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为深入贯彻落实党中央、国务院决策部署，进一步促进跨境贸易收支便利化，提升外汇支持外贸稳定发展的服务质效，日前，国家外汇管理局发布《国家外汇管理局关于进一步便利外汇资金结算 支持外贸稳定发展的通知》（汇发〔2025〕47号，以下简称《通知》）。《通知》主要内容包括： 一是推动便利化政策优化扩围。推动跨境贸易高水平开放试点优化扩围，在现有试点地区的基础上，进一步覆盖更多有实需、经营主体合规状况良好且符合国家战略发展方向的地区。拓宽试点企业经常项下资金轧差净额结算业务种类，支持货款与货物贸易相关运输、仓储、维修、赔偿等服务费用之间的轧差净额结算，降低资金结算费用。进一步简化优质跨国公司经常项目资金集中收付和轧差净额结算手续，支持银行按展业原则为其便捷办理经常项目外汇业务，更好释放外汇便利化政策集成效能。支持银行根据优质企业提供的薪酬材料，核定薪酬结购汇金额，为企业涉外员工便捷办理相关业务。 二是支持贸易新业态等创新业务健康发展。发挥优质电商平台和外贸综合服务企业的推荐增信作用，推动银行将更多贸易新业态相关的中小型企业纳入优质企业范围，适用更加便利的贸易资金结算政策。引导银行转变传统审单方式，凭外贸综合服务企业提供的订单、物流等线上生成的电子交易信息，通过系统自动批量审核，为贸易新业态主体便捷办理收付汇。督导银行建立经常项目特殊外汇业务处置机制，对于境内机构具有真实、合法交易背景的经常项目外汇业务，按照“实质重于形式”的原则，高效办理经常项下个性化、复杂化的创新外汇业务。 三是提升服务贸易企业资金使用效率。放宽服务贸易代垫业务管理，明确境内企业与交易对手方间代收代付货物运输、仓储、维修等费用，可直接在银行便利办理相关资金收付。支持承包工程企业跨国家、跨地区集中调配使用资金，有效盘活海外工程项目的“沉淀”资金，切实降低企业财务成本，助力高质量共建“一带一路”。 下一步，国家外汇管理局将继续深化外汇管理改革，进一步便利经营主体跨境贸易收支，不断提升跨境资金结算质效，切实服务实体经济高质量发展。 2025-10-31/ningbo/2025/1031/2459.html
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国家外汇管理局统计数据显示，2025年9月，银行结汇18809亿元人民币，售汇15183亿元人民币。2025年1-9月，银行累计结汇132747亿元人民币，累计售汇128261亿元人民币。 按美元计值，2025年9月，银行结汇2647亿美元，售汇2136亿美元。2025年1-9月，银行累计结汇18533亿美元，累计售汇17901亿美元。 2025年9月，银行代客涉外收入48409亿元人民币，对外付款48629亿元人民币。2025年1-9月，银行代客累计涉外收入420628亿元人民币，累计对外付款412029亿元人民币。 按美元计值，2025年9月，银行代客涉外收入6812亿美元，对外付款6843亿美元。2025年1-9月，银行代客累计涉外收入58705亿美元，累计对外付款57508亿美元。 附：名词解释和相关说明 国际收支是指我国居民与非居民间发生的一切经济交易。 银行结售汇是指银行为客户及其自身办理的结汇和售汇业务，包括远期结售汇履约和期权行权数据，不包括银行间外汇市场交易数据。银行结售汇统计时点为人民币与外汇兑换行为发生时。其中，结汇是指外汇所有者将外汇卖给银行，售汇是指银行将外汇卖给外汇使用者。结售汇差额是结汇与售汇的轧差数。 远期结售汇签约是指银行与客户协商签订远期结汇（售汇）合同，约定将来办理结汇（售汇）的外汇币种、金额、汇率和期限；到期外汇收入（支出）发生时，即按照远期结汇（售汇）合同订明的币种、金额、汇率办理结汇（售汇）。 远期结售汇平仓是指客户因真实需求背景发生变更、无法履行资金交割义务，对原交易反向平盘，了结部分或全部远期头寸的行为。 远期结售汇展期是指客户因真实需求背景发生变更，调整原交易交割时间的行为。 本期末远期结售汇累计未到期额是指银行与客户签订的远期结汇和售汇合同在本期末仍未到期的余额；差额是指未到期远期结汇和售汇余额之差。 未到期期权Delta净敞口是指银行对客户办理的期权业务在本期末累计未到期合约所隐含的即期汇率风险敞口。 银行代客涉外收付款是指境内非银行居民机构和个人（统称非银行部门）通过境内银行与非居民机构和个人之间发生的收付款，不包括现钞收付和银行自身涉外收付款。具体包括：非银行部门和非居民通过境内银行发生的跨境收付款（包括外汇和人民币），以及非银行部门和非居民之间通过境内银行发生的境内收付款（暂不包括境内居民个人和机构与境内非居民个人之间发生的人民币收付款），统计时点为客户在境内银行办理涉外收付款时。其中，银行代客涉外收入是指非银行部门通过境内银行从非居民收入的款项，银行代客对外支出是指非银行部门通过境内银行向非居民支付的款项。 2025-10-24/ningbo/2025/1024/2453.html
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日前，国家外汇管理局公布了2025年9月银行结售汇和银行代客涉外收付款数据。国家外汇管理局副局长、新闻发言人李斌就2025年9月外汇市场形势回答了记者提问。 问：能否介绍一下9月我国外汇市场运行情况？ 答：9月我国外汇市场平稳运行，主要呈现两个特点。 一是跨境资金流动保持活跃、均衡态势。9月企业、个人等非银行部门跨境收入和支出合计为1.37万亿美元，环比增长7%。经常项下和资本项下跨境收支均保持增长态势，显示我国涉外经济稳健发展。受十一假期对跨境收付的季节性影响，9月跨境资金小幅净流出31亿美元，10月以来已转为净流入。分项目看，我国外贸稳步增长，9月货物贸易项下资金净流入保持高位；服务贸易、投资收益等项下跨境资金流动较为平稳。 二是外汇市场供求较为平衡。9月银行代客结汇和售汇环比均明显增长，企业等主体根据自身需求灵活开展外汇买卖。9月结售汇顺差为510亿美元，其中上中旬净结汇较多，下旬结售汇差额趋向均衡。10月以来银行代客结汇和售汇大体相当，外汇市场供求基本平衡。 今年前三季度我国涉外收支总规模为11.6万亿美元，创历史同期新高。跨境资金净流入1197亿美元，银行结售汇顺差632亿美元，均高于上年同期水平。总的来看，面对复杂多变的外部环境，今年以来我国外汇市场稳健运行，市场预期平稳，供求基本平衡，外汇市场保持着较强的韧性和活力。 2025-10-24/ningbo/2025/1024/2454.html
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国家外汇管理局统计数据显示，2025年9月，中国外汇市场（不含外币对市场，下同）总计成交26.87万亿元人民币（等值3.78万亿美元）。其中，银行对客户市场成交4.43万亿元人民币（等值0.62万亿美元），银行间市场成交22.44万亿元人民币（等值3.16万亿美元）；即期市场累计成交9.87万亿元人民币（等值1.39万亿美元），衍生品市场累计成交17.00万亿元人民币（等值2.39万亿美元）。 2025年1-9月，中国外汇市场累计成交230.10万亿元人民币（等值32.11万亿美元）。 2025-11-07/ningbo/2025/1107/2460.html
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2025年9月，我国国际收支货物和服务贸易进出口规模47362亿元，同比增长6%。其中，货物贸易出口23744亿元，进口17062亿元，顺差6682亿元；服务贸易出口2680亿元，进口3876亿元，逆差1196亿元。服务贸易主要项目为：旅行服务进出口规模1891亿元，运输服务进出口规模1869亿元，其他商业服务进出口规模1078亿元，电信、计算机和信息服务进出口规模682亿元。 按美元计值，2025年9月，我国国际收支货物和服务贸易出口3718亿美元，进口2946亿美元，顺差772亿美元。 2025-11-07/ningbo/2025/1107/2461.html
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Provincial, autonomous regions, and municipal branches, foreign exchange administration departments, the Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo branches of the SAFE, and all designated Chinese-funded foreign exchange banks: To give full play to the decisive role of the market in resource allocation, support implementation of China's "going-global" strategy, make full use of domestic and overseas resources and markets, further streamline and offer conveniences for cross-border capital transactions involved in investment and financing activities by domestic residents via SPVs (special purpose vehicles), serve the development of the real economy, and improve the level of convertibility of cross-border and financial transactions in good order, issues regarding foreign exchange administration of overseas investments and financing and round-trip investments by domestic residents via SPVs are notified as follows, in accordance with the Regulations on Foreign Exchange Administration of the People's Republic of China: I. The "special purpose vehicle” (SPV) herein refers to overseas companies directly incorporated or indirectly controlled by domestic residents (including domestic institutions and individual domestic residents) using the assets or rights and interests of domestic companies that they legally possess or the overseas assets or rights and interests they legally possess for the purpose of investments and financing. "Round-trip investments" herein refer to the direct investment activities directly or indirectly carried out by domestic residents in China via SPVs, i.e., activities to incorporate foreign-funded companies or projects (hereinafter referred to as “foreign-funded companies”) in China through incorporation or M&As and to obtain rights and interests such as ownership, control rights, and management rights. "Domestic institutions" herein refer to legal persons of enterprises and public institutions and other economic organizations duly incorporated in China; "individual domestic residents" refer to Chinese citizens who have an ID card, military ID card, or armed police ID card, which are for Chinese residents, as well as foreign individuals who do not have a legitimate ID card for Chinese residents but reside in China because they have economic interests in China. "Control" herein refers to operating rights, income rights, or decision-making rights of SPVs obtained by domestic residents through acquisitions, trusts, entrusted holdings, voting rights, buy-backs, and convertible bonds. II. The SAFE and its branches (hereinafter referred to as the “SAFE”) shall manage registration of the SPVs incorporated by domestic residents. This Circular shall apply to the registration and related foreign exchange administration of SPVs incorporated by individual domestic residents, while registration and related foreign exchange administration of SPVs incorporated by domestic institutions shall be conducted in accordance with the existing regulations and this Circular. III. Domestic residents shall apply to the SAFE to register foreign exchange for overseas investments before contributing money to SPVs using legitimate domestic and overseas assets or rights and interests. Where legitimate domestic assets or rights and interests are used, domestic residents shall apply to the foreign exchange bureau that has jurisdiction in the area where the SPV is registered or where the assets or rights and interests are located; where legitimate overseas assets or rights and interests are used, domestic residents shall apply to the foreign exchange bureau that has jurisdiction in the area where the SPV is registered or where his or her residence is registered. Individual domestic residents shall submit the following materials to register foreign exchange for overseas investments: 1. A written application and the Registration Form for Foreign Exchange for Overseas Investments by Individual Domestic Residents. 2. The personal identification documents for individuals. 3. The registration documents of the SPV and evidence of the SPV's shareholders or actual controllers (such as the stock transfer book or the subscriber book). 4. The resolution of the domestic and overseas relevant authorities of companies agreeing to the overseas investments and financing (providing a written statement of the owner’s agreement with the overseas investments and financing if the company has not been incorporated). 5. Evidence regarding the assets or rights and interests that the individual domestic resident directly or indirectly possesses in the domestic enterprises that plan to conduct overseas investments and financing, or of the overseas assets or rights and interests that the individual domestic resident legally possesses. 6. Mandatory supporting materials if the above materials do not adequately prove the authenticity of the transactions or the consistency of the application materials. Domestic institutions shall register foreign exchange for overseas investments in accordance with the Circular of the SAFE on the Release of Regulations on Foreign Exchange Administration for ODI by Domestic Institutions (Huifa No. 30 [2009]). Domestic residents must carry out the foreign exchange registration process for overseas investments before engaging in any subsequent business. IV. Domestic residents and their incorporated SPVs shall not threaten China's sovereignty, safety, or public interests; shall not violate China's laws and regulations; shall not damage relationships between China and other countries (regions); shall not violate the international treaties to which China is a signatory; and shall not be involved in technology or product exports that are prohibited by China for exported. The registration of overseas SPVs that cannot prove that their investment and financing activities are in conformity with the laws and regulations as required by the relevant industry authorities. V. In the event of any alteration in the basic information, such as shareholders, name and operating duration of the individual domestic residents, or key information, such as increases or decreases in capital, or equity transfers, swaps, consolidations, or splits, the registered overseas SPVs shall timely submit a change in the registration of the foreign exchange for overseas investments with the foreign exchange bureaus. Domestic residents must register the change in the foreign exchange for overseas investments before conducting any subsequent business (including re-exchanges of profits and bonuses). VI. If non-listed SPVs want to motivate directors, supervisors, and senior management of the domestic enterprises under their direct or indirect control or personnel who have employment or labor relationships with them using their equities or options, before performing their rights the relevant individual domestic residents shall submit the following materials to the foreign exchange bureau to register the SPV’s foreign exchange: 1. A written application and the Registration Form for Foreign Exchange for Overseas Investments by Individual Domestic Residents 2. Evidence of the registration of foreign exchange business for overseas investments by registered SPVs. 3. Materials issued by the relevant domestic enterprises regarding the employment or labor relationship with the individual. 4. Evidence issued by the SPV, or its actual controller, of the authenticity of the rights and interest motivation. 5. Mandatory supporting materials if the above materials cannot adequately prove the authenticity of the transactions or the consistency among the application materials. Participation in equity incentive plans of overseas listed companies by individual domestic residents shall be handled in accordance with the relevant regulations on foreign exchange administration. VII. The transfer of funds raised overseas by SPVs back to China shall be handled in accordance with the regulations on foreign investments and external debt management in China. Foreign-funded companies incorporated through round-trip investments shall undergo the relevant foreign exchange registration in accordance with the existing regulations on foreign exchange administration for FDI, and shall truthfully disclose such information as the actual controllers of the shareholders. VIII. The transfer back to China of the profits and bonuses received by domestic residents from SPVs shall be handled in accordance with the regulations on foreign exchange administration under the current account. The transfer of foreign exchange income back to China due to capital changes shall be handled in accordance with the regulations on foreign exchange administration under the capital account. IX. Domestic residents shall promptly submit authenticity evidence and go through the alteration or writing-off registration procedures with the foreign exchange bureau if they no longer possess the registered SPV's rights and interests or they no longer need to register the SPV due to transfers of shares, bankruptcy, dissolution, liquidation, the maturity of the operating duration, or a change in identification. X. Domestic enterprises controlled by domestic residents, directly or indirectly, can lend money to registered SPVs in accordance with the existing regulations, provided that the demand is true and rational. XI. Domestic residents can repurchase remitted capital for the incorporation, share repurchases, and the delisting of SPVs, provided that the demand is true and rational. Domestic residents shall submit a statement to the foreign exchange bureau to explain why it has contributed money to the SPV using legitimate domestic and overseas assets or rights and interests but has not registered foreign exchange for investment as required. The foreign exchange bureau shall carry out the registration based on the principles of legitimacy and rationality, and shall impose administrative penalties on those domestic residents who violate the regulations on foreign exchange administration. XIII. The BOP statistics shall be declared in accordance with the existing regulations for cross-border receipts and payments between domestic residents and overseas SPVs. XIV. The SAFE shall regularly analyze the overall situation of the overseas investments and financing and round-trip investments by domestic residents through SPVs, pay close attention to their impact on the BOP, and enhance interim and post regulation. XV. If domestic residents or the domestic companies that they control, directly or indirectly, remit capital to SPVs through false or structured transactions, they shall be punished by the SAFE in accordance with Article 39 of the Regulations on Foreign Exchange Administration of the People's Republic of China. Domestic residents who fail to carry out the foreign exchange registration, to truthfully disclose information on the actual controller of the companies that make the round-trip investments, or make false commitments shall be punished by the SAFE in accordance with Paragraph 5 of Article 48 of the Regulations on Foreign Exchange Administration of the People's Republic of China. Domestic residents who fail to carry out the foreign exchange registration, to truthfully disclose information on the actual controller of the companies that make the round-trip investments, or make false commitments but have capital outflows shall be punished by the SAFE in accordance with Article 39 of the Regulations on Foreign Exchange Administration of the People's Republic of China. If these residents have capital inflows or foreign exchange settlements, they shall be punished by the SAFE in accordance with Article 41 of the Regulations on Foreign Exchange Administration of the People's Republic of China. Domestic residents and SPVs that fail to declare the required BOP statistics for cross-border receipts and payments shall be punished by the SAFE in accordance with Paragraph 1 of Article 48 of the Regulations on Foreign Exchange Administration of the People's Republic of China. XVI. This Circular will come into force on the day of its release and the Circular of the SAFE on Foreign Exchange Administration for Financing and Round-Trip Investments by Domestic Residents via Overseas SPVs (Huifa No. 75 [2005]) shall be repealed. Where there is any discrepancy between the previous regulations and this Circular, this Circular shall prevail. Upon receipt of this Circular, the branches and foreign exchange administration departments of the SAFE shall immediately forward it to the central sub-branches, sub-branches, urban commercial banks, rural commercial banks, foreign banks, and rural credit cooperatives, and the Chinese banks shall forward it immediately to the branches under its jurisdiction. Please contact the Capital Account Administration Department of the SAFE if any problems are encountered in implementation of this Circular. Appendices: 1. Operating Guide for Foreign Exchange Administration of Round-trip Investments 2. Application Form for Direct Investments of Foreign Exchange under the Capital Account State Administration of Foreign Exchange July 4, 2014 FILE: Operational Guidelines for Businesses Involved in Foreign Exchange Administration for Round-trip Investments FILE: Application Form for Foreign Exchange Transactions under Direct Investments of the Capital Account 2014-11-28/en/2014/1128/749.html
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The SAFE branches and foreign exchange administration departments in Tianjin, Liaoning, Jiangsu, Hubei, Guangdong, Sichuan, Beijing, Chongqing, Heilongjiang, Zhejiang, Fujian, Guangxi, and Guizhou province (autonomous regions and municipalities directly under the Central Government), and the SAFE branches in Shenzhen and Qingdao: For the purpose of further deepening the reform of the foreign exchange management system and better satisfying and facilitating the requirements for business and capital operations of foreign-invested enterprises (FIEs), the State Administration of Foreign Exchange (SAFE) has decided to implement a pilot reform on an management approach for the settlement of foreign exchange capital funds of FIEs in certain areas (Tianjin Binhai New Area, Shenyang Economic Zone, Suzhou Industrial Park, Donghu National Self-Innovation Demonstration Zone, Guangzhou Nansha New District, Hengqin New District, Chengdu High-Tech Industrial Development Zone, Zhongguancun National Self-Innovation Demonstration Zone, Liangjiang New Area, Heilongjiang Frontier Development Zone for the Foreign Exchange Pilot Reform, Wenzhou Pilot Region for Comprehensive Financial Reform, Pingtan Comprehensive Pilot Zone, China-Malaysia Qinzhou Industrial Park, Guiyang Comprehensive Bonded Zone, Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone, and Qingdao Pilot Zone for Comprehensive Reform on Wealth Management and Finance). The relevant issues are hereby notified as follows: I. Voluntary Settlement of Foreign Exchange Capital Funds of Foreign-invested Enterprises Voluntary settlement of foreign exchange capital funds of FIEs means that foreign exchange capital funds in the FIE capital fund accounts, recognized by the local foreign exchange bureau as the rights and interests of capital contributions, can be settled in banks according to their actual business operational requirements. The provisional percentage for the voluntary settlement of foreign exchange capital funds of FIEs incorporated in the pilot areas is 100 percent. The SAFE may adjust the aforesaid percentage in due time according to the international receipts and payments situation. During the course of implementing the voluntary settlement of foreign exchange capital funds, the FIEs can still choose the existing settlement procedures against payments for the use of foreign exchange capital funds. For each foreign exchange settlement transaction of enterprises, based on the principle of foreign exchange settlement against payments, the banks shall examine and verify the authenticity and compliance in the use of the funds for prior transactions of foreign exchange settlement (including voluntary settlement of foreign exchange and foreign exchange settlement against payments). Domestic remittances and transfers and cross-border outward payments of foreign exchange capital funds of FIEs shall be transacted pursuant to the relevant regulations on foreign exchange administration. II. Management of Bank Accounts for Foreign Exchange Funds Settled and to Be Paid with RMB Proceeds from the Voluntary Settlement of Foreign Exchange Capital Funds of FIEs The FIEs shall open accounts for capital items – foreign exchange funds settled and to be paid (“settlement and payment accounts”) for the deposits of RMB proceeds from the voluntary settlement of foreign exchange on a one-to-one corresponding basis, with their account banks for the foreign exchange capital funds and for transactions of various payments through these accounts. The RMB proceeds of FIEs from foreign exchange settlement against payments shall not be used for payments through the settlement and payment accounts. Receipts in the FIE capital fund accounts include: foreign exchange capital funds remitted from overseas or capital funds subscribed to and contributed by foreign investors (including contributions from non-resident deposit accounts, offshore accounts, and domestic foreign exchange accounts of foreign individuals); foreign exchange capital funds or capital funds subscribed to and contributed as transferred from the special accounts for security deposits of overseas remittances; funds returned after transfers, pursuant to the regulations; funds received from the capital funds account of the same name; funds returned due to revocation of the transactions; received interest income; and other receipts registered or approved by the foreign exchange bureau. The scope of the payments from the capital fund accounts includes: foreign exchange settlement within the business scope; transfers through the foreign exchange settlement into the settlement and payment accounts; domestic transfers in the same currency to the special accounts for security deposits of domestic transfers, capital fund accounts of the same name, accounts for entrusted loans, special accounts for concentrated funds management, special accounts for overseas lending, special accounts for domestic reinvestments, and special accounts for foreign debts; outward remittances owing to capital reductions or withdrawals by foreign investors; outward payments for current items; and other capital item expenditures registered or approved by the foreign exchange bureau. The scope of the receipts in the settlement and payment accounts includes: funds from foreign exchange settlement as transferred from the corresponding capital funds accounts, domestic accounts for the realization of assets, or accounts for domestic reinvestments; funds returned after transfer from these accounts, pursuant to the regulations; funds returned due to revocation of the transactions; received interest income; and other receipts registered or approved by the foreign exchange bureau. The scope of the payments from the settlement and payment accounts includes: expenditures within the business scope; payments of the RMB security deposit; transfers to the special account for centralized funds management; repayment of RMB loans after completed utilization; foreign exchange purchases and payments or direct outward repayments of foreign debts; foreign exchange purchases and payments or direct outward payments owing to capital reductions or withdrawals by foreign investors; foreign exchange purchases and payments or direct outward payments for current item expenditures; and other capital item expenditures registered or approved by the foreign exchange bureau. RMB funds in the settlement and payment accounts shall not be transferred back to the capital fund accounts through foreign exchange purchases without approval by the foreign exchange bureau. The funds shall not be transferred between the FIEs’ settlement and payment accounts of the same name. RMB funds transferred from the settlement and payment accounts for the purpose of guarantees or payments of other security deposits, unless in the case of execution of guarantee agreements or deductions owing to default, shall be returned to the settlement and payment accounts through the original route. III. Utilization of FIEs’ Capital Funds according to the Principles of Authenticity and Self-use within the Business Scope FIE capital funds and RMB funds from their settlement shall not be used for the following purposes: (I) directly or indirectly used for expenditures beyond the business scope or prohibited under the laws and regulations of the State; (II) directly or indirectly used for securities investments, unless otherwise stipulated under the laws and regulations; (III) directly or indirectly used for the supply of RMB entrusted loans (unless permitted by the business scope), repayments of inter-enterprise borrowings (including third-party advances), and repayments of RMB bank loans already refinanced to any third party; (IV) payment of expenses relevant to the purchase of real estate not for one’s own use, unless as a foreign-invested real estate enterprise. IV. Facilitation of Domestic Equity Investments by FIEs with Funds from Foreign Exchange Settlement Except for transfers in the original currency owing to equity investments, it is acceptable for FIEs with investment as their main business (including foreign-funded investment companies, foreign-funded venture capital enterprises, and foreign-funded equity investment enterprises) to transfer the foreign exchange capital funds after direct settlement into the accounts of the invested enterprises according to the actual scale of investment, provided that the domestic investment project is authentic and compliant with the regulations. Capital funds other than the aforesaid enterprise equity investment funds shall be handled according to the principles of settlement against payment. When ordinary FIEs other than the abovementioned enterprises invest in domestic equities with capital funds in the original currency, the existing regulations on domestic reinvestments shall prevail. When funds from foreign exchange settlement are used for domestic equity investments, the invested enterprise shall first register for a domestic reinvestment with the local foreign exchange bureau and open a corresponding settlement and payment account, prior to the transfer of the RNB funds from the foreign exchange settlement by the investing enterprise, according to the actual scale of investment, to the account opened by the invested enterprise. When the invested enterprise continues to invest in domestic equities, the aforesaid principles shall apply. V. Further Requirements regarding the Management of Payments with Funds from Foreign Exchange Settlement (I) Foreign investors, FIEs, and other applicant entities shall provide, on an accurate and authentic basis and according to the regulations, the relevant certifying documents regarding the authenticity to the foreign exchange bureau and the banks, and complete the Order of Payments with Funds in Accounts Related to Direct Investments (see the Appendix) when applying for payments with RMB funds from the settlement of capital funds (including direct payments with foreign exchange capital funds). (II) The banks shall, according to the principles of “understanding their customers,” “understanding their businesses,” and “due diligence reviews,” be responsible for verification of the authenticity of outward payments with capital funds and payments with RMB funds from the foreign exchange settlement by the FIEs. When handling each payment transaction with such funds, the authenticity and compliance of the certifying documents with respect to the prior payment transactions shall be examined and verified. The banks shall keep the certifying documents relevant to the settlement and use of the foreign exchange capital funds of the FIEs for five years for future reference. The banks shall report the data, including the accounts related to the capital fund accounts and the settlement and payment accounts (account nature code: 2113), cross-border receipts and payments, domestic transfers, foreign exchange settlement and sales within the accounts, on a timely basis and according to the Circular of the State Administration of Foreign Exchange on the Issuance of Foreign Exchange Transaction Data Collection Rules for Financial Institutions (Version 1.0) (Huifa No. 18, [2014]). In the case of transfers of funds between the settlement and payment accounts and other RMB accounts, the information on the domestic transfers shall be reported by filling in the documents for domestic payments and receipts and indicating the fund purpose code under the “invoice number” column (according to “7.10: Code of Purpose for Foreign Exchange Settlement” in the Circular of Huifa No. 18 [2014]) ; the transaction code for other transfers shall be indicated as “929070,” except for payments under verification of goods trade. (III) When enterprises fail to provide certifying documents for current special reasons, the banks may make the relevant payments for the enterprises, provided that the obligation of due diligence review has been performed and the authentic background of the transactions has been verified, and may file with the foreign exchange bureau through its relevant business system with respect to the special items on the date of payment. The banks shall collect and examine the full set of relevant certifying documents resubmitted by the enterprises within 20 working days upon completion of the payment and report to the foreign exchange bureau with respect to the resubmission of the certifying documents on the authenticity of the filing of special items. When FIEs use capital funds for the purpose of reserve funds, the banks need not require submission of the aforesaid certifying documents regarding authenticity. The cumulative amount of payments for reserve funds by a single enterprise in one month shall not exceed the value equivalent to RMB 600,000. When FIEs apply for settlement against payments with all the foreign exchange capital funds on a one-off basis, or payments with all the RMB funds for the settlement and payment account, but fail to provide the relevant certifying documents on the authenticity, the banks shall not handle for them the foreign exchange settlement and payments . VI. Management of the Settlement and Utilization of Funds in the Foreign Exchange Accounts under Other Direct Investment Items Settlement of foreign exchange funds in domestic accounts for the realization of assets and domestic reinvestments of domestic institutions shall be made with reference to the administrative regulations regarding the FIE capital fund accounts. Settlement of foreign exchange funds in the domestic accounts for the realization of assets and domestic reinvestments by domestic individuals and overseas accounts for the realization of assets of domestic institutions and individuals shall be made directly through the banks, against the relevant transaction documents registered with the foreign exchange bureau. Settlement of foreign exchange funds in the foreign investors’ accounts for preliminary expenses shall be made according to the principles of settlement against payments. Foreign exchange funds in the special accounts for overseas and domestic security deposits shall not be used through the foreign exchange settlement. In cases of execution of guarantee agreements or deductions owing to default, the relevant security deposits shall be transferred into the other foreign exchange accounts for capital items of the recipients of the deposits that have been approved or registered by the foreign exchange bureau, and shall be used according to the relevant regulations. The interest income and investment income under direct investments in the above accounts can be settled and paid directly through the banks according to the relevant regulations on foreign exchange administration of current items. VII. Further Strengthening Post-mortem Supervision and Investigations of Irregularities by the Foreign Exchange Bureau (I) The foreign exchange bureau shall strengthen guidance and examination of the compliance of bank transactions, including foreign exchange settlement and utilization of FIE capital funds in accordance with the Regulations on the Control of Foreign Exchange of the People's Republic of China and the Regulations on Foreign Exchange Administration of Domestic Direct Investments by Foreign Investors. The manner of examination includes submission of written explanatory and transaction documents by the relevant entities as requested, an interview with the persons in charge, field inspections or duplication of the relevant documents of the entities, and notification of any irregularities. With respect to banks with serious or malicious irregularities, their foreign exchange transactions under capital items shall be suspended according to the relevant procedures. With respect to FIEs with serious or malicious irregularities, their qualifications for voluntary settlement of foreign exchange shall be revoked. Prior to the submission of the written explanatory documents and proper rectification, any other foreign exchange transactions under the capital items shall be prohibited. (II) For FIEs and banks with violations against this Circular with respect to foreign exchange settlement and utilization of FIE capital funds, the foreign exchange bureau shall investigate and treat them according to the relevant provisions of the Regulations on the Control of Foreign Exchange of the People's Republic of China. VIII. Other Relevant Issues This Circular shall take effect as of August 4, 2014. In cases of any discrepancies with prior regulations, this Circular shall prevail. The relevant requirements in the Circular of the State Administration of Foreign Exchange on Operational Issues Concerning Foreign Exchange Payment and Settlement of FIE Capital Funds (Huizongfa No. 142 [2008]) and the Supplementary Circular of the General Affairs Department of the State Administration of Foreign Exchange on Operational Issues Concerning Improvements in the Management of Foreign Exchange Payments and Settlement of FIE Capital Funds (Huizongfa No. 88 [2011]) are provisionally not applicable to the foreign exchange settlement of the capital funds of the FIEs in the pilot districts. The sub-bureaus in the pilot districts and the foreign exchange administrative departments are requested to distribute this Circular to the central sub-bureaus, branch bureaus, and banks within the pilot districts as soon as possible. In cases of any problems arising during the course of implementation, feedback shall be provided to the Capital Account Management Department of the SAFE on a timely basis. Appendix: Order of Payments with Funds in Accounts Related to Direct Investments State Administration of Foreign Exchange July 4, 2014 FILE: Order of Payments with Funds in Accounts Related to Direct Investments 2014-09-22/en/2014/0922/746.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches in Shenzhen, Dalian , Qingdao , Xiamen , and Ningbo ; and all designated Chinese-funded foreign exchange banks: In order to regulate and improve the foreign exchange administration over involvement of Domestic Individuals in Equity Incentive Plans of Overseas Listed Companies, in accordance with the Regulations on the Foreign Exchange Administration of the People’s Republic of China, the Measures for the Administration of Individual Foreign Exchange Rules (Decree No. 3 [2006] of the People’s Bank of China), and relevant regulations and provisions, the relevant matters are hereby notified as follows: I. “Overseas Listed Companies” stated in this Circular refer to companies listed on overseas stock exchanges (including that of Hong Kong, Macau, and Taiwan ). “Equity Incentive Plans” refer to the plans of Overseas Listed Companies, in terms of their own stocks, to provide equity incentives in the domestic companies to such individuals who have employment or labor relations with the companies as directors, supervisors, senior management, and other employees, including stock option plans, employee stock ownership plans, and other equity incentive methods permitted by the laws and regulations. “Domestic Companies” refer to domestic institutions, such as Overseas Listed Companies registered in China, Overseas Listed Companies’ branches (including representative offices) in China, and parent companies, subsidiaries, or partnership enterprises at all levels in China that have shareholding relationships or actual control relationships with the Overseas Listed Companies. “Domestic Individuals” (hereinafter referred to as “Individuals”) refer to the directors, supervisors, senior management, and other employees of Domestic Companies as specified in Article 52 of the Regulations on the Foreign Exchange Administration of the People’s Republic of China, including Chinese citizens (including those of Hong Kong, Macau, and Taiwan) and foreign individuals. II. The Individuals involved in an Equity Incentive Plan of an Overseas Listed Company shall, through the Domestic Company with which they are affiliated, entrust a domestic agency (hereinafter referred to as the “Domestic Agency”) to centrally handle relevant matters such as the foreign exchange registration, the account opening, and the fund transfer and exchange; and the matters of the above Individuals such as option exercises, purchases and sales of relevant stocks or equities, and relevant fund transfers shall be centrally handled by an overseas institution (hereinafter referred to as the “Overseas Trustee”). The Domestic Agency shall be a Domestic Company involved in the Equity Incentive Plan, or another domestic institution which may handle asset custody business and is selected by the Domestic Company in accordance with the law. III. The Domestic Agency shall, in terms of the involvement of Individuals in Equity Incentive Plans, centrally handle the foreign exchange registration with the local branches or offices of the State Administration of Foreign Exchange (SAFE) (hereinafter referred to as the “local foreign exchange authorities”) upon the strength of the following materials: (1) A written application, together with the Foreign Exchange Registration Form for the Involvement of Domestic Individuals in Equity Incentive Plans of Overseas Listed Companies (see Annex 1, hereinafter referred to as the “Foreign Exchange Registration Form”) (2) Evidentiary materials that prove the authenticity of the Equity Incentive Plans, such as relevant announcements of the Overseas Listed Companies (where such plans involve state-owned enterprises and require approval by relevant authorities or need such approval due to other reasons, the approval documents from such authorities must be submitted); (3) The power of attorney or agreement in which the Domestic Companies authorize the Domestic Agency to centrally handle matters related to the involvement of the Individuals in the Equity Incentive Plans; (4) Letters of commitment issued by the Domestic Companies in which they vouch for the veracity of the employment or labor relations between them and the Individuals (together with the documents that specify such information, including the lists of the Individuals, their identity certificate numbers, and the involved equity incentive types, etc.); (5) The required supplementary materials, in the case that the contents of the aforesaid materials are not consistent with one another or cannot prove the authenticity of the transactions. Where the above materials are examined and determined to be error-free, the local foreign exchange authorities shall issue to the Domestic Agencies the relevant foreign exchange registration certificates for the Equity Incentive Plans. IV. Individuals may use their lawful funds in China , such as self-owned foreign exchange in their individual foreign exchange deposit accounts or RMB, for the purpose of involvement in Equity Incentive Plans. Where the self-owned foreign exchange funds are used for the purpose of such involvement, the banks shall handle the relevant fund transfer formalities upon the strength of such materials as the copies of the foreign exchange registration certificates for the Equity Incentive Plans affixed with the seals of the Domestic Agencies, and the supporting materials for the employment and labor relations between the Individuals and the Domestic Companies. Where RMB funds are used for the purpose of the involvement, the Individuals shall transfer the RMB funds to the accounts of the Domestic Agencies which shall then centrally handle the relevant formalities for foreign exchange purchases or payments in accordance with Article 5 hereof. V. Where the Domestic Agencies need to remit funds out of China for the purpose of the involvement of Individuals in Equity Incentive Plans, they shall, on a yearly basis, submit an application to the local foreign exchange authorities for the limit of the foreign exchange payments, upon the strength of the written application, the foreign exchange registration certificates for the Equity Incentive Plans (such certificates are not necessary in cases of an initial application of foreign exchange registration for the Equity Incentive Plans), and the latest completed Foreign Exchange Registration Forms. Where the above materials are examined and determined to be error-free, the local foreign exchange authorities shall issue to the Domestic Agencies the foreign exchange registration certificates for Equity Incentive Plans, specifying the relevant limit of foreign exchange payments; the banks shall handle the relevant formalities for the foreign exchange purchases and payments of the Domestic Agencies within the limit of the foreign exchange payments upon the strength of such certificates. VI. The Domestic Agency shall open a special domestic foreign exchange account with the bank upon the strength of the foreign exchange registration certificate for an Equity Incentive Plan. The scope of the receipts of such an account is as follows: the foreign exchange funds transferred from the individual foreign exchange deposit accounts, the foreign exchange funds acquired from foreign exchange purchases centrally carried out by the Domestic Agency on behalf of the Individuals, the principal and earnings remitted back after the sale by the Individuals of the stock or equity under the Equity Incentive Plans, the dividend remitted back, and other receipts approved by the local foreign exchange authority. The scope of the expenditures is as follows: funds required for the purpose of involvement in Equity Incentive Plans to be paid overseas, funds required for the purpose of foreign exchange settlement for funds remitted back from overseas or required for the purpose of transferring to the individual foreign exchange deposit accounts, and other expenditures approved by the local foreign exchange authority. VII. After the foreign exchange revenue acquired from the involvement of Individuals in Equity Incentive Plans is transferred back to China, the banks shall transfer such revenue from the special domestic foreign exchange accounts of the Domestic Agencies to the relevant individual foreign exchange deposit accounts upon the strength of the materials which shall be submitted by the Domestic Agencies, such as the relevant written applications, the foreign exchange registration certificates for the Equity Incentive Plans, and the overseas transaction vouchers; such revenue shall be managed and used in accordance with the relevant provisions for individual foreign exchange deposit accounts. In terms of the amount in the funds transferred back, which corresponds to the original principal used for the purchase of foreign exchange, and all the earnings, the Domestic Agencies may also centrally handle the foreign exchange settlement formalities for the Individuals with the banks upon the strength of the above materials, and transfer the funds acquired from the foreign exchange settlement to the relevant individual domestic RMB accounts. VII. Where there is any material change to the Equity Incentive Plans of the Overseas Listed Companies (such as amendments to the key clauses in the original plans or the addition of new plans, or changes to the original plans due to such material events as M&As or restructurings of the Overseas Listed Companies or the Domestic Companies), or the Domestic Agencies or the Overseas Trustees are changed, the Domestic Agencies shall handle the alteration registration procedures with the local foreign exchange authorities upon the strength of a written application, the original foreign exchange registration certificate for the Equity Incentive Plan, the latest completed Foreign Exchange Registration Form, and the relevant evidentiary materials attesting to the authenticity of the transactions, within three months upon the occurrence of such change. IX. Where the Equity Incentive Plans are terminated due to their expiration, or such material events as their de-listing from the overseas securities markets or M&As or restructurings of the Domestic Companies, the Domestic Agencies shall handle the foreign exchange de-registration procedures for the Equity Incentive Plans with the local foreign exchange authorities upon the strength of a written application, the original foreign exchange registration certificate for the Equity Incentive Plan, and other relevant evidentiary materials, within twenty working days upon such termination. Where the above materials are examined and determined to be error-free, the local foreign exchange authorities shall handle the relevant foreign exchange de-registration formalities for the Equity Incentive Plans; after such formalities are completed, the Domestic Agencies may handle the subsequent procedures for the settling of the accounts and the fund exchange. X. The Domestic Agencies shall submit the Filing Form for the Involvement of Domestic Individuals in Equity Incentive Plans of Overseas Listed Companies (see Annex 2) to the local foreign exchange authorities within the first three working days of each quarter. The account opening banks for the Domestic Agencies shall submit to the local foreign exchange authorities the Form for the Opening and Closing of Special Domestic Foreign Exchange Accounts for Involvement of Domestic Individuals in Equity Incentive Plans of Overseas Listed Companies (see Annex 3), and the Form for Receipts and Payments in Special Domestic Foreign Exchange Accounts for Involvement of Domestic Individuals in Equity Incentive Plans of Overseas Listed Companies (see Annex 4), within the first three working days of each month. The local foreign exchange authorities shall examine and summarize the relevant forms and then submit the relevant information thereof to the SAFE within the first five working days of each month. XI. Where the Individuals are involved in the Equity Incentive Plans of Overseas Listed Companies and make foreign-related collections and payments via the special domestic foreign exchange accounts opened by the Domestic Agencies, the Domestic Agencies shall make an indirect declaration of the balance of payments statistics in accordance with the relevant provisions. XII. The SAFE and its branches shall supervise, administer, and inspect the foreign exchange business related to the involvement of Individuals in Overseas Listed Companies. Where the Individuals, Domestic Companies, the Domestic Agencies, or the bank violate this Circular, the SAFE and its branches may take relevant regulatory measures and impose relevant administrative penalties in accordance with the law. XIII. The materials required under this Circular for the relevant application and record shall be in Chinese and shall be legally binding; where there are versions in multiple languages, such as Chinese and other languages, the legally binding Chinese version shall prevail. XIV. This Circular shall come into effect as of the date of issuance. At the same time, the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Printing and Distributing the Operational Rules on Foreign Exchange Administration over Involvement of Domestic Individuals in Employee Stock Ownership Plans and Share Option Schemes of Overseas Listed Companies (Hui Zong Fa No. 78 [2007]) and the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Delegating Authority for Examining and Approving the Quotas for Initial Purchases and Payments in Foreign Exchange and the Opening of Foreign Exchange Accounts for Involvement of Domestic Individuals in Employee Stock Ownership Plans of Overseas Listed Companies (Hui Zong Fa No. 2 [2008]) shall be repealed. The branches and foreign exchange administrative departments of the SAFE shall, upon receipt of this Circular, forward it as soon as possible to the central sub-branches, the sub-branches, and the foreign-funded banks within their respective jurisdictions. All designated Chinese-funded foreign exchange banks shall, upon receipt of this Circular, forward it to their respective branches and sub-branches as soon as possible. In cases of any problems during implementation, please report them to the Capital Account Management Department of the SAFE in a timely manner. Annex: 1. Foreign Exchange Registration Form for the Involvement of Domestic Individuals in Equity Incentive Plans of Overseas Listed Companies 2. Filing Form for the Involvement of Domestic Individuals in Equity Incentive Plans of Overseas Listed Companies 3. Form for the Opening and Closing of Special Domestic Foreign Exchange Accounts for Involvement of Domestic Individuals in Equity Incentive Plans of Overseas Listed Companies 4. Form for the Receipts and Payments in Special Domestic Foreign Exchange Accounts for Involvement of Domestic Individuals in Equity Incentive Plans of Overseas Listed Companies February 15, 2012 FILE: Annex 1：Foreign Exchange Registration Form for the Involvement of Domestic Individuals in Equity _0 FILE: Annex 2：Filing Form for the Involvement of Domestic Individuals in Equity Incentive Plans of Over_0 FILE: Annex 3：Form for the Opening and Closing of Special Domestic Foreign Exchange Accounts for Involv_0 FILE: Annex 4：Form for Receipts and Payments in Special Domestic Foreign Exchange Accounts for Involvem_0 2012-05-15/en/2012/0515/734.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches in Shenzhen, Dalian , Qingdao , Xiamen , and Ningbo ; and all designated Chinese-funded foreign exchange banks: According to the Announcement of the State Administration of Foreign Exchange, the State Administration of Taxation, and the General Administration of Customs on the Pilot Reform of the Foreign Exchange Administration System for Trade in Goods (Announcement No. 2 [2011] of the State Administration of Foreign Exchange), effective from December 1, 2011, the pilot reform on the foreign exchange administration system for trade in goods (hereinafter referred to as the “reform”) will be implemented in certain regions. In order to actively and orderly advance the pilot reform, the relevant matters are as follows: I. Effective from December 1, 2011, the pilot reform will take place in the regions under jurisdiction of the branches of the State Administration of Foreign Exchange (the “SAFE”) in Jiangsu, Shandong, Hubei, Zhejiang (excluding Ningbo), Fujian (excluding Xiamen), Dalian, and Qingdao (hereinafter referred to as the “pilot regions”). The banks and enterprises in the pilot regions shall handle the foreign exchange receipts and payments for trade in accordance with the Guidelines for the Pilot Implementation of the Foreign Exchange Administration System for Trade in Goods and its Detailed Rules on Implementation (hereinafter referred to as the “pilot regulations”), and those outside pilot regions shall handle the foreign exchange receipts and payments for trade in accordance with the provisions in force. In order to regulate the operation of the pilot, the SAFE has formulated the Operational Rules on the Guidelines for the Pilot Implementation of the Foreign Exchange Administration System for Trade in Goods (Bank and Enterprise Version) (hereinafter referred to as the “operational rules,” see Annex 1), to be implemented when the pilot becomes effective. II. From the effective date of the pilot, the banks in the pilot regions shall suspend the formalities for the checking and input of information on advance payments for goods as well as the de-registration of deferred receipts and deferred payments of the enterprises in the pilot regions. The enterprises, banks, branches, and sub-branches of the SAFE (hereinafter referred to as the “foreign exchange authorities”) outside the pilot regions shall still handle the relevant business in accordance with the provisions in force on trade credit registration management. III. During the pilot period, where the foreign exchange receipts and payments for trade are handled at banks in places other than those where the enterprises are located, the banks shall require that the enterprises explain their status with respect to the relevant lists and classifications, and shall handle the relevant business in accordance with the following provisions: (1) Where Category-B and -C enterprises in the pilot regions handle foreign exchange receipts and payments for trade with banks outside of the pilot regions, the enterprises shall undergo the registration procedures with the local foreign exchange authorities on a case-by-case basis, and the banks shall handle the business based upon the strength of the Registration Form for Foreign Exchange Business for Trade in Goods (hereinafter referred to as the “registration form”) issued by the foreign exchange authorities where the enterprises are located. Where Category-A enterprises in the pilot regions handle foreign exchange receipts and payments for trade with banks outside of the pilot regions, the banks shall handle the business in accordance with the relevant provisions in force outside of the pilot regions on foreign exchange collections from exports and the measures in force outside of the pilot regions applicable to Category-A import enterprises. The banks in and outside of the pilot regions shall not directly handle the foreign exchange receipts and payments for trade of the enterprises within the pilot regions which are not on the List of Enterprises Involved with Foreign Exchange Receipts and Payments for Trade. (2) Where the enterprises outside the pilot regions and are classified as Category-B or -C import enterprises in accordance with the Interim Measures for the Administration of Foreign Exchange Payments for the Import of Goods and the relevant provisions, or are not on the List of Importers Making Foreign Exchange Payments, shall handle foreign exchange receipts and payments for trade with banks in the pilot regions, the enterprises shall undergo the registration procedures with the local foreign exchange authorities on a case-by-case basis, and the banks shall handle the business upon the strength of the Registration Form issued by the foreign exchange authorities where the enterprises are located. Where other enterprises outside of the pilot regions handle foreign exchange receipts and payments for trade with banks in the pilot regions, the banks shall handle the business in accordance with the measures applicable to Category-A enterprises in the pilot regions. (3) As for business to be handled upon the strength of the Registration Form, the banks shall indicate the amount and date of the receipts and payments on the Registration Form and shall affix their business seal thereto after examination of the paper Registration Form. They are not required to log into the relevant systems to verify or to indicate the electronic information on the Registration Form. (4) Where the enterprises in the pilot regions handle trade credits with banks outside of the pilot regions, the banks are not required to handle the formalities for the checking and inputting of information on the advance payments for goods or the de-registration for deferred receipts and deferred payments; where the enterprises outside the pilot regions handle trade credits with banks within the pilot regions, the banks shall handle the relevant business in accordance with the provisions in force on trade credit registration management. IV. As of the effective date of the pilot, use of the Verification System for the Collection and Payment of Foreign Exchange from Trade, the Online Inspection System for Foreign Exchange Collections and Settlements from Exports, and the China E-Port – the System for Foreign Exchange Payments for Imports – shall be suspended, and the online operation of the Foreign Exchange Monitoring System for Trade in Goods (hereinafter referred to as the “monitoring system”) shall be implemented. V. The banks shall carefully study the policies related to the reform, cooperate with the foreign exchange authorities with respect to doing a good job in training the bank branches in the pilot regions before the effective date of the pilot and in preparing for the online operations and the system connection in accordance with the following requirements: (1) The bank and enterprise may access the monitoring system through the application service platform of the SAFE (hereinafter referred to as the “Application Service Platform”). The specific access channels are as follows: User Type Mode of Network Connection Access Address Bank Access Network of External Institutions http://asone.safe:9101/asone/ Enterprise Internet http://asone.safesvc.gov.cn/asone (2) The banks in the pilot regions shall complete the work related to the network connection, the client environment setting, user management, authority assignment, and access tests between November 7, 2011 and November 25, 2011 in order to ensure that the bank outlets handling the foreign exchange business for trade in goods can access the monitoring system (bank version) through the Application Service Platform. Specific operating instructions for the bank network connection and the system access settings are detailed in the Access Settings Manual for the Foreign Exchange Monitoring System for Trade in Goods (Bank Version) (see Annex 2). (3) As for bank outlets in the pilot regions that have been assigned financial institution identification codes by October 31, 2011, if they have not opened their accounts on the Application Service Platform, their accounts on the Application Service Platform and their accounts for Foreign Exchange Online Business for Trade in Goods will be automatically opened as of November 7, 2011, and they shall obtain the initial passwords from the business administrator in their head offices or from the SAFE through their head offices; if they have opened their accounts on the Application Service Platform, they will have their account for Foreign Exchange Online Business for Trade in Goods automatically opened as of November 7, 2011, and their business administrator passwords and business operator passwords will not change. The business operators with authority to access the Verification System for the Collection and Payment of Foreign Exchange for Trade (Bank Version) will automatically obtain authority to access the monitoring system (Bank Version). (4) As for bank outlets in the pilot regions that apply for assignment of the financial institution identification codes after November 1, 2011, if they intend to handle foreign exchange business for trade in goods, they shall submit an application to the local foreign exchange authorities to open an account for Foreign Exchange Online Business for Trade in Goods, and they shall obtain the initial passwords for the business administrator user from their head offices or from the SAFE through their head offices. (5) The authority of the bank outlets in the pilot regions to access the Verification System for the Collection and Payment of Foreign Exchange for Trade (Bank Version) shall be automatically cancelled by the Application Service Platform on December 1, 2011. All designated Chinese-funded foreign exchange banks shall, upon receipt of this Circular, forward it to their branches as soon as possible. The branches and foreign exchange administrative departments of the SAFE shall, upon receipt of this Circular, forward it as soon as possible to the local commercial banks and the foreign-funded banks within their respective jurisdictions. If any problems are encountered during implementation of the policy or the monitoring system, please report them to the local foreign exchange authorities in a timely manner. Business Enquiry Hotline: 010-68402546 Monitoring System Support Hotline: 010-68402214 Enquiry Hotline for Bank Network Connection: 010-68402022 Enquiry Hotline for Application Service Platform: 010-68402141 Annex: (omitted) October 21, 2011 2011-10-23/en/2011/1023/732.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo: In order to regulate business related to the pilot program on domestic securities investments by fund management companies and securities companies as RMB qualified foreign institutional investors (hereinafter referred to as “RQFIIs”), in accordance with the Measures for the Pilot Program on Domestic Securities Investments by Fund Management Companies and Securities Companies as RMB Qualified Foreign Institutional Investors (Decree No. 76 of the China Securities Regulatory Commission, the People’s Bank of China, and the State Administration of Foreign Exchange, hereinafter referred to as the “Measures”) and the relevant provisions on foreign exchange administration, the relevant issues are hereby notified as follows: I. The State Administration of Foreign Exchange (SAFE) and its branches and foreign exchange administrative departments (hereinafter referred to as the “foreign exchange authorities”) shall, in accordance with the law, carry out monitoring and management of the investment quota, the outward and inward remittances of funds, and other affairs related to the domestic securities investments by RQFIIs. II. The RQFII with a Domestic Securities Investment Business License issued upon the approval of the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”) shall entrust its domestic trustee (hereinafter referred to as the “Trustee”) to handle on its behalf the relevant procedures required by this Circular. III. The quota of domestic securities investments by the RQFII (hereinafter referred to as the “investment quota”) shall be subject to balance control by the SAFE, and the cumulative net inward remittances of RMB funds by the RQFII shall not exceed the approved investment quota. The RQFII shall not transfer or resell its investment quota for use by other institutions or individuals. Where the RQFII with an investment quota fails to effectively use the investment quota within 1 year as of the date of its approval, the foreign exchange authorities shall reduce, or even cancel, the investment quota in accordance with the relevant circumstances. IV. The RQFII shall apply to the SAFE for an investment quota based on the documents and materials set forth in Article 9 of the Measures. In cases of applying for an increase in the investment quota, the RQFII shall submit the materials set forth in Item I and Item IV of Article 9 of the Measures, as well as the Foreign Exchange Registration Certificate for Qualified Foreign Institutional Investors (hereinafter referred to as the “Certificate”) and the statement on domestic securities investments within the existing investment quota, the content of which includes asset allocations and changes, investment profits and losses, compliance, average turnover rates of product investment transactions, and so forth. V. The RQFII shall, within 5 working days after the opening of its domestic RMB account, file a report on the account opening with the local foreign exchange authorities where the Trustee is located, submit the formal trust agreement to the SAFE, handle the relevant registration procedures, and obtain the Certificate. Where the RQFII intends to initiate and establish Open-end Funds, it shall, within 20 working days upon initiation, file a Chinese translation of the provisions in the core articles of the fund prospectus with the SAFE. VI. A RQFII with an investment quota may entrust its Trustee to handle the relevant procedures for the inward and outward remittance of funds and for the purchase of foreign exchange on its behalf based on the approval document of the investment quota issued by the SAFE. The funds that can be remitted inward by the RQFII include the investment principal remitted inward from overseas, the amount required for the payment of the relevant taxes and fees (such as taxes, trust fees, audit fees, and management fees) and other RMB funds permitted by the People’s Bank of China (PBC) and the SAFE to be remitted inward; the funds that can be remitted outward include such funds as the income from the sale of domestic securities, cash dividends and interest, and other RMB funds permitted by the PBC and the SAFE to be remitted outward; the aforesaid funds may be remitted outward in RMB or in foreign exchange purchased with RMB. VII. Where the RQFII intends to initiate and establish Open-end Funds, the Trustee may, based on the daily subscribed or redeemed net amount, handle the procedures for the inward remittance of the relevant RMB funds on a daily basis in cases of net subscriptions, and handle the procedures for the outward remittance of the relevant funds in RMB or in foreign exchange purchased with RMB on a daily basis in cases of net redemptions. For other than Open-end Funds, the RQFII may entrust the Trustee to handle its procedures for the inward or outward remittance of RMB funds or for the outward remittance of funds in foreign exchange purchased with RMB funds on a monthly basis. In cases of investment earnings to be remitted outward in RMB or in foreign exchange purchased with RMB, the audit report issued by the domestic accounting firm and the relevant tax certificates shall also be provided to the Trustee. VIII. Where the Trustee handles the procedures on behalf of the RWFII for the inward or outward remittance of funds or the purchase of foreign exchange, it shall conduct on a monthly basis an examination based on the authenticity and compliance of the relevant exchange, the receipts and payments of funds, and the timely and accurately recorded relevant information on the Certificate, and shall submit the statements related to the domestic securities investment business of the RQFII to the SAFE in accordance with the following requirements: (I) Submission of the Breakdown of the Outward and Inward Remittances of Funds and the Purchase of Foreign Exchange by the RQFII (see Schedule 1) within 8 working days after the end of each calendar month; (II) Submission of the Monthly Report I & II on Domestic Securities Investments by the RQFII (see Schedule 2) within 8 working days after the end of each calendar month; (III) Submission of the last fiscal year’s Annual Financial Statements I & II on Domestic Securities Investments by RQFIIs (see Schedule 3), as audited by a Chinese certified public accountant within 3 months after the termination of each fiscal year. IX. Where the RQFII or its Trustee violates the provisions of this Circular, the foreign exchange authorities shall implement the relevant supervisory measures and administrative penalties. X. The materials submitted as requested by this Circular shall be in Chinese. Should there be counterparts in both Chinese and a foreign language, the Chinese text shall prevail. XI. This Notice shall come into force as of the date of promulgation. December 22, 2011 FILE: Breakdown of the Outward and Inward Remittances of Funds and the Purchase of Foreign Exchange by RMB Qualified Foreign Institutional Investors FILE: Monthly Statement on the Domestic Securities Investments by RMB Qualified Foreign Institutional Investors FILE: Annual Financial Statement on the Domestic Securities Investments by a RMB Qualified Foreign Institutional Investor for Year 2012-02-15/en/2012/0215/733.html