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The State Administration of Foreign Exchange (SAFE) has recently issued the Notice of the State Administration of Foreign Exchange on Further Deepening Reforms and Facilitating Cross-border Trade and Investment (Huifa [2023] No. 28, hereinafter referred to as the “Notice”). SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on relevant contents of the Notice. Q: What is the background for the issuance of the Notice? A: Since the 18th National Congress of the Communist Party of China, the SAFE has placed equal emphasis on development and security , consistently advanced reforms and opening up in the foreign exchange sector, and promoted facilitation of cross-border trade, investment, and financing. In practice, we have noticed that the vigorous development of new business forms and new modes of foreign trade and the increasing diversification of cross-border investment and financing activities have generated new and heightened demands among market participants for facilitation of foreign exchange services. To thoroughly implement the arrangements and demands of the Central Financial Work Conference that “the financial sector shall provide high-quality services for economic and social development”, the SAFE has conducted in-depth research on market appeals, thoroughly summarized previous pilot experience, and systematically reviewed foreign exchange administration policies related to the trade and foreign exchange receipts and payments, cross-border financing for technology-based enterprises, and foreign direct investment. Building upon this groundwork, the SAFE has issued the Notice which includes nine policies and measures to further deepen reforms in foreign exchange administration and promote the facilitation of cross-border trade and investment. Q: What are the policy principles outlined in the Notice? A: The Notice puts forward the following key policy principles. On a macro level, our goal is to strengthen and refine the policy supply in the field of foreign exchange, and enhance comprehensive policy integration. Specifically, we aim to deepen reforms and opening up in the facilitation of transactions related to both the current account and the capital account. Meanwhile, we will continuously enhance the dual management framework of the foreign exchange market, combining macro-prudential measures with micro-regulation. These endeavors will contribute to the construction of a modern financial system with Chinese characteristics. On a micro level, our focus is on actively promoting stability in foreign trade and foreign investment. This involves further streamlining foreign exchange management, shortening procedures of related cross-border businesses, and facilitating market participants in complying with regulations when handling cross-border trade and investment businesses. Through these initiatives, we aim to effectively boost market vitality and better serve the high-quality development of the real economy. Q: What specific measures does the Notice introduce to facilitate cross-border trade? A: The Notice has introduced four measures to facilitate cross-border trade. Firstly, optimizing foreign exchange administration on market procurement trade. The banks can utilize online platforms for market procurement to facilitate foreign exchange receipts and payments for market procurement merchants through various channels. Secondly, relaxing requirements for the netting settlement of balances in processing trade. The banks can handle the settlement of funds for enterprises’ counterparty foreign exchange collection and payment for imported materials processing trade. Thirdly, improving the collection and payment of cross-border trade funds under entrusted agents. When an agent is unable to handle the collection and payment of foreign exchange for trade in goods due to a special circumstance, the bank can handle the collection and payment of foreign exchange for trade in goods for the entrusting party. Fourthly, facilitating the settlements of foreign exchange funds for commercial leasing business of domestic institutions. Domestic institutions meeting the relevant conditions can use their foreign exchange incomes to pay rent for domestically rented commercial items to domestic leasing companies. Q: What is the main objective of optimizing the management of foreign exchange in market procurement trade, as outlined in the Notice? A: The main objective of optimizing the management of foreign exchange in market procurement trade is two-fold. Firstly, we aim to support the innovative development of new business formats such as market procurement and facilitate online foreign exchange receipts and payments for market procurement merchants who rely on third-party customs clearance. Secondly, more banks are encouraged to provide foreign exchange settlement services for market procurement trade. We support banks to flexibly leverage information from online platforms for market procurement trade by aligning with their customers' business needs, their IT infrastructures and other actual situations, provide more convenient foreign exchange receipt and payment services for market procurement merchants, and enhance their fund settlement efficiency. This may also assist the banks in reducing system development costs. Q: The Central Financial Work Conference has underscored the significance of offering financial support for new technologies, new arenas, and emerging markets. What specific implementation measures does the Notice introduce in this regard? A: Based on our research, we have identified that some technology-based enterprises in their initial stages are faced with challenges in obtaining cross-border financing due to limited net assets and other difficulties. To address this issue, the SAFE has been continuously enhancing and refining foreign exchange policy provisions for technology innovation since 2018. We have introduced facilitation policies for cross-border financing, specifically targeting high-tech enterprises and enterprises that use special and sophisticated technologies to produce novel and unique products. These policies allow such enterprises to autonomously borrow foreign debts within specified limits, thereby significantly reducing their financing costs. The Notice has upgraded the policies for facilitating cross-border financing in terms of the scope of eligible entities, pilot regions, and pilot quotas. Firstly, in addition to high-tech enterprises and enterprises that use special and sophisticated technologies to produce novel and unique products, technology-based small and medium-sized enterprises (SMEs) have been included as eligible entities for the pilot program, aiming to support their innovative development. Secondly, the policy coverage has expanded nationwide, extending beyond the previous 17 provinces and cities. Thirdly, the quota for the initial 17 provinces and cities under the facilitation has been raised to US$10 million, and rest regions are provisionally allocated a quota equivalent to USD5 million. These measures aim to facilitate cross-border financing for high-tech companies, enterprises that use special and sophisticated technologies to produce novel and unique products, as well as technology-based SMEs, while also safeguarding against corporate debt risks. Q: Which policies outlined in the Notice are beneficial for foreign-invested enterprises to expand and operate their businesses in China? A: In recent years, the SAFE has consistently streamlined procedures and processes, making it easier for foreign-invested enterprises to conduct business under the capital account. In 2020, a nationwide reform was introduced to facilitate receipts and payments under the capital account. Eligible enterprises were no longer required to provide authenticity certification documents to banks in advance on a per-transaction basis when utilizing capital funds, foreign debt funds, and other capital account receipts for domestic payments. Starting in 2022, pilot programs have been initiated in four areas, i.e. the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, where foreign-invested enterprises are exempted from registration procedures for domestic re-investment activities. To further facilitate the foreign exchange receipts and payments of foreign-invested enterprises, the Notice has clarified that the original asset realization account will be transformed into the settlement account under the capital account, allowing enterprises to freely utilize the funds for foreign exchange settlement. These funds primarily include foreign direct investment, domestic re-investment, funds received by domestic equity transferors from overseas direct investment as consideration for equity transfer, and foreign exchange funds raised by domestic enterprises through overseas listings. Going forward, in accordance with enterprise needs, the SAFE will include more funds into this account in an orderly manner, thereby facilitating the utilization of funds by enterprises. Q: What are the main considerations of the Notice in canceling the approval requirement for opening foreign debt accounts in other regions? A: Streamlining the use of corporate external debt accounts has proven to enhance businesses' efficiency in utilizing cross-border funds. In April 2022, the PBOC and the SAFE jointly issued a Notice on Strengthening Financial Services for COVID-19 Containment and Socio-Economic Development. The notice allows non-financial enterprises to use a single foreign debt account for multiple external debts and supports online applications for foreign debt registration, which further simplifies the management of foreign debt accounts. The implementation of these measures have facilitated the use of foreign debt accounts and received widespread recognition from market participants. Building upon this foundation, the Notice further eliminated the approval requirement for opening accounts for foreign debt in different places. It allows market entities to open foreign debt accounts in banks in different places based on their actual needs, which will facilitate the utilization of foreign debt accounts and reduce “foot-cost” for enterprises. 2023-12-08/en/2023/1208/2260.html
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The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors for November 2023. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on the relevant issues. Q: Could you brief us on the changes in China’s foreign exchange receipts and payments for November 2023? A: In November, China’s foreign exchange market remained stable and continued to show signs of improvement, with generally balanced cross-border capital flows. The foreign-related receipts and payments by non-banking sectors, including enterprises and individuals, are in equilibrium, fostering an overall trend of balanced cross-border capital flows. Amid the RMB appreciation, some enterprises exhibited a rational trading pattern by purchasing foreign exchange at lower exchange rates. In the overall, foreign exchange market expectations and transactions remained in a stable and orderly manner. Major channels of cross-border capital flows witnessed heightened stability, with a noteworthy rise in foreign investments directed to the Chinese bond market. Under the current account, the net inflow of cross-border capital in China’s trade in goods remained roughly flat. Expenditures related to cross-border travel and other service trade and profit repatriation by foreign-invested enterprises gradually declined from the seasonal peaks observed in July and August, indicating a shift towards increased stability. Under the capital account, specifically under securities investments, there was an overall recovery in the net inflow of foreign capital. Notably, foreign investors are increasingly and consistently showing a preference for allocating funds to RMB-denominated bonds. Over the past few months, foreign investors have steadily increased their holdings of China’s bonds, reaching a significant milestone in November with a net increase of USD 33 billion - the second-highest value recorded in history. With improvements in both the internal and external environments, China’s foreign exchange market is poised to have a stronger foundation and conditions to sustain stable operations in the future. Internally, China’s economic rebound and its fundamentals for long-term sound growth remain unchanged. This will bolster support for stable cross-border capital flows. Externally, the market anticipates that the Federal Reserve is approaching the conclusion of its interest rate hike cycle. Going forward, there might be a gradual transition to interest rate cuts, potentially resulting in an overall decline in both US dollar interest rates and exchange rates. In general, the favorable conditions supporting China’s economic development outweigh the unfavorable factors, laying a more solid foundation for the stability of the Chinese foreign exchange market. 2023-12-15/en/2023/1215/2259.html
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In 2022, China’s State Administration of Foreign Exchange (SAFE) launched high-level opening-up pilot program for cross-border trade and investment in four regions, including Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, Nansha New Area of China (Guangdong) Pilot Free Trade Zone, Yangpu Economic Development Zone in Hainan Province, and Beilun District of Ningbo City in Zhejiang Province. Since the initiation of the pilot program, it has produced positive outcomes by effectively managing risks while fostering the development of foreign-related businesses in the pilot regions. According to the arrangements of the central financial work conference, the SAFE has made the decision to expand the pilot regions to include Shanghai City, Jiangsu Province, Guangdong Province (including Shenzhen City), Beijing City, Zhejiang Province (including Ningbo City), and Hainan Province (collectively referred to as the pilot regions) to further facilitate cross-border trade, investment, and financing. The expansion of high-level opening-up pilot program is based on a comprehensive review of the pilot experience. The effective foreign exchange facilitation policies and measures implemented in earlier pilot program will be replicated and promoted in the extended pilot regions. A total of eight policies will be implemented for the trial expansion. Specifically, five pilot policies are issued concerning the current account, including facilitating the receipts and payments of foreign exchange under the current account, supporting new types of international trade settlements, expanding the scope of netting settlement of balances in trade, exempting special foreign exchange refund from registration, and enhancing the management of payments on behalf of another party or apportionment business under trade in services. Meanwhile, three pilot policies are issued concerning the capital account, including foreign-invested enterprises being exempt from registration when reinvesting in China, the financial leasing parent company and its subsidiaries being permitted to share their external debt quotas, and foreign exchange registration for foreign debt, overseas listing, and other capital-related businesses being handled directly by banks. The SAFE bureaus in the pilot regions will further formulate and implement detailed rules and regulations to facilitate compliance in business operations for banks and enterprises. The SAFE will make continuous efforts to enhance high-quality financial services and facilitate cross-border trade, investment, and financing to promote high-quality development by high-level opening-up. Furthermore, it will continue to coordinate financial openness and security, enhance the capabilities of regulatory systems in the context of increased openness, and take a holistic approach to plan and advance the reform and opening-up while addressing potential risks. In doing so, the SAFE firmly upholds the bottom line of preventing systemic financial risks from occurring. 2023-12-15/en/2023/1215/2261.html
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中国人民银行各省、自治区、直辖市、计划单列市分行；国家外汇管理局各省、自治区、直辖市、计划单列市分局；国家开发银行，各政策性银行、国有商业银行，中国邮政储蓄银行，各股份制商业银行： 为进一步便利经营主体合规高效办理资本项目业务，提升银行数字化服务水平，现就有关事项通知如下： 一、符合条件的银行业金融机构（以下简称银行）可按照规定通过线上审核电子单证的方式，为符合条件的机构或个人（以下称经营主体）办理相关资本项目业务（以下称资本项目数字化业务）。 本通知所称电子单证，是指经营主体提供的具有法律效力，符合现行法律法规规定，被银行认可且可以留存的电子形式的行政许可文书、合同、发票等有效凭证和商业单据，其形式包括系统自动生成的电子单证和纸质凭证的电子扫描件等。本通知所称相关资本项目业务，是指银行在线下有权限直接办理的资本项目外汇业务和跨境人民币业务。 二、银行具备下列条件的，可以办理资本项目数字化业务： （一）建立完备的资本项目数字化业务管理制度，包括但不限于业务种类、业务管理办法或操作规程、事中事后管理制度、风险防控措施等。 （二）具备传输、存储电子单证的技术平台或手段，且相关技术能够保证传输、存储电子单证的合法性、完整性、安全性。 （三）具备相应业务工作经验的业务人员和管理人员。 银行应统筹服务实体经济和防范风险，根据各地区业务风险、内部合规和风险控制等具体情况，组织授权境内分支行依法依规开展资本项目数字化业务。 三、银行应考虑经营主体办理资本项目业务的合规和信用状况，原则上不得为以下经营主体办理资本项目数字化业务： （一）货物贸易分类结果为A类以下（不含A类）的货物贸易外汇收支名录内企业。 （二）列入资本项目信息系统管控名单或跨境人民币业务重点监管名单的经营主体。 （三）近一年有外汇行政处罚记录（成立不满一年的境内机构，自成立之日起至办理资本项目数字化业务日有外汇行政处罚记录）的经营主体。 四、经营主体在银行办理资本项目数字化业务，应当向银行提交具有法律效力的，符合现行法律法规规定，被银行认可且可以留存的真实、完整、清晰的电子单证。 经营主体不得篡改或违规重复使用电子单证。 五、银行办理资本项目数字化业务的，应当采取同线下方式办理相关资本项目业务相当的尽职审查措施，严格遵守展业原则、相关资本项目业务审核原则和档案管理要求等，并应当同时符合以下要求： （一）银行应要求办理资本项目数字化业务的经营主体提交符合本通知第四条规定且与原始交易单证一致的电子单证。 （二）银行应按规定对经营主体提交的电子单证是否符合本通知第四条规定进行合理审核；对于经营主体提交的电子单证无法证明其交易真实合法合理的，应要求其转为线下办理，并提交原始交易单证及其他相关材料。 （三）银行应采取必要的技术识别等手段，避免不应重复使用的同一电子单证以及与其相应的纸质凭证被重复使用或篡改。 （四）银行发现有伪造、变造或违规重复使用电子单证的，应自发现之日起，停止为该经营主体办理资本项目数字化业务，并及时向所在地中国人民银行分支机构、国家外汇局分支机构报告。 银行办理资本项目数字化业务还应符合《中华人民共和国反洗钱法》、金融机构客户身份识别和客户身份资料及交易记录保存管理办法等有关规定。 六、银行办理资本项目数字化业务时，应当按照《国家外汇管理局关于发布〈金融机构外汇业务数据采集规范（1.3版）〉的通知》（汇发〔2022〕13号）要求，及时报送相关跨境收支、账户、境内划转、账户内结售汇等信息。 涉及跨境收支信息报送，应在“交易附言”栏标注“CADS”字样；涉及账户开销户信息报送，应在“备注”栏标注“CADS”字样；涉及境内划转信息报送，应在“交易附言”栏标注“CADS”字样；涉及结汇信息报送，应在“结汇详细用途”栏标注“CADS”字样；涉及购汇信息报送，应在“填报人”栏标注“CADS”字样；涉及资本项目业务登记，应在各类协议登记“备注”栏标注“CADS”字样。 银行办理涉及人民币跨境收付的资本项目数字化业务时，还应根据《人民币跨境收付信息管理系统管理办法》（银发〔2017〕126号文印发）、《中国人民银行办公厅关于优化人民币跨境收付信息管理系统信息报送流程的通知》（银办发〔2013〕188号）等相关规定，及时、完整、准确地向人民币跨境收付信息管理系统（RCPMIS）报送数据。 七、中国人民银行、国家外汇局对资本项目数字化业务开展情况加强事中事后监管。银行和经营主体违反本通知及相关资本项目业务管理规定办理资本项目数字化业务的，中国人民银行、国家外汇局依据《中华人民共和国中国人民银行法》《中华人民共和国外汇管理条例》进行处罚。 八、外国银行（港、澳、台地区银行比照适用）境内分行参照本通知执行。 本通知自2023年12月20日起实施。执行过程中如遇问题，请及时向中国人民银行、国家外汇局反馈。 中国人民银行 国家外汇管理局 2023年11月17日 2023-11-23/guangxi/2023/1123/2590.html
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Since 2022, the State Administration of Foreign Exchange (SAFE) has been implementing a pilot project for direct registration of external debt by banks in 12 regions including Shanghai, Jiangsu, Guangdong, Shenzhen, Beijing, Zhejiang, Ningbo, Hainan, Xiong’an in Hebei, Chongqing, Fujian and Xiamen, and has been piloting in the above 12 regions and Shaanxi the registration exemption for the reinvestment in China by foreign-funded enterprises, so as to explore further facilitating cross-border investment and financing for business entities. In 2023, the SAFE launched a pilot project of Kehuitong (Research Remittance Connect) in Hetao, Shenzhen, allowing foreign research funds to be transferred directly to foreign-funded non-enterprise research institutions in Hetao, so as to promote the cross-border flow of sci-tech innovation elements. Since its initiation, the project has seen good policy implementation and strongly boosted the economic development in the pilot region while effectively preventing and controlling risks. In order to thoroughly implement the guiding principle of the Third Plenary Session of the 20th CPC Central Committee and the deployment requirements of the meeting convened by the Political Bureau of the CPC Central Committee on September 26, and building upon the experience gained from earlier pilot projects, the SAFE recently decided to expand the pilot areas for the registration exemption for reinvestment in China by foreign-funded enterprises and the pilot areas for direct registration of external debt by banks to Tianjin, Anhui, Shandong (including Qingdao), Hubei and Sichuan, and expand the Kehuitong pilot to 16 regions, namely Shanghai, Beijing, Tianjin, Xiong’an in Hebei, Nanjing, Suzhou, Hangzhou, Hefei, Wuhan, Changsha, Guangzhou, Chongqing, Chengdu, Mianyang, Xi’an and Shenzhen. The SAFE will strengthen policy assessment and follow-up on effectiveness, improve policy measures and foreign exchange services in due course, and explore and introduce more facilitation measures, so as to bolster high-quality development with high-standard opening up. At the same time, the SAFE will persist in coordinating financial opening up and security, enhance capacity-building for regulation in the context of opening up, and firmly guard against the occurrence of systemic financial risks. 2024-10-31/en/2024/1031/2264.html
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In order to thoroughly implement the guiding principles of the Central Financial Work Conference, work hard to promote high-level financial opening up, and facilitate cross-border trade, investment and financing; the State Administration of Foreign Exchange (SAFE) recently issued the Notice of the State Administration of Foreign Exchange on Further Deepening Reforms and Facilitating Cross-Border Trade and Investment (Huifa [2023] No. 28, hereinafter referred to as the “Notice”). The Notice includes a total of nine policies and measures, of which four concern current accounts, mainly to further improve the administration of foreign exchange receipts and payments for special trade, and extend the facilitation measures that have been piloted in some regions to other regions across China. To be more specific, the four policies and measures include optimizing foreign exchange administration on market procurement trade, relaxing requirements for the netting settlement of balances in processing trade, improving the collection and payment of cross-border trade funds under entrusted agents, as well as facilitating the settlement of foreign exchange funds for the commercial leasing business of domestic institutions, etc. Five policies and measures are rolled out for the capital account, mainly to scale up the facilitation policies for the capital account and update or optimize the foreign exchange administration under some capital accounts. The five measures include promoting the policy on pilots for the facilitation of cross-border financing across China, relaxing restrictions on the scale of upfront expenses for overseas direct investment (ODI), facilitating the payment and use of equity transfer funds and funds raised from overseas listings under the category of domestic reinvestment made by foreign direct investment (FDI), improving the management of negative lists on the use of capital account revenues, as well as canceling the approval requirement for opening foreign debt accounts in other regions. Moving forward, SAFE will, under the arrangements and demands of the Central Financial Work Conference, play equal emphasis on development and security, further deepen reforms and opening up in the foreign exchange sector, optimize foreign exchange services with a focus on driving technological innovation and the development of micro, small and medium-sized enterprises (MSMEs), enhance efforts in policy implementation, continue to improve the facilitation of cross-border trade, investment and financing, promote the stabilization of foreign trade and foreign investment and better serve the high-quality development of the real economy. 2023-12-08/en/2023/1208/2263.html
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2024年11月20日，防城港市分局邹智局长带队前往东兴市开展专题调研工作，调研组一行前往广西海纳中品科技有限公司东兴分公司开展跨境电商调研，了解当前中越跨境电商平台运营情况并实地走访TikTokShop越南站直播场所。随后，前往2家外币特许兑换机构了解越南盾现钞兑换情况，并提出工作要求。 2024-11-22/guangxi/2024/1122/2984.html
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国家外汇管理局各省、自治区、直辖市、计划单列市分局，各全国性中资银行： 为进一步优化资本项目外汇业务管理，提升跨境投融资便利化水平，精简业务流程，便利机构、个人等主体资本项目外汇业务办理，国家外汇管理局制定了《资本项目外汇业务指引（2024年版）》（见附件），现予印发，请遵照执行。 本通知自2024年5月6日起施行。《国家外汇管理局综合司关于印发〈资本项目外汇业务指引（2020年版）〉的通知》（汇综发〔2020〕89号）同时废止，以往文件所涉资本项目外汇业务操作规定与本通知不符的，以本通知为准。 国家外汇管理局各省、自治区、直辖市、计划单列市分局接到本通知后，应及时转发辖内分局、城市商业银行、农村商业银行、外资银行、农村合作银行。执行中如遇问题，请及时向国家外汇管理局资本项目管理司反馈。 特此通知。 附件：资本项目外汇业务指引(2024年版) 国家外汇管理局 2024年4月3日 2024-04-15/guangxi/2024/0415/2751.html
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中国人民银行上海总部，各分行、营业管理部，各省会（首府）城市中心支行，各副省级城市中心支行；国家外汇管理局各省、自治区、直辖市分局、外汇管理部，计划单列市分局；中国外汇交易中心，中央国债登记结算有限责任公司，银行间市场清算所股份有限公司；国家开发银行，各政策性银行、国有商业银行，中国邮政储蓄银行，各股份制商业银行： 为支持和规范境外机构投资者投资中国债券市场，根据《中华人民共和国中国人民银行法》《中华人民共和国外汇管理条例》等相关法律法规，中国人民银行、国家外汇管理局制定了《境外机构投资者投资中国债券市场资金管理规定》，现印发给你们，请遵照执行。 附件：境外机构投资者投资中国债券市场资金管理规定 中国人民银行 国家外汇管理局 2022年11月10日 附件 境外机构投资者投资中国债券市场资金管理规定 第一条 为支持和规范境外机构投资者投资中国债券市场，根据《中华人民共和国中国人民银行法》《中华人民共和国外汇管理条例》等相关法律法规，制定本规定。 第二条 本规定所称境外机构投资者是指符合《中国人民银行中国证券监督管理委员会国家外汇管理局公告》（〔2022〕第4号）规定，通过多级托管、结算代理等模式直接投资中国债券市场的境外机构。 第三条 本规定所称中国债券市场包括中国境内银行间债券市场和交易所债券市场。 第四条 境外机构投资者可自主选择汇入币种投资中国债券市场。鼓励境外机构投资者投资中国债券市场使用人民币跨境收付，并通过人民币跨境支付系统（CIPS）完成跨境人民币资金结算。 第五条 境外机构投资者的境内托管人（以下简称托管人）、结算代理人等应按本规定相关要求代境外机构投资者办理有关事项。 第六条 中国人民银行、国家外汇管理局及其分支机构依法对境外机构投资者投资中国债券市场涉及的账户、资金收付及汇兑等实施监督管理和检查。 第七条 国家外汇管理局对境外机构投资者投资中国债券市场资金实行登记管理。 境外机构投资者应在取得相关金融监管部门出具的中国债券市场投资备案通知书或其他同等效力文件后10个工作日内，指定托管人或结算代理人凭上述文件通过国家外汇管理局资本项目信息系统（以下简称资本项目信息系统）代境外机构投资者办理登记。 第八条 托管人或结算代理人应凭在资本项目信息系统生成的业务登记凭证，为境外机构投资者开立中国债券市场投资专用资金（人民币或/和外汇）账户（以下简称债券市场资金专户）。 债券市场资金专户的收入范围是：境外机构投资者从境外汇入的本金和相关税费（税款、托管费、审计费、管理费等），出售债券所得价款，债券到期收回的本金，利息收入，符合规定的债券和外汇衍生产品交易相关资金划入，境内办理结售汇相关资金划入，同名债券市场资金专户内资金相互划转，同名合格境外机构投资者（QFII）/人民币合格境外机构投资者（RQFII）境内专用账户内资金划入，以及符合中国人民银行和国家外汇管理局规定的其他收入。 债券市场资金专户的支出范围是：支付债券交易价款和相关税费，投资本金、收益汇出境外，符合规定的债券和外汇衍生产品交易相关资金划出，境内办理结售汇相关资金划出，同名债券市场资金专户内资金相互划转，同名QFII/RQFII境内专用账户内资金划出，以及符合中国人民银行和国家外汇管理局规定的其他支出。 债券市场资金专户内的资金不得用于投资中国债券市场以外的其他用途。 第九条 境外机构投资者名称、托管人或结算代理人等重要信息发生变更的，应由相关托管人或结算代理人代境外机构投资者在资本项目信息系统办理变更登记。 境外机构投资者退出中国债券市场并关闭相关资金账户的，应在关闭相关资金账户后30个工作日内通过托管人或结算代理人代境外机构投资者办理注销登记。 第十条 同一境外机构投资者的QFII/RQFII境内专用账户内资金与债券市场资金专户内资金可在境内直接双向划转并用于境内证券投资，后续交易及资金使用、汇兑等遵循划转后渠道的相关管理要求。 第十一条 境外机构投资者投资中国债券市场汇出与汇入资金币种原则上应保持一致，不得进行人民币与外币之间的跨币种套利。同时汇入“人民币+外币”进行投资的，累计汇出外币金额不得超过累计汇入外币金额的1.2倍（投资清盘汇出除外）。长期投资中国债券市场的，上述比例可适当放宽。 第十二条 境外机构投资者可按套期保值原则开展境内人民币对外汇衍生产品交易，管理投资中国债券市场所产生的外汇风险敞口。 第十三条 境外银行类机构投资者可选择下列一种渠道开展即期结售汇和外汇衍生产品交易： （一）作为客户与托管人、结算代理人或境内其他金融机构直接交易。 （二）申请成为中国外汇交易中心（以下简称外汇交易中心）会员直接进入银行间外汇市场交易。 （三）申请成为外汇交易中心会员通过主经纪业务进入银行间外汇市场交易。 第十四条 境外非银行类机构投资者可选择下列一种渠道开展即期结售汇和外汇衍生产品交易： （一）作为客户与托管人、结算代理人或境内其他金融机构直接交易。 （二）申请成为外汇交易中心会员通过主经纪业务进入银行间外汇市场交易。 第十五条 境外机构投资者选择本规定第十三条第一项、第十四条第一项规定的渠道的，如需在托管人或结算代理人以外的其他境内金融机构开立专用外汇账户，可凭业务登记凭证办理。该专用外汇账户专项用于办理即期结售汇和外汇衍生产品交易项下的资金交割、损益处理、保证金管理等，跨境资金收付应统一通过债券市场资金专户办理。 第十六条 境外机构投资者选择第十三条第一项、第十四条第一项规定的渠道开展外汇衍生产品交易的，应自行或通过托管人、结算代理人将金融机构名单事先向外汇交易中心备案；调整金融机构的，应事先向外汇交易中心备案。 第十七条 境外机构投资者开展外汇衍生产品交易应遵照以下规定： （一）外汇衍生产品敞口与外汇风险敞口具有合理的相关度。外汇风险敞口包括债券投资的本金、利息以及市值变化等。 （二）当债券投资发生变化而导致外汇风险敞口变化时，在5个工作日内或下月初5个工作日内对相应持有的外汇衍生产品敞口进行调整。 （三）根据外汇风险管理的实际需要，可灵活选择展期、反向平仓、全额或差额结算等交易机制，并以人民币或外币结算损益。 （四）首次开展外汇衍生产品交易前，境外机构投资者应向境内金融机构或外汇交易中心提交遵守套期保值原则的书面承诺。 第十八条 托管人或结算代理人在为境外机构投资者办理资金汇出汇入时，应对相应的资金收付进行真实性与合规性审查，并切实履行反洗钱和反恐怖融资等义务。境外机构投资者应配合托管人或结算代理人履行上述责任，并向托管人或结算代理人提供真实完整的资料和信息。 第十九条 托管人、结算代理人、相关境内金融机构等应按照《人民币银行结算账户管理办法》（中国人民银行令〔2003〕第5号发布）、《人民币跨境收付信息管理系统管理办法》（银发〔2017〕126号文印发）、《中国人民银行办公厅关于完善人民币跨境收付信息管理系统银行间业务数据报送流程的通知》（银办发〔2017〕118号）等相关规定，报送境外机构投资者相关信息数据。 境外机构投资者、托管人、结算代理人、相关境内金融机构等应按照《通过银行进行国际收支统计申报业务实施细则》（汇发〔2022〕22号文印发）、《通过银行进行国际收支统计申报业务指引（2019版）》（汇发〔2019〕25号文印发）、《对外金融资产负债及交易统计制度》（汇发〔2021〕36号文印发）、《国家外汇管理局关于发布〈金融机构外汇业务数据采集规范（1.3版）〉的通知》（汇发〔2022〕13号）等相关规定，报送相关信息数据。 第二十条 境内金融机构依照本规定第十三条第一项、第十四条第一项规定的渠道为境外机构投资者办理即期结售汇的，按照对客户即期结售汇业务向国家外汇管理局履行统计和报告义务；依照本规定第十三条第二项、第三项、第十四条第二项规定的渠道为境外机构投资者办理即期结售汇的，按照银行间外汇市场交易进行统计。 境内金融机构依照本规定第十三条第一项、第十四条第一项规定的渠道为境外机构投资者办理外汇衍生产品业务的，应遵守以下规定： （一）按照外汇交易中心规定每日报送境外机构投资者外汇衍生产品交易信息。 （二）作为对客户外汇衍生产品业务向国家外汇管理局履行统计和报告义务。 境外机构投资者选择银行间外汇市场直接入市模式或主经纪模式开展外汇衍生产品交易的，应按照外汇交易中心规定报送有关交易信息。 境内金融机构依照本规定第十三条第一项、第十四条第一项规定的渠道为境外机构投资者办理即期结售汇和外汇衍生产品业务的，若使用本机构内部交易系统以外的第三方交易系统、平台或设施，应符合有关监管规定。 第二十一条 境外机构投资者、托管人、结算代理人、相关境内金融机构等有以下相关行为的，中国人民银行、国家外汇管理局分别依据《中华人民共和国中国人民银行法》和《中华人民共和国外汇管理条例》等法律法规予以处罚： （一）未按规定办理登记的。 （二）未按规定办理资金结售汇、收付汇或资金汇出汇入的。 （三）未按规定办理账户开立或关闭，或未按规定使用账户的。 （四）未按规定办理外汇衍生产品业务的。 （五）未按规定报告信息和数据，或报告的信息和数据内容不全、不实，或提供虚假材料、数据或证明等。 （六）未按规定进行国际收支统计申报及有关结售汇统计报告的。 第二十二条 境外央行或货币当局、其他官方储备管理机构、国际金融组织以及主权财富基金通过托管人或结算代理人（商业银行）投资中国债券市场的，适用本规定。 第二十三条 境外机构投资者根据本规定报送的材料应为中文文本。同时报送中文文本和外文文本的，以中文文本为准。 第二十四条 本规定由中国人民银行、国家外汇管理局负责解释。 第二十五条 本规定自2023年1月1日起实施。《国家外汇管理局关于境外中央银行类机构投资银行间市场外汇账户管理有关问题的通知》（汇发〔2015〕43号）、《国家外汇管理局关于境外机构投资者投资银行间债券市场有关外汇管理问题的通知》（汇发〔2016〕12号）、《国家外汇管理局关于完善银行间债券市场境外机构投资者外汇风险管理有关问题的通知》（汇发〔2020〕2号）同时废止。 2022-11-18/guangxi/2022/1118/2342.html
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中国人民银行上海总部，各分行、营业管理部，各省会（首府）城市中心支行，各副省级城市中心支行；国家外汇管理局各省、自治区、直辖市分局、外汇管理部，计划单列市分局；中国外汇交易中心，中央国债登记结算有限责任公司，银行间市场清算所股份有限公司；国家开发银行，各政策性银行、国有商业银行，中国邮政储蓄银行，各股份制商业银行： 为规范境外机构境内发行债券资金管理，根据《中华人民共和国中国人民银行法》《中华人民共和国外汇管理条例》等法律法规，现就境外机构境内发行债券有关事宜通知如下： 一、本通知所称境外机构境内发行债券是指境外机构依据《全国银行间债券市场境外机构债券发行管理暂行办法》（中国人民银行财政部公告〔2018〕第16号公布）、《公司债券发行与交易管理办法》（中国证券监督管理委员会令第180号发布）等相关规定，经监管部门核准、注册或备案等，在境内银行间债券市场、交易所债券市场等公开或非公开发行债券的行为。 二、中国人民银行、国家外汇管理局及其分支机构依法对境外机构境内发行债券涉及的账户、资金收付及汇兑等实施监督管理。 三、国家外汇管理局对境外机构境内发行债券资金实行登记管理。境外机构应委托境内主承销商代为办理相关手续。 境外机构应在获得债券发行核准、注册或备案后且首期发行前，委托其境内主承销商凭以下材料，到为该境外机构开立相关募集资金账户的境内银行业金融机构（以下简称开户银行）办理登记： （一）《境外机构境内发行债券基本信息登记表》（附件1）。 （二）发行核准、注册或备案等相关文件。 （三）募集说明文件或定向发行协议等相关文件。 开户银行应认真履行职责，严格审核境外机构所提供材料的真实性，并留存上述材料。开户银行按规定为境外机构办理登记后，应将加盖银行业务印章的业务登记凭证反馈境外机构的境内主承销商。 境外机构应在每期债券发行结束后20个工作日内，委托当期境内主承销商，凭业务登记凭证、《境外机构境内发行债券募集资金信息登记表》（附件2），到当期开户银行更新实际募集资金登记信息。 四、境外机构凭业务登记凭证开立境内发行债券专用资金（人民币或/和外汇）账户（以下简称发债专户）。开立人民币账户的，可开立人民币银行结算账户或委托其主承销商开立托管账户，账户性质为专用存款账户。 发债专户的收入范围是：境内发行债券募集资金划入；还本付息和支付相关税费（税款、手续费等）资金划入；账户利息收入；发行债券募集资金按规定向境内主体放款产生的本息偿还收入；发行债券募集资金按规定投资于境内后产生的减资、撤资、股权转让及利润、分红等收入；同一境外机构境内发行债券募集资金相关账户内资金相互划转；中国人民银行、国家外汇管理局规定的其他收入。 发债专户的支出范围是：发行债券募集资金汇出或购汇汇出境外；支付或结汇支付发行债券本息和相关税费；发行债券募集资金按规定向境内主体放款；向境内主体放款产生的本息偿还收入汇出或购汇汇出境外；发行债券募集资金按规定投资于境内；投资于境内后产生的减资、撤资、股权转让及利润、分红等收入汇出或购汇汇出境外；同一境外机构境内发行债券募集资金相关账户内资金相互划转；中国人民银行、国家外汇管理局规定的其他支出。 五、境外机构境内发行债券募集资金可汇往境外，也可留存境内使用，资金用途应与募集资金说明文件等所列内容一致。留存境内使用的，应符合直接投资、外债等管理规定。 鼓励境外机构境内发行债券募集资金以人民币形式跨境收付及使用。 六、境外机构可通过具备代客人民币对外汇衍生品业务资格的境内金融机构，按照实需交易原则办理外汇衍生品业务，管理境内发行债券相关汇率风险。 七、境外机构偿还境内发行债券本金、利息、支付相关税费的，资金可从境外或境内汇入发债专户。还本付息资金需结汇的，应按照债券还本付息计划进行。 八、相关银行应按照《人民币银行结算账户管理办法》（中国人民银行令〔2003〕第5号发布）、《人民币跨境收付信息管理系统管理办法》（银发〔2017〕126号文印发）、《中国人民银行办公厅关于完善人民币跨境收付信息管理系统银行间业务数据报送流程的通知》（银办发〔2017〕118号）等规定，报送境外机构境内发行债券相关监督和统计数据。 九、境外机构境内发行债券相关涉外收付款境内主体、境内登记结算机构应按照本通知和《通过银行进行国际收支统计申报业务实施细则》（汇发〔2022〕22号文印发）、《通过银行进行国际收支统计申报业务指引（2019版）》（汇发〔2019〕25号文印发）、《对外金融资产负债及交易统计制度》（汇发〔2021〕36号文印发）、《国家外汇管理局关于发布〈金融机构外汇业务数据采集规范（1.3版）〉的通知》（汇发〔2022〕13号）等规定，及时、准确进行国际收支统计申报。 十、境外机构根据本通知报送的材料应为中文文本。同时报送中文文本和外文文本的，以中文文本为准。 十一、本通知发布前已在境内发行债券且债券仍在存续期，但未办理登记的境外机构，应委托其境内主承销商参照本通知第三条的规定及时补办登记。 十二、本通知由中国人民银行、国家外汇管理局负责解释。 十三、本通知自2023年1月1日起实施。《中国人民银行办公厅关于境外机构在境内发行人民币债务融资工具跨境人民币结算有关事宜的通知》（银办发〔2014〕221号）和《中国人民银行办公厅关于境外机构境内发行人民币债券跨境人民币结算业务有关事宜的通知》（银办发〔2016〕258号）同时废止。 附件： 1 境外机构境内发行债券基本信息登记表 2 境外机构境内发行债券募集资金信息登记表 中国人民银行 国家外汇管理局 2022年11月23日 2022-12-05/guangxi/2022/1205/2358.html