Regulations on the Administration of Foreign Exchange of the People's Republic of China (Revised in 1997)
Regulations on the Administration of Foreign Exchange of the People's Republic of China (Revised in 1997)
Regulations on the Administration of Foreign Exchange of the People's Republic of China (Revised in 1997)
Order of the State Council [1997] No. 211
January 14, 1997
(Promulgated by Order No.193 of the State Council of the People's Republic of China on January 29, 1996,and amended in accordance with the Decision of the State Council on Revising the Regulation of the People's Republic of China on Foreign Exchange Control on January 14, 1997)
Chapter I General Provisions
Article 1 For purposes of strengthening foreign exchange control, maintaining the balance of international payments, and promoting the healthy development of the national economy, the present regulations are hereby formulated.
Article 2 The foreign exchange control authority of the State Council and their branches (hereinafter referred to as the foreign exchange control authorities) shall fulfill the duty of controlling foreign exchanges according to law and be responsible for implementation of the present Regulations.
Article 3 The foreign exchanges mentioned in the present Regulations refer to the following means of payments and assets expressed in foreign currencies and used for international liquidation:
1. Foreign currencies, such as paper money and coins.
2. Foreign currency pay orders, such as bills, bank deposits, and postal savings deposits.
3. Foreign currency negotiable securities, such as government bonds, company bonds, and stocks.
4. Special drawing rights and European Currency Units. And
5. Other foreign exchange assets.
Article 4 The present Regulations shall apply to the foreign exchange receipts and payments and business activities of domestic institutions and individuals, foreign institutions in China, and foreigners in China.
Article 5 The state has no restriction to the current international payment and transfer of foreign exchange.
Article 6 The State shall carry out the system of the statistics and reports on international receipts and payments. Any unit and individual concerning international payment activities shall do the statistics and reports on international receipts and payments.
Article 7 The circulation and use for quoting prices and settling accounts of foreign currencies shall be prohibited in the People's Republic of China.
Article 8 All units and individuals have the right to report and expose behaviors and activities violating regulations on foreign exchange control.
The units and individuals that have performed meritorious service through accusation and exposure of violation against regulations on foreign exchange control or assisting relevant departments in handling such cases shall be maintained confidential and granted rewards by the foreign exchange control authorities.
Chapter II Foreign Exchanges on Current Accounts
Article 9 The domestic institutions shall bring home the current account incomes of foreign exchanges instead of depositing them abroad without authorization violating the related regulations of the State.
Article 10 The domestic institutions shall sell the current account incomes of foreign exchanges to designated banks in light of the State Council regulations on the management of buying, selling and paying foreign exchanges, or open a foreign exchange account in designated banks upon approval.
Article 11 The current expenditures of foreign exchanges of domestic institutions shall be paid with foreign exchanges bought from designated banks with valid vouchers and commercial bills, in accordance with the State Council regulations on the management of buying, selling and paying foreign exchanges.
Article 12 The check-off formalities on collection of foreign exchange from exports and payment of foreign exchanges for imports shall be gone through by the domestic institutions according to the State regulations on the management of the check-off of foreign exchange earnings from exports and the management of the check-off of foreign exchange expenditures for imports.
Article 13 Individual owners of foreign exchanges can hold the present foreign exchanges by themselves, deposit them in banks, or sell them to designated banks of foreign exchanges.
The principle of voluntary to deposit, freedom to withdraw, payment of interests to deposits, and keeping secret for depositors shall be carried out for the deposition of foreign exchanges by individuals.
Article 14 The purchase of foreign exchange by individuals for private purposes shall be granted without exceeding the specific limit.
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