee the legal and effective fulfillment of the duties of the foreign exchange administrative organs, they stipulate the supervisory means and measures of the foreign exchange administrative organs and prescribe the supervisory and inspection procedures for the foreign exchange administrative organs. Q: How is the administration of foreign exchange under the current account prescribed in the Regulations? A: Chapter 5 and Article 2 in the general provisions of the Regulations contain the main stipulations for the administration of foreign exchange under the current account. Compared with the original Regulations, the new Regulations greatly simplify the content and procedures for the administration of foreign exchange income and expenditure under the current account. The Regulations stipulate that international payments of foreign exchange or the transfer of foreign exchange under the current account are not subject to any state control or restrictions, thus further facilitating foreign exchange income and expenditure under the current account; they require that the compulsory settlement of foreign exchange income under the current account be abolished, and foreign exchange income under the current account may be reserved or sold to financial institutions in accordance with the regulations; they stipulate that the foreign exchange expenditure under the current account be paid by an institution with its own foreign exchange or with foreign exchange purchased from financial institutions based on valid documents in accordance with the administrative provisions for the payment and purchase of foreign exchange. In order to guarantee that the foreign exchange income and expenditure under the current account be made on the basis of authentic and lawful trade, the Regulations require that the financial institutions that operate foreign exchange businesses conduct reasonable examinations of the authenticity of the transaction documents and of the consistency between the transaction documents and the foreign exchange income and expenditure; at the same time, they stipulate that the foreign exchange administrative organs have the right to supervise and inspect these issues through verifications and cancellations, write-offs, off-site data checking, on-site checking, etc. Q: How is the administration of foreign exchange under the capital account standardized in the new Regulations? A: The stipulations on the administration of foreign exchange under the capital account are mainly described in Chapter 3 of the Regulations, which are among the key content of the revisions to the Regulations. First, they reserve policy space for widening capital outflow channels. They simplify the administrative examination and approval process for foreign exchange administration of direct investments overseas, establish the administrative principles for transactions, such as overseas institutions raising funds within the territory of China, domestic institutions engaging in overseas securities investment and derivative products transactions, and domestic institutions providing commercial loans to overseas parties. Second, they reform the modes of the administration of foreign exchange under the capital account. Reserves and settlement of foreign exchange income under the capital account, shall require the approval of the foreign exchange administrative organs; with respect to the foreign exchange expenditure under the capital account, if the state provisions do not require it to be subject to the approval of the foreign exchange administrative organs in advance, in principle it can be directly handled at the financial institutions based on valid documents; and if the state provisions require that it be subject to the approval of the foreign exchange administrative organs, the approval procedures shall be handled prior to the payment of foreign exchange, unless it is otherwise provided by state provision. Third, they strengthen administration of the usage of capital inflows. They require that the foreign exchange and RMB funds from sales of foreign exchange under the capital account be used for purposes approved only by the relevant departments and the foreign exchange administrative organs, and they authorize the foreign exchange administrative organs to supervise and inspect the use of foreign exchange and RMB funds from sales of foreign exchange under the capital account and the changes in foreign exchange accounts. Q: What stipulations are there in the Regulations to perfect cross-border capital flows? A: Perfecting the monitoring of cross-border capital flows has important significance to grasp the situation in the income and expenditure of foreign exchange and to prevent international financial risks. On the one hand the Regulations clearly require in the general provisions that the foreign exchange administration department of the State Council collect statistical data and monitor the balance of international payments, and publish the balance of payments on a regular basis; on the other hand, they require the financial institutions handle the foreign exchange business through foreign exchange accounts and send the foreign exchange income and expenditure and the changes in the accounts of their clients to the foreign exchange administration organs according to the law. Domestic institutions that engage in foreign exchange operations shall submit financial accounting reports, statistical reports, and other data to the foreign exchange administration department of the State Council according to the relevant previsions. Based on these provisions of the Regulations, the foreign exchange administration organs can comprehensively monitor cross-border capital flows. At the same time, a supervisory information reporting system of the foreign exchange administration departments, relevant departments of the State Council, and the institutions is established. Q: How are the foreign exchange inspection means and legal responsibilities perfected in the Regulations? A: In order to carry out administration according to the law, guarantee effective implementation of the foreign exchange administration policies, and realistically prevent international financial risks, the Regulations clearly detail the inspection means and measures of the foreign exchange administration organs. According to the Regulations, when foreign exchange administration organs legally perform their duties, they have authority to take the following measures: to conduct on-site inspections, to enter places where illegal acts of foreign exchange are suspected to have occurred for investigation and collection of evidence, to make inquiries of the parties related to cases under investigation, to consult and photocopy relevant transaction documents and financial accounting data, to seal any documents and data that may have been transferred, concealed, or damaged, to inspect the accounts of an institution or an individual related to a case under investigation for illegal foreign exchange activities (excluding individual savings deposit accounts), to file an application with the peoples court to freeze or seal any property or important evidence involved, etc. However, the foreign exchange administration organs must carry out the relevant inspections in line with the procedures prescribed in the Regulations so as to safeguard the legal rights of the parties concerned. Meanwhile, in order to adapt to the demand to crack down on illegal foreign exchange activities under the new situation, the Regulations newly establish penalty provisions for illegal activities, such as for the illegal inflow of capital, illegal foreign exchange sales, violation of the administration of the flow of settlement funds, the illegal carrying of foreign exchange in or out of China, and the illegal introduction, purchase, and sale of foreign exchange, etc. Several days ago, Premier Wen Jiabao of the State Council signed a State Council decree, promulgating the revised Regulations of the Peoples Republic of China on Foreign Exchange Administration, which came into force as of the date of promulgation. Officials in charge of the Legislative Affairs Office of the State Council, the Peoples Bank of China , and the State Administration of Foreign Exchange (SAFE) held an interview with reporters on relevant issues concerning the Regulations. Q: What is the main background to the revision to the Regulations? Answer: It is common practice in the world to timely adjust financial regulations in line with changing situations. The original Regulations of Peoples Republic of China on Foreign Exchange Administration played an important role in promoting an equilibrium in the balance of payments and preventing financial risks since their promulgation on January 29, 1996 and their revision on January 14, 1997. In recent years, with the rapid economic development of China and the profound changes in the international economic situation, the foreign exchange administration in China has confronted some new situations and problems, which the system must resolve. First, with the deepening of the reform of foreign exchange administration, full convertibility of the current account has been realized, foreign exchange income under the current account can be discretionarily retained by enterprises, the demand for personal foreign exchange is basically satisfied, the convertibility of the capital account is improving constantly, and the RMB exchange rate formation mechanism has been further perfected, so the Regulations need to be revised to consolidate the reform achievements and to allow room for further reform. Second, the situation in the balance of payments in China has changed fundamentally, from a foreign exchange shortage to excessive growth of foreign exchange reserves, but the original Regulations only focus on administration of foreign exchange outflows, so the Regulations needed to be revised for the balanced and standard administration of both capital inflows and outflows of foreign exchange. Third, as Chinas economy has become increasingly globalized and international capital flows have accelerated, the monitoring system for cross-border capital flows needed to be further perfected and a sound balance of payments emergency response and guarantee system needed to be established to effectively prevent risks and to improve the open economy. The revised draft of the Regulations of Peoples Republic of China on Foreign Exchange Administration, jointly drafted by the Peoples Bank of China and the SAFE on the basis of in-depth studies and seeking broad views and opinions, was submitted to the State Council for review. After soliciting opinions of the relevant departments of the State Council, various banks, and enterprises, the Legislative Affairs Office of the State Council, together with the Peoples Bank of China , the SAFE, and other departments, conducted repeated studies and modifications of the revised draft, and then submitted the final draft to the executive meeting of the State Council for review. The final Regulations were announced in a decree of the Decree of the State Council with the approval of the executive meeting of the State Council. Q: What principles were followed in revising the Regulations? A: First, adhering to the policy of reform and opening up, we drew on the reform achievements with respect to the current account, capital account, foreign exchange market, and RMB exchange rate formation mechanism in recent years, and reserved policy space for further reform. Second, centering on macro control and focusing on promoting an equilibrium in the balance of payments, we carried out balanced and standard administration of the capital inflows and outflows of foreign exchange. Third, we focused on creating a fair competitive environment to abolish the differential treatment between domestic enterprises and foreign enterprises, state-owned enterprises and private enterprises, institutions and individuals, and to exercise supervision according to the nature of the transaction. Fourth, in line with the requirements of the administrative system reform and the legal administration, we further perfected the regulations regarding the content and modes of foreign exchange administration, promoted trade and investment facilitation, and strengthened supervision and limits over administrative power. Q: Compared with the original Regulations, what contents have been revised in the new Regulations? A: The new Regulations, composed of 54 articles, represent a comprehensive revision of the original Regulations. They further facilitate trade and investment activities, improve the RMB exchange rate formation mechanism and the foreign exchange control system of financial institutions, establish a balance of payments emergency response and guarantee system, strengthen the monitoring of cross-border capital flows, perfect foreign exchange supervisory means and measures, and correspondingly clarify relevant legal liabilities. First, they pursue balanced administration of capital inflows and outflows of foreign exchange. They require that foreign exchange income and expenditure under the current account be made on the basis of authentic and lawful trade; they abolish the requirement for compulsory repatriation of foreign exchange income; and they allow foreign exchange income to be transferred back to China or deposited overseas in line with the prescribed conditions and terms; they standardize administration of the settlement of foreign exchange income under the capital account, and require that the foreign exchange and funds from sales of foreign exchange under the capital account be used for purposes approved by the relevant authorities, and impose penalties on illegal activities, such as illegal inflows of foreign exchange, illegal sales of foreign exchange, violations of the administration of the flow of funds from sales of foreign exchange; and they clarify the authority of the foreign exchange administrative organs in supervising and inspecting capital inflows and outflows, and specify administrative powers and procedures. Second, they improve the RMB exchange rate formation mechanism and the foreign exchange administration of financial institutions. They stipulate that the RMB exchange rate be subject to a floating exchange rate regime based on market supply and demand, and require the financial institutions operating foreign exchange sale and purchase business and other institutions satisfying the requirements to conduct foreign exchange transactions in the inter-bank foreign exchange market be in line with the stipulations of the foreign exchange administrative departments of the State Council; they regulate the administrative modes of the foreign exchange position, and carry out comprehensive position management of the foreign exchange business of financial institutions. Third, they strengthen the monitoring of cross-border capital flows and establish a balance of payment emergency response and guarantee system. They perfect the balance of payment statistics and reporting system, improve the collection of foreign exchange income and expenditure data, and strengthen statistics, analysis, and monitoring of cross-border capital flows; in accordance with WTO rules, they stipulate that the state may take necessary protection and control measures over the balance of payments when the balance of payments becomes or may become seriously unbalanced, or when the national economy confronts or may confront a serious crisis. Fourth, they perfect the foreign exchange supervisory means and measures. In order to guarantee the legal and effective fulfillment of the duties of the foreign exchange administrative organs, they stipulate the supervisory means and measures of the foreign exchange administrative organs and prescribe the supervisory and inspection procedures for the foreign exchange administrative organs. Q: How is the administration of foreign exchange under the current account prescribed in the Regulations? A: Chapter 5 and Article 2 in the general provisions of the Regulations contain the main stipulations for the administration of foreign exchange under the current account. Compared with the original Regulations, the new Regulations greatly simplify the content and procedures for the administration of foreign exchange income and expenditure under the current account. The Regulations stipulate that international payments of foreign exchange or the transfer of foreign exchange under the current account are not subject to any state control or restrictions, thus further facilitating foreign exchange income and expenditure under the current account; they require that the compulsory settlement of foreign exchange income under the current account be abolished, and foreign exchange income under the current account may be reserved or sold to financial institutions in accordance with the regulations; they stipulate that the foreign exchange expenditure under the current account be paid by an institution with its own foreign exchange or with foreign exchange purchased from financial institutions based on valid documents in accordance with the administrative provisions for the payment and purchase of foreign exchange. In order to guarantee that the foreign exchange income and expenditure under the current account be made on the basis of authentic and lawful trade, the Regulations require that the financial institutions that operate foreign exchange businesses conduct reasonable examinations of the authenticity of the transaction documents and of the consistency between the transaction documents and the foreign exchange income and expenditure; at the same time, they stipulate that the foreign exchange administrative organs have the right to supervise and inspect these issues through verifications and cancellations, write-offs, off-site data checking, on-site checking, etc. Q: How is the administration of foreign exchange under the capital account standardized in the new Regulations? A: The stipulations on the administration of foreign exchange under the capital account are mainly described in Chapter 3 of the Regulations, which are among the key content of the revisions to the Regulations. First, they reserve policy space for widening capital outflow channels. They simplify the administrative examination and approval process for foreign exchange administration of direct investments overseas, establish the administrative principles for transactions, such as overseas institutions raising funds within the territory of China, domestic institutions engaging in overseas securities investment and derivative products transactions, and domestic institutions providing commercial loans to overseas parties. Second, they reform the modes of the administration of foreign exchange under the capital account. Reserves and settlement of foreign exchange income under the capital account, shall require the approval of the foreign exchange administrative organs; with respect to the foreign exchange expenditure under the capital account, if the state provisions do not require it to be subject to the approval of the foreign exchange administrative organs in advance, in principle it can be directly handled at the financial institutions based on valid documents; and if the state provisions require that it be subject to the approval of the foreign exchange administrative organs, the approval procedures shall be handled prior to the payment of foreign exchange, unless it is otherwise provided by state provision. Third, they strengthen administration of the usage of capital inflows. They require that the foreign exchange and RMB funds from sales of foreign exchange under the capital account be used for purposes approved only by the relevant departments and the foreign exchange administrative organs, and they authorize the foreign exchange administrative organs to supervise and inspect the use of foreign exchange and RMB funds from sales of foreign exchange under the capital account and the changes in foreign exchange accounts. Q: What stipulations are there in the Regulations to perfect cross-border capital flows? A: Perfecting the monitoring of cross-border capital flows has important significance to grasp the situation in the income and expenditure of foreign exchange and to prevent international financial risks. On the one hand the Regulations clearly require in the general provisions that the foreign exchange administration department of the State Council collect statistical data and monitor the balance of international payments, and publish the balance of payments on a regular basis; on the other hand, they require the financial institutions handle the foreign exchange business through foreign exchange accounts and send the foreign exchange income and expenditure and the changes in the accounts of their clients to the foreign exchange administration organs according to the law. Domestic institutions that engage in foreign exchange operations shall submit financial accounting reports, statistical reports, and other data to the foreign exchange administration department of the State Council according to the relevant previsions. Based on these provisions of the Regulations, the foreign exchange administration organs can comprehensively monitor cross-border capital flows. At the same time, a supervisory information reporting system of the foreign exchange administration departments, relevant departments of the State Council, and the institutions is established. Q: How are the foreign exchange inspection means and legal responsibilities perfected in the Regulations? A: In order to carry out administration according to the law, guarantee effective implementation of the foreign exchange administration policies, and realistically prevent international financial risks, the Regulations clearly detail the inspection means and measures of the foreign exchange administration organs. According to the Regulations, when foreign exchange administration organs legally perform their duties, they have authority to take the following measures: to conduct on-site inspections, to enter places where illegal acts of foreign exchange are suspected to have occurred for investigation and collection of evidence, to make inquiries of the parties related to cases under investigation, to consult and photocopy relevant transaction documents and financial accounting data, to seal any documents and data that may have been transferred, concealed, or damaged, to inspect the accounts of an institution or an individual related to a case under investigation for illegal foreign exchange activities (excluding individual savings deposit accounts), to file an application with the peoples court to freeze or seal any property or important evidence involved, etc. However, the foreign exchange administration organs must carry out the relevant inspections in line with the procedures prescribed in the Regulations so as to safeguard the legal rights of the parties concerned. Meanwhile, in order to adapt to the demand to crack down on illegal foreign exchange activities under the new situation, the Regulations newly establish penalty provisions for illegal activities, such as for the illegal inflow of capital, illegal foreign exchange sales, violation of the administration of the flow of settlement funds, the illegal carrying of foreign exchange in or out of China, and the illegal introduction, purchase, and sale of foreign exchange, etc. 2008-08-05/en/2008/0805/874.html
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The SAFE recently released China's Balance of Payments Statement for the year 2008. The statistics reveal that the current account and the capital and financial account posted a "twin surplus" in 2008, and international reserves maintained a growing momentum. In 2008, China's surplus under the current account totaled USD 426.1 billion, an increase of 15% year on year. Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD 360.7 billion, USD 31.4 billion, and USD 45.8 billion, respectively, whereas the deficit in services amounted to USD 11.8 billion. Meanwhile, China's surplus under the capital and financial account totaled USD 19 billion in 2008, a decrease of 74% year on year. In particular, the net inflows of direct investments and portfolio investments amounted to USD 94.3 billion and USD 42.7 billion respectively, whereas the net outflows of other investments reached USD 121.1 billion. Furthermore, China's international reserves continued to grow. At the end of 2008, China registered a total of USD 1.946 trillion in foreign exchange reserves, an increase of USD 417.8 billion over that at the end of 2007. In addition, the BOP Analysis Team of the SAFE released China's Balance of Payments Report for the year 2008 in order to facilitate understanding of the data and analysis of China's balance of payments among all groups in the society. Balance of Payments * 2008 US dollars (thousands) Items Line Balance Credit Debit I. Current Account 1 426,107,395 1,725,893,261 1,299,785,866 A. Goods and Services 2 348,870,456 1,581,713,188 1,232,842,732 a. Goods 3 360,682,094 1,434,601,241 1,073,919,146 b. Services 4 -11,811,638 147,111,948 158,923,586 1.Transportation 5 -11,911,179 38,417,556 50,328,735 2.Travel 6 4,686,000 40,843,000 36,157,000 3.Communication Services 7 59,585 1,569,663 1,510,079 4.Construction Services 8 5,965,493 10,328,506 4,363,013 5.Insurance Services 9 -11,360,128 1,382,716 12,742,844 6.Financial Services 10 -250,884 314,731 565,615 7.Computer and Information Services 11 3,086,931 6,252,062 3,165,131 8.Royalties and Licensing Fees 12 -9,748,930 570,536 10,319,466 9.Consulting Services 13 4,605,315 18,140,866 13,535,551 10.Advertising and Public Opinion Polling 14 261,668 2,202,324 1,940,656 11.Audio-visual and Related Services 15 163,322 417,943 254,622 12. Other Business Services 16 2,885,059 26,005,857 23,120,798 13. Government Services, n.i.e. 17 -253,890 666,187 920,076 B. Income 18 31,437,960 91,614,872 60,176,912 1.Compensation of Employees 19 6,400,156 9,136,547 2,736,391 2.Investment Income 20 25,037,804 82,478,325 57,440,521 C. Current Transfers 21 45,798,979 52,565,201 6,766,222 1.General Government 22 -181,611 49,205 230,816 2. Other Sectors 23 45,980,590 52,515,996 6,535,406 II. Capital and Financial Account 24 18,964,877 769,876,094 750,911,218 A. Capital Account 25 3,051,448 3,319,886 268,439 B. Financial Account 26 15,913,429 766,556,208 750,642,779 1. Direct Investment 27 94,320,092 163,053,964 68,733,872 1.1 Abroad 28 -53,470,972 2,175,785 55,646,757 1.2 In China 29 147,791,064 160,878,179 13,087,115 2. Portfolio Investment 30 42,660,063 67,708,045 25,047,982 2.1 Assets 31 32,749,936 57,672,404 24,922,468 2.1.1 Equity Securities 32 -1,117,368 3,844,800 4,962,168 2.1.2 Debt Securities 33 33,867,304 53,827,604 19,960,300 2.1.2.1 Bonds and Notes 34 37,563,103 53,827,604 16,264,501 2.1.2.2 Money Market Instruments 35 -3,695,799 0 3,695,799 2.2 Liabilities 36 9,910,127 10,035,641 125,514 2.2.1 Equity Securities 37 8,721,011 8,721,011 0 2.2.2 Debt Securities 38 1,189,116 1,314,630 125,514 2.2.2.1 Bonds and Notes 39 1,189,116 1,314,630 125,514 2.2.2.2 Money Market Instruments 40 0 0 0 3. Other Investment 41 -121,066,726 535,794,199 656,860,925 3.1 Assets 42 -106,074,263 32,563,248 138,637,510 3.1.1 Trade Credits 43 5,866,953 5,866,953 0 Long-term 44 410,687 410,687 0 Short-term 45 5,456,266 5,456,266 0 3.1.2 Loans 46 -18,501,123 478,305 18,979,428 Long-term 47 -6,569,000 0 6,569,000 Short-term 48 -11,932,123 478,305 12,410,428 3.1.3 Currency and Deposits 49 -33,528,165 17,715,954 51,244,120 3.1.4 Other Assets 50 -59,911,928 8,502,035 68,413,963 Long-term 51 0 0 0 Short-term 52 -59,911,928 8,502,035 68,413,963 3.2 Liabilities 53 -14,992,463 503,230,952 518,223,415 3.2.1 Trade Credits 54 -19,049,071 0 19,049,071 Long-term 55 -1,333,435 0 1,333,435 Short-term 56 -17,715,636 0 17,715,636 3.2.2 Loans 57 3,620,979 442,835,925 439,214,946 Long-term 58 6,724,078 20,129,387 13,405,309 Short-term 59 -3,103,099 422,706,538 425,809,637 3.2.3 Currency and Deposits 60 2,702,297 59,226,206 56,523,909 3.2.4 Other Liabilities 61 -2,266,668 1,168,821 3,435,489 Long-term 62 -2,236,180 34,976 2,271,156 Short-term 63 -30,488 1,133,845 1,164,333 III. Reserves Assets 64 -418,978,429 0 418,978,429 3.1 Monetary Gold 65 0 0 0 3.2 Special Drawing Rights 66 -7,114 0 7,114 3.3 Reserves Position in the Fund 67 -1,190,315 0 1,190,315 3.4 Foreign Exchange 68 -417,781,000 0 417,781,000 3.5 Other Claims 69 0 0 0 IV. Net Errors and Omissions 70 -26,093,843 0 26,093,843 * This BOP statement employs rounded-off numbers. 124 The SAFE recently released China's Balance of Payments Statement for the year 2008. The statistics reveal that the current account and the capital and financial account posted a "twin surplus" in 2008, and international reserves maintained a growing momentum. In 2008, China's surplus under the current account totaled USD 426.1 billion, an increase of 15% year on year. Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD 360.7 billion, USD 31.4 billion, and USD 45.8 billion, respectively, whereas the deficit in services amounted to USD 11.8 billion. Meanwhile, China's surplus under the capital and financial account totaled USD 19 billion in 2008, a decrease of 74% year on year. In particular, the net inflows of direct investments and portfolio investments amounted to USD 94.3 billion and USD 42.7 billion respectively, whereas the net outflows of other investments reached USD 121.1 billion. Furthermore, China's international reserves continued to grow. At the end of 2008, China registered a total of USD 1.946 trillion in foreign exchange reserves, an increase of USD 417.8 billion over that at the end of 2007. In addition, the BOP Analysis Team of the SAFE released China's Balance of Payments Report for the year 2008 in order to facilitate understanding of the data and analysis of China's balance of payments among all groups in the society. Balance of Payments * 2008 US dollars (thousands) Items Line Balance Credit Debit I. Current Account 1 426,107,395 1,725,893,261 1,299,785,866 A. Goods and Services 2 348,870,456 1,581,713,188 1,232,842,732 a. Goods 3 360,682,094 1,434,601,241 1,073,919,146 b. Services 4 -11,811,638 147,111,948 158,923,586 1.Transportation 5 -11,911,179 38,417,556 50,328,735 2.Travel 6 4,686,000 40,843,000 36,157,000 3.Communication Services 7 59,585 1,569,663 1,510,079 4.Construction Services 8 5,965,493 10,328,506 4,363,013 5.Insurance Services 9 -11,360,128 1,382,716 12,742,844 6.Financial Services 10 -250,884 314,731 565,615 7.Computer and Information Services 11 3,086,931 6,252,062 3,165,131 8.Royalties and Licensing Fees 12 -9,748,930 570,536 10,319,466 9.Consulting Services 13 4,605,315 18,140,866 13,535,551 10.Advertising and Public Opinion Polling 14 261,668 2,202,324 1,940,656 11.Audio-visual and Related Services 15 163,322 417,943 254,622 12. Other Business Services 16 2,885,059 26,005,857 23,120,798 13. Government Services, n.i.e. 17 -253,890 666,187 920,076 B. Income 18 31,437,960 91,614,872 60,176,912 1.Compensation of Employees 19 6,400,156 9,136,547 2,736,391 2.Investment Income 20 25,037,804 82,478,325 57,440,521 C. Current Transfers 21 45,798,979 52,565,201 6,766,222 1.General Government 22 -181,611 49,205 230,816 2. Other Sectors 23 45,980,590 52,515,996 6,535,406 II. Capital and Financial Account 24 18,964,877 769,876,094 750,911,218 A. Capital Account 25 3,051,448 3,319,886 268,439 B. Financial Account 26 15,913,429 766,556,208 750,642,779 1. Direct Investment 27 94,320,092 163,053,964 68,733,872 1.1 Abroad 28 -53,470,972 2,175,785 55,646,757 1.2 In China 29 147,791,064 160,878,179 13,087,115 2. Portfolio Investment 30 42,660,063 67,708,045 25,047,982 2.1 Assets 31 32,749,936 57,672,404 24,922,468 2.1.1 Equity Securities 32 -1,117,368 3,844,800 4,962,168 2.1.2 Debt Securities 33 33,867,304 53,827,604 19,960,300 2.1.2.1 Bonds and Notes 34 37,563,103 53,827,604 16,264,501 2.1.2.2 Money Market Instruments 35 -3,695,799 0 3,695,799 2.2 Liabilities 36 9,910,127 10,035,641 125,514 2.2.1 Equity Securities 37 8,721,011 8,721,011 0 2.2.2 Debt Securities 38 1,189,116 1,314,630 125,514 2.2.2.1 Bonds and Notes 39 1,189,116 1,314,630 125,514 2.2.2.2 Money Market Instruments 40 0 0 0 3. Other Investment 41 -121,066,726 535,794,199 656,860,925 3.1 Assets 42 -106,074,263 32,563,248 138,637,510 3.1.1 Trade Credits 43 5,866,953 5,866,953 0 Long-term 44 410,687 410,687 0 Short-term 45 5,456,266 5,456,266 0 3.1.2 Loans 46 -18,501,123 478,305 18,979,428 Long-term 47 -6,569,000 0 6,569,000 Short-term 48 -11,932,123 478,305 12,410,428 3.1.3 Currency and Deposits 49 -33,528,165 17,715,954 51,244,120 3.1.4 Other Assets 50 -59,911,928 8,502,035 68,413,963 Long-term 51 0 0 0 Short-term 52 -59,911,928 8,502,035 68,413,963 3.2 Liabilities 53 -14,992,463 503,230,952 518,223,415 3.2.1 Trade Credits 54 -19,049,071 0 19,049,071 Long-term 55 -1,333,435 0 1,333,435 Short-term 56 -17,715,636 0 17,715,636 3.2.2 Loans 57 3,620,979 442,835,925 439,214,946 Long-term 58 6,724,078 20,129,387 13,405,309 Short-term 59 -3,103,099 422,706,538 425,809,637 3.2.3 Currency and Deposits 60 2,702,297 59,226,206 56,523,909 3.2.4 Other Liabilities 61 -2,266,668 1,168,821 3,435,489 Long-term 62 -2,236,180 34,976 2,271,156 Short-term 63 -30,488 1,133,845 1,164,333 III. Reserves Assets 64 -418,978,429 0 418,978,429 3.1 Monetary Gold 65 0 0 0 3.2 Special Drawing Rights 66 -7,114 0 7,114 3.3 Reserves Position in the Fund 67 -1,190,315 0 1,190,315 3.4 Foreign Exchange 68 -417,781,000 0 417,781,000 3.5 Other Claims 69 0 0 0 IV. Net Errors and Omissions 70 -26,093,843 0 26,093,843 * This BOP statement employs rounded-off numbers. 124 2009-04-24/en/2009/0424/886.html
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May 18, 2007 - Since April 2007 the SAFE has launched inspections of foreign exchange capital inflows and sales in 10 coastal cities and provinces. A reporter interviewed the SAFE's spokesperson on related issues. Q: Why did the SAFE launch inspections of foreign exchange capital inflows and sales? A: In recent years, the SAFE, centering on the goal of achieving an equilibrium in the balance of payments, has changed its working style, adopted innovative administrative means, and improved its management of capital inflows and foreign exchange sales. Some progress has been made. However, the situation in the balance of payments remains grim. This year our foreign exchange capital still posts a trend of net inflows. Foreign exchange reserves still remain high, reaching USD 1.202 trillion at the end of March, an increase of 12.72% compared with the end of 2006, and to some extent affecting stable and sound economic development. Therefore, the SAFE launched inspections of foreign exchange capital inflows and sales in ten coastal cities and provinces for the following purposes. First, to grasp the overall situation of capital inflows, and foreign exchange sales and the use of RMB capital from foreign exchange sales to provide a scientific and reliable foundation for improving macro-control. Second, to understand the channels, methods, structure, and operation of abnormal and illegal capital inflows, foreign exchange sales, and the use of RMB capital from foreign exchange sales to curtail the inflows of cross-border short-term venture capital. Third, to check the effect of the policies on foreign exchange administration, step up the fight against foreign exchange-related illegal behavior, alleviating their negative impact on economic development and achieving rapid and sound economic development. Q: Why did the SAFE choose ten coastal cities and provinces like Guangdong to carry out the inspection? A: In light of the foreign exchange revenue and expenditure of each province in 2006, the SAFE decided to carry out off-site inspections of the foreign exchange capital inflows and sales in Guangdong, Jiangsu, Zhejiang, Shandong, Fujian, Liaoning, Ningbo, Qingdao, Xiamen, and Dalian where the foreign exchange business is brisk and where collection and sales account for 60% of the entire country. Therefore, grasping the foreign exchange capital inflows and foreign exchange sales and use of RMB capital from foreign exchange sales in these regions will be helpful to take account of the overall situation in China . Q: What are the requirements for the inspected subjects and time slot for the inspected businesses? A: The SAFE will mainly inspect subjects involved in foreign exchange, including Chinese- and foreign-funded banks engaged in foreign exchange collection and sales in China, non-bank financial institutions, foreign-funded enterprises, Chinese enterprises and institutions, foreign organizations in China, and individuals. Foreign exchange collection and sales as well as the use of RMB capital from foreign exchange sales from January 1, 2006 and March 31, 2007 (or, if necessary, the time before and after this period) will be inspected. Q: What will the SAFE mainly inspect? A: The SAFE will focus on the inspection of the foreign exchange collection and sales as well as the use of RMB capital from foreign exchange sales of the inspected subjects during the specified period. We will emphasize the authenticity and lawfulness of the foreign exchange collection and sales under the goods trade and services trade, capital inflows and foreign exchange sales of foreign-funded enterprises, capital inflows and foreign exchange sales of external debts and trade financing, individual capital inflows and sales, and those involved in real estate, securities, and round-trip investments, and will crack down on illegal capital inflows and foreign exchange sales through underground money shops. The SAFE also will require local foreign exchange inspection departments to analyze local foreign exchange capital inflows and sales as well as the use of RMB capital from foreign exchange sales with a special focus on the local situations. Q: What progress has the SAFE made? A: To ensure its success and achieve the expected goals, the SAFE made full preparations for the inspection. Inspections of the chosen regions, launched on April 9, are proceeding smoothly and the first phase is expected to be completed at the end of May. Inspections reveal that illegal behavior exists in both trade and investment. On the one hand, we will carry out extended inspections and strictly combat illegal short-term capital inflows and foreign exchange sales; on the other hand, the SAFE will adjust the policy in a targeted fashion according to the exposed problems from the inspections, further improve and strengthen foreign exchange administration, guard against the impact of short-term capital inflows, and promote an equilibrium in the balance of payments. 2007-05-18/en/2007/0518/839.html
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The State Administration of Foreign Exchange (SAFE), the Ministry of Commerce, and the General Administration of Customs recently jointly promulgated the Measures for the Online Inspection of Foreign Exchange Collection and Settlement of Export Proceeds for the purposes of strengthening supervision of cross-border capital flows and improving inspection of the authenticity and conformity of export transactions and the involved foreign exchange settlement. According to the Measures, the online inspection will be carried out on the foreign exchange collection and settlement of export proceeds beginning on July 14, and the registration management system for enterprises' trade credit will also become operational. At the beginning of the trial operation of the system, two deputy administrators of the SAFE, Li Dongrong and Deng Xianhong, respectively visited banks and enterprises in Beijing to investigate the trial run and onsite operations of the system, and they answered questions from banks and enterprises. It is known that on the whole so far the new system has functioned smoothly, and some enterprises have successfully carried out related business according to the new stipulations. As the director of the SAFE has pointed out, the Central Committee of the Party and the State Council attach great importance to strengthening supervision of cross-border capital flows, and on numerous occasions specific requirements have been proposed. The online inspection of foreign exchange collection and settlement of export proceeds and the registration management of enterprises' trade credit are of great significance for substantially preventing abnormal inflows of foreign exchange via trade, for maintaining normal trade order, and for safeguarding the economic and financial security of the state. Facing strict time limitations and a tough assignment, the banks are working on the frontline to enforce this policy, and are shouldering a huge responsibility to supervise the abnormal inflow of foreign exchange. The banks should maintain sound operations of the system, reinforcing the training of personnel, understanding the essence of the policy as soon as possible, mastering operations, and spreading the policy to enterprises as well as providing timely tracking and feedback on new issues and problems. The SAFE will pay close attention to implementation of the policy. Moreover, the leaders of the SAFE will visit various regions in the near future to investigate and to provide onsite instructions to banks and enterprises so as to discover and solve problems in a timely manner, and then to perfect the policy and to facilitate the legal operations of enterprises while restraining the abnormal inflows of foreign exchange. In order to further simplify the procedures and to facilitate operations by the enterprises, the foreign exchange administration is working with the taxation and other departments to study a way to carry out verification while also inspecting the foreign exchange collection of export proceeds. 2008-07-15/en/2008/0715/873.html
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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
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August 15, 2007 - In order to improve foreign exchange administration in closed areas and bonded sites under customs supervision (hereinafter referred to as bonded areas under customs supervision) and facilitate trade and investment made by enterprises within such areas, the SAFE recently announced the "Measures for Foreign Exchange Administration in Bonded Areas under Customs Supervision" (hereinafter referred to as the "Measures"). In recent years, bonded regions, export-processing zones, bonded logistics parks, bonded logistics centers, bonded ports, integrated bonded areas, cross-border industrial parks, and other different types of bonded areas under customs supervision have been developing rapidly, playing a positive role in promoting regional economic development and the development of high-tech and high value-added products trade. To meet the demands to further expand and transform the functions of the bonded areas under customs supervision, the SAFE formulated and promulgated the "Measures" to integrate the existing foreign exchange management policies applicable to different bonded supervision areas and to adjust the policies that lag behind the development of the bonded supervision areas. The main contents of the "Measures" are as follows: First is to continue to maintain the advantages of foreign exchange management policies in the regions. Local enterprises engaged in trading goods abroad do not have to go through the procedures for verification. Local enterprises and domestic enterprises outside the regions can use RMB or foreign currencies for valuation and settlement in transactions. Second is to integrate some of the internal and external policies, further facilitating the opening of current foreign currency accounts, retaining the current foreign exchange income, the purchases and sales of foreign exchange, investment under the capital accounts, and external guarantees, as well as the reporting system for the balance of payments statistics and implementing the same policy with that outside the bonded areas under customs supervision. Third is to fit in with the transaction manners of local enterprises and the new features of the logistics development and to simplify the material verification requirements, so the payment of foreign exchange whose logistics and capital flow do not correspond to each other can be directly handled in the banks. The announcement and implementation of the "Measures," are suitable to the current economic situation for structural adjustment, satisfy the operational and innovation needs of enterprises, and will further facilitate the operation of enterprises in these areas, thus promoting the development of the bonded areas under customs supervision. Meanwhile, they will contribute to effective supervision. The "Measures" shall become effective on October 1. 2007-08-15/en/2007/0815/845.html
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April 24, 2007 - The SAFE held the 2007 Work Conference on Science and Technology in Guangdong to summarize the application of science and technology to foreign exchange administration in recent years and to make arrangements for 2007. Deputy Administrator Li Dongrong attended the meeting and delivered a speech. The SAFE, under the guidance of the concept of scientific development, in recent years has actively applied science and technology to its work in accordance with the requirements of national informatization construction. The SAFE worked out the Eleventh Five-year IT Plan on Foreign Exchange Administration; built an online platform to facilitate enterprises and banks; promoted management systems for individual foreign exchange settlement and sale and upgraded the foreign exchange account system to guarantee the smooth implementation of policies; and reinforced the construction of infrastructure to lay a solid foundation for safe and stable operations of the information system. The meeting pointed out that the SAFE would, based on the main work of the State Informatization Leading Group in 2007 and the tasks defined in the Eleventh Five-year IT Plan on Foreign Exchange Administration, continue to strengthen fundamental informatization construction, guarantee network and information safety, step up efforts to consolidate and utilize foreign exchange data, promote the construction of e-government affairs and resource sharing, and improve public services. Li emphasized that the complicated and volatile international and domestic economic and financial situations present both challenges and opportunities for the application of science and technology. He set forth the following requirements to successfully achieve the tasks of 2007. First, to study and grasp the gist of the Central Economic Work Conference and the National Financial Work Conference, seeking unity of thinking, setting a clear direction, fully recognizing the complexity and difficulty of achieving an equilibrium in the balance of payments, and guiding the application of science and technology to foreign exchange administration. Second, to honorably, responsibly, and urgently apply science and technology, energetically and diligently serving the reform of foreign exchange administration, promoting economic development, and contributing to an equilibrium in the balance of payments. Third, to strengthen the construction of a skilled team to provide sufficient manpower for system construction, operation and maintenance, and technological management, etc. 2007-04-24/en/2007/0424/837.html
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August 13, 2007 - The SAFE recently released the "Circular of the State Administration of Foreign Exchange on Reserving Foreign Exchange Income under the Current Account by Domestic Institutions at Their Own Discretion" (hereinafter referred to as the "Circular") and lifted the quota limit on the foreign exchange account under the current account for domestic institutions. Therefore, domestic institutions can reserve foreign exchange income under the current account at their own discretion according to their operational needs. Previously, domestic institutions could retain their foreign exchange income under the current account within a total of 80% of the foreign exchange receipts under the current account and 50% of the foreign exchange payments under the current account of the previous year. This policy adjustment is an important reform of the foreign exchange management system. The implementation of the new policy will further strengthen autonomy and the convenience for domestic institutions to hold and use foreign exchange and is favorable for domestic institutions to reinforce the management of funds as well as conducive to promoting an equilibrium in the balance of payments. The SAFE will continue to strengthen oversight and management of the authenticity and compliance of the foreign exchange receipts and payments under the current account, strictly monitor cross-border capital flows, and intensify efforts to investigate and deal with false and illegal foreign exchange transactions to maintain stable and healthy economic and financial development in line with implementation of national macro-control and regulation. The "Circular" shall be effective upon promulgation. 2007-08-13/en/2007/0813/844.html
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Nanyang Commercial Bank's purchasing quota of foreign exchange for overseas investment services on behalf of its clients approved 2007-05-16/en/2007/0516/838.html
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面对突如其来的疫情，国家外汇管理局厦门市分局（以下简称“外汇局厦门市分局”）在厦门市委市政府和人民银行厦门市中心支行党委的统一部署下，以高度的政治自觉和责任担当，主动靠前、积极响应，特事特办、急事急办，倡导业务办理“不见面”，确保疫情期间外汇服务“不打烊”。 倡导业务办理“不见面” 外汇局厦门市分局结合疫情防控实际情况，及时推出“不见面”业务办理模式，迅速整理发布《疫情期间资本项目业务办理指南》、《个人外汇业务服务小贴士》等业务办理指南，积极鼓励、指导市场主体使用“国家外汇管理局政务服务网上办理系统”和手机银行等线上渠道、邮寄快递和预约咨询等方式办理外汇相关业务，避免不必要的人员流动与聚集。9月12日至25日，外汇局厦门市分局已通过网上办理系统受理行政许可申请81项，通过电子邮件、微信等方式为两家企业补办资本项目业务登记凭证；厦门全辖线上渠道办理个人结售汇业务笔数占总笔数的91.71%，累计金额占总金额的90.86%。 实现资金结算“不耽误” 为提升疫情期间外汇资金结算办理质效，外汇局厦门市分局积极指导辖区金融机构运用科技手段提升外汇服务电子化水平，加快业务办理速度，减少人员接触风险。招商银行厦门分行针对企业客户开证笔数多、金额分散、效率要求高的需求，迅速成立项目小组进一步优化完善进口信用证网上开立全流程，研发推出银企直联进口开证模式，实现企业直联申请开立进口信用证以及线上完成信用证项下承兑、付款等操作，避免疫情造成的延迟复工对国际业务可能产生的跨境纠纷。截至目前，招商银行厦门分行已成功通过银企直连进口开证模式成功开立信用证40余笔，金额1171万美元。 确保外汇服务“不打烊” 厦门市同安区是本次疫情的重灾区，为落实疫情防控要求，同安区大部分银行网点暂停对外营业,当地涉外企业的外汇业务办理面临困难。外汇局厦门市分局支持并指导辖区金融机构第一时间启动应急预案，开通绿色通道，确保“停业不停工”、“服务不打烊”，为同安区企业和个人提供优质、高效的外汇服务。中秋期间，同安某进出口生产企业急需紧急开立外债账户进行融资，在企业停工封闭管理的情况下，外汇局厦门市分局指导厦工商银行厦门市分行多部门协同为企业提供外债账户开立、外汇买卖及后续付证等全流程绿色通道，成功快速办理美元及欧元外债账户的开立，并为企业办理外债资金流入50万美元，外汇买卖11.93万欧元，如期支付进口信用证3笔。兴业银行厦门分行通过分支行联动和部门协调，将同安支行的部分外汇业务上收到分行交易银行部国业中心集中处理，满足同安区客户外汇业务办理需求。截至目前，兴业银行厦门分行累计为同安支行客户办理收汇190笔，累计金额1332万美元，涉及企业54家；办理结汇65笔，累计金额651万美元，涉及企业34家。 宣讲汇率中性“不中断” 为进一步提升涉外企业汇率避险意识，外汇局厦门市分局利用新媒体传播速度快、影响范围广、宣传不见面的优势，在人民银行厦门市中支官微推出“树立风险中性理念 有效管理汇率风险”系列宣传，通过生动真实的案例，详细介绍汇率避险产品和运用、比较套保效果和差异。截至当前，已推出系列推文11篇，辖区金融机构公众号同步推送，扩大宣传覆盖面。同时，还将与厦门市商务局、出口信保厦门分公司联合，通过线上直播的方式向2021年厦门市重点外贸企业宣导汇率风险中性理念。 下一步，外汇局厦门市分局将继续按照党中央国务院的决策部署和总行总局、厦门市委市政府的工作要求，组织辖区金融机构多形式、多渠道不断深化银企对接，及时了解涉外企业诉求，加大政策宣讲力度，进一步提升涉外企业汇率避险意识和能力，全力以赴支持厦门市疫情防控和经济恢复增长。 2021-09-29/xiamen/2021/0929/1776.html