Circular of the State Administration of Foreign Exchange concerning Issuance of the Rules for the Implementation of Measures on the Declaration of International Balance of Payments Statistics

Circular of the State Administration of Foreign Exchange concerning Issuance of the Rules for the Implementation of Measures on the Declaration of International Balance of Payments Statistics

Hui Fa [2003] No.21

February 17, 2003

To the branches and foreign exchange administrative departments under the State Administration of Foreign Exchange of the various provinces, autonomous regions and municipalities directly under the Central Government, and the branch administrations of Shenzhen, Dalian, Qingdao, Xiamen and Ningbo; and to Chinese-funded designated foreign exchange banks:

In order to adapt to the changes made to the system for the declaration of international balance of payments (IBOP) statistics, the State Administration of Foreign Exchange has revised the Rules for the Implementation of Measures on the Declaration of International Balance of Payments Statistics, which have been discussed at State Administration of Foreign Exchange meetings and are hereby forwarded to you. State Administration of Foreign Exchange branches shall distribute these Rules to foreign-funded banks within their respective jurisdictions and relevant Chinese-funded designated foreign exchange banks shall forward these Rules to their respective branches for implementation.

Attachment: Rules for the Implementation of Measures on the Declaration of International Balance of Payments Statistics

Article 1 These Rules have been formulated in accordance with the Measures on the Declaration of IBOP Statistics.

Article 2 The State Administration of Foreign Exchange (hereinafter referred to as SAFE) and its branches shall be the administrative authority responsible for IBOP statistics. Trade participants shall declare their foreign trading activities and corresponding IBOP statistics regardless of the payment method used (including electronic payments made in local or foreign currency and cash payments) in accordance with the relevant provisions.

Article 3 Any Chinese resident who receives money from abroad through a domestic financial institution shall make an IBOP statistical declaration in accordance with applicable procedures. The paying bank shall transmit the information on the IBOP statistical declaration to SAFE via computer in accordance with the applicable provisions.
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