Regulations On Foreign Exchange Control Of The People'S Republic Of China

Order of the State Council of the People's Republic of China

Number 532nd

The regulations on foreign exchange control of People's Republic of China have been amended and approved by the twentieth executive meeting of the State Council on August 1, 2008. The revised People's Republic of China regulations on foreign exchange control are hereby promulgated and implemented from the date of promulgation.

Premier Wen Jiabao

August 5th, two, eight

Regulations on foreign exchange control of the People's Republic of China

(People's Republic of China's Decree No. 193rd of the State Council of the people's Republic of China promulgated in January 29, 1996, 1997).

Decision of the State Council on Amending the regulations on foreign exchange control of the People's Republic of China in January 14th

Revision of the twentieth executive meeting of the State Council in August 1, 2008

general provisions

Article 1 These Regulations are formulated for the purpose of strengthening foreign exchange management, promoting balance of payments and promoting healthy development of the national economy.

Second the State Council's foreign exchange management departments and their branches (hereinafter referred to as foreign exchange control organs) perform their duties of foreign exchange management according to law, and are responsible for the implementation of these regulations.

Third the foreign exchange referred to in these Regulations refers to the following means of payment and assets that can be used for international settlement in foreign currencies:

(1) foreign currency notes, including banknotes and coins;

(two) foreign currency payment vouchers or payment instruments, including bills, bank deposit certificates, bank cards, etc.

(three) foreign currency securities, including bonds, stocks, etc.

(four) special drawing rights;

(five) other foreign exchange assets.

These Regulations shall apply to fourth foreign exchange receipts and payments or foreign exchange business activities of domestic institutions and domestic individuals, as well as foreign exchange receipts and payments or foreign exchange business activities of overseas institutions and individuals abroad.

The fifth countries do not impose restrictions on regular international payments and pfers.

The sixth countries implement the international balance of payments statistics declaration system.

The foreign exchange control department of the State Council shall make statistics and monitoring of the balance of payments, and publish the balance of payments on a regular basis.

Seventh financial institutions operating foreign exchange businesses shall open accounts for foreign exchange in accordance with the regulations of the State Council's foreign exchange administration and handle foreign exchange business through foreign exchange accounts.

Financial institutions operating foreign exchange businesses shall submit their foreign exchange receipts and payments and account changes to the foreign exchange control authorities according to law.

The eighth is the prohibition of foreign currency circulation in People's Republic of China and shall not be charged or settled in foreign currencies unless otherwise stipulated by the state.

The foreign exchange earnings of ninth domestic institutions or individuals within the territory may be pferred back to the territory or stored abroad. The State Council's foreign exchange administration departments shall make provisions according to the balance of payments and the needs of foreign exchange management.

Tenth the State Council's foreign exchange administration departments shall hold, manage and operate the state's foreign exchange reserves according to law, and abide by the principles of safety, mobility and value added.

Eleventh, when the international balance of payments appears or may be seriously unbalanced, and when the national economy appears or may be in serious crisis, the state may take necessary measures to protect and control the balance of payments.

The second chapter is current account foreign exchange management.

The twelfth foreign exchange receipts and payments of current account should have a real and lawful paction basis.

The foreign exchange control organ shall have the right to supervise and inspect the provisions specified in the preceding paragraph.

The thirteenth foreign exchange receipts of current account may be retained or sold to financial institutions engaged in foreign exchange settlement and foreign exchange business in accordance with relevant state regulations.

The fourteenth current account foreign exchange expenses shall be paid in accordance with the regulations of the foreign exchange administration of the State Council on the payment of foreign exchange and the purchase of foreign exchange. The foreign exchange shall be paid by means of valid documents or purchased from foreign financial institutions engaged in foreign exchange settlement and sale.

The fifteenth quota for carrying and declaring foreign currency in and out of the country shall be stipulated by the foreign exchange administration department under the State Council.

The third chapter is capital account foreign exchange management.

The sixteenth direct investment of overseas institutions and individuals abroad should be registered with the foreign exchange administration after approval by the competent authorities.

Foreign institutions and individuals abroad shall engage in the issuance and trading of valuable securities or derivative products within the territory. They shall abide by the state's regulations on market access and register in accordance with the provisions of the foreign exchange control department under the State Council.

The seventeenth domestic institutions, domestic individuals to invest abroad directly or engage in foreign negotiable securities, derivative products and trade, shall be registered in accordance with the provisions of the foreign exchange administration department under the State Council.

The eighteenth countries impose scale management on foreign debts.

The foreign exchange management department of the State Council is responsible for the statistics and monitoring of foreign debts throughout the country, and regularly announces the situation of foreign debts.

Article nineteenth. The provision of external guarantee shall be applied to the foreign exchange control organ. The foreign exchange administrative organ shall make a decision of approval or disapproval according to the applicant's assets and liabilities, etc. The State stipulates that the scope of business shall be approved by the competent department concerned, and the approval procedure shall be processed before the application for the application by the foreign exchange administrative organ.

The provisions of the preceding paragraph shall not apply to the foreign guarantee provided by the State Council for loans borrowed from foreign governments or international financial organizations.

The twentieth banking financial institutions can directly provide commercial loans to overseas within the approved business scope.

To provide business loans abroad, registration should be carried out in accordance with the provisions of the foreign exchange control department under the State Council.

The twenty-first foreign exchange receipts of capital items are retained or sold to financial institutions engaged in foreign exchange settlement and foreign exchange business, which shall be approved by the foreign exchange administration authorities, except those approved by the state.

The twenty-second foreign exchange expenditures on capital account shall be paid in accordance with the regulations of the foreign exchange administration of the State Council on the payment of foreign exchange and the purchase of foreign exchange. The foreign exchange shall be paid by means of valid documents or purchased from foreign financial institutions engaged in foreign exchange settlement and sale.

After the liquidation and taxation of foreign-invested enterprises terminated by law, and in accordance with the relevant provisions of the state, all Renminbi belonging to foreign investors can be remitted to the financial institutions engaged in foreign exchange settlement and foreign exchange business.

The twenty-third capital account foreign exchange and foreign exchange settlement funds shall be used in accordance with the purposes approved by the competent authorities and the foreign exchange administration authorities.

Fourth chapter financial institutions foreign exchange business management

Twenty-fourth financial institutions operating or terminating their business of foreign exchange settlement and foreign exchange sale shall be approved by the foreign exchange administrations. If they operate or terminate other foreign exchange businesses, they shall be approved by the foreign exchange administrative organ or the financial regulatory authority according to their division of responsibilities.

Twenty-fifth foreign exchange administrations shall implement comprehensive position management for foreign exchange businesses of financial institutions, and specific measures shall be formulated by the foreign exchange administration department under the State Council.

The capital and profit of the twenty-sixth financial institutions and the conversion between Renminbi and foreign currencies that need to be exchanged for foreign currency assets should be approved by the foreign exchange administration.

The fifth chapter is RMB exchange rate and foreign exchange market management.

The twenty-seventh RMB exchange rate is based on market supply and demand and managed floating exchange rate system.

Twenty-eighth other financial institutions operating foreign exchange settlement and foreign exchange businesses and other institutions that meet the conditions stipulated by the foreign exchange administration under the State Council may conduct foreign exchange pactions in the interbank foreign exchange market in accordance with the provisions of the foreign exchange control department under the State Council.

The twenty-ninth foreign exchange market pactions should follow the principles of openness, fairness, fairness and honesty.

The currency and form of the thirtieth foreign exchange market pactions shall be stipulated by the foreign exchange administration department under the State Council.

Thirty-first the foreign exchange administration under the State Council shall supervise and manage the foreign exchange market in accordance with the law.

Thirty-second the State Council's foreign exchange administration departments may regulate the foreign exchange market according to the changes in the foreign exchange market and the requirements of monetary policy.

The sixth chapter is supervision and management.

The thirty-third foreign exchange administrations shall perform their duties according to law and have the following measures to take the following measures:

(1) conducting on-site inspections of financial institutions operating foreign exchange businesses;

(two) enter the investigation and evidence collection place for suspected foreign exchange violations;

(three) inquiring about institutions and individuals with foreign exchange receipts and payments or foreign exchange business activities, and asking them to explain matters directly related to foreign exchange violations committed under investigation.