The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (hereinafter referred to as the “SAFE") of all provinces, autonomous regions, and municipalities directly under the Central Government; the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and all the designated Chinese-funded foreign exchange banks,

To deepen the foreign permanent resident system reform, enhance the functions of foreign permanent resident ID cards and offer convenience for the use of foreign permanent resident ID cards, the Ministry of Public Security plans to issue the new version of the foreign permanent resident certificate starting from June 2017, and adjust the name to foreign permanent resident ID card. To facilitate the use of the ID cards, and standardize banks in handling foreign exchange sales and settlement for cardholders, relevant issues are notified as follows:

I. The foreign permanent resident ID card is a valid ID certificate for the handling of foreign exchange sales and settlement, and the cardholders are eligible for the annual quota of the equivalent of USD 50,000 for foreign exchange settlement and purchase.

II. When handling foreign exchange sales and settlement for foreign citizens holding the foreign permanent resident ID cards in the individual foreign exchange business monitoring system, banks shall choose the foreign permanent resident ID card as the certificate type, input the nationality code or the first three digits of the foreign permanent resident ID number as the code of country/region, input the full 15 digits as the foreign permanent resident ID number, choose use or not use of the quota, depending on the evidencing materials submitted or not, and input the choice as the business type.

III. This Circular is also applicable to the institutions providing the franchised domestic and foreign currency exchange for individuals.

Upon receipt of this Circular, all branches and foreign exchange administrative departments of the SAFE should immediately forward it to the central sub-branches, sub-branches, urban and rural commercial banks, foreign banks and franchised institutions providing domestic and foreign currency exchange for individuals which are engaging in foreign exchange settlement and sales for individuals. The designated Chinese-funded foreign exchange banks shall, upon receipt of this Circular, forward it immediately to their branches.

Please contact the Current Account Management Department of the SAFE in a timely manner if any problems are encountered in implementing this Circular.

Tel: 010-68402673.

General Affairs Department of the State Administration of Foreign Exchange

May 19, 2017