Circular of the People's Bank of China on Issuance of the Rules for the Implementation of the Businesses of Settlement and Sale of and Payment in Foreign Exchange of Foreign-Capital Banks
Circular of the People's Bank of China on Issuance of the Rules for the Implementation of the Businesses of Settlement and Sale of and Payment in Foreign Exchange of Foreign-Capital Banks
Circular of the People's Bank of China on Issuance of the Rules for the Implementation of the Businesses of Settlement and Sale of and Payment in Foreign Exchange of Foreign-Capital Banks
Yin Fa [1996] No. 202
June 18, 1996
Branches of Bank of China and bureaus of the China National Administration of Foreign Exchange located in all provinces, autonomous regions, municipalities, cities specially designated in the state plan and special economic zones,
In order to regulate the businesses of settlement and sale of and payment in foreign exchange of foreign-capital banks, promote the exchange of RMB in the regular items, pursuant to the Announcement on Implementation of the Settlement and Sale in Foreign Exchange for Foreign-Invested Companies, Administrative Regulation regarding Foreign Exchange Settlement, Sales and Payment and associated regulations, the People's Bank of China has formulated the Rules for the Implementation of the Businesses of Settlement and Sale of and Payment in Foreign Exchange of Foreign-Capital Banks (the "Rules"). The Rules and the Relevant Provisions Governing the Accounting Treatment as Contained in Rules for the Implementation of the Businesses of Foreign Exchange Settlements, Sales and Payments of Foreign-Capital Banks are hereby issued for your full implementation. All bureaus of the China National Administration of Foreign Exchange shall transfer the documents hereof to designated foreign exchange banks (including foreign-capital banks) and relevant institutions within their jurisdiction, and report any problem arisen in implementation to the China National Administration of Foreign Exchange.
Appendix I:
Rules for the Implementation of the Businesses of Settlement and Sale of and Payment in Foreign Exchange of Foreign-Capital Banks
Chapter I General Provisions
Article 1 These Rules are formulated in accordance with the Regulations of the People's Republic of China on Administration of Financial Institutions with Foreign Investment and the Provisions on Administration of Settlement and Sale of and Payment in Foreign Exchange for the purposes of improving the system of foreign exchange settlements and sales and standardizing the activities of foreign exchange settlements, sales and payments of banks with foreign investment.
Article 2 Foreign-capital banks mentioned in these Rules refer to foreign capital banks, branches of foreign banks and Chinese-foreign equity joint banks within Chinese territory approved by the People's Bank of China and issued with a Licence to Engage in Foreign Exchange Business by the State Administration of Foreign Exchange.
Article 3 Renminbi special accounts for settlement and sale of foreign exchange mentioned in these Rules refer to Renminbi special accounts opened by foreign-capital banks in local branches of the People's Bank of China and used for conducting the business operations of settlement and sale of foreign exchange.
Article 4 Foreign-capital banks shall only be allowed to conduct such business operations as settlement and sale of and payment in foreign exchange of enterprises with foreign investment, settlements under loans of non enterprises with foreign investment and other business operations of settlement and sale of and payment in foreign exchange approved by the State Administration of Foreign Exchange, and shall implement the provisions of the Provisions on Administration of Settlement and Sale of and Payment in Foreign Exchange.
Chapter II Administration of Renminbi Special Accounts for Settlement and Sale of Foreign Exchange
Article 5 A foreign-capital bank may, upon the approval of a local branch of the People's Bank of China, open a Renminbi special account for settlement and sale of foreign exchange at the local branch of the People's Bank of China which is to be used for receiving and paying Renminbi in the business operations of settlement and sale of foreign exchange.
Article 6 A foreign-capital bank which is to open a Renminbi special account for settlement and sale of foreign exchange shall meet the following requirements:
1.
......
Yin Fa [1996] No. 202
June 18, 1996
Branches of Bank of China and bureaus of the China National Administration of Foreign Exchange located in all provinces, autonomous regions, municipalities, cities specially designated in the state plan and special economic zones,
In order to regulate the businesses of settlement and sale of and payment in foreign exchange of foreign-capital banks, promote the exchange of RMB in the regular items, pursuant to the Announcement on Implementation of the Settlement and Sale in Foreign Exchange for Foreign-Invested Companies, Administrative Regulation regarding Foreign Exchange Settlement, Sales and Payment and associated regulations, the People's Bank of China has formulated the Rules for the Implementation of the Businesses of Settlement and Sale of and Payment in Foreign Exchange of Foreign-Capital Banks (the "Rules"). The Rules and the Relevant Provisions Governing the Accounting Treatment as Contained in Rules for the Implementation of the Businesses of Foreign Exchange Settlements, Sales and Payments of Foreign-Capital Banks are hereby issued for your full implementation. All bureaus of the China National Administration of Foreign Exchange shall transfer the documents hereof to designated foreign exchange banks (including foreign-capital banks) and relevant institutions within their jurisdiction, and report any problem arisen in implementation to the China National Administration of Foreign Exchange.
Appendix I:
Rules for the Implementation of the Businesses of Settlement and Sale of and Payment in Foreign Exchange of Foreign-Capital Banks
Chapter I General Provisions
Article 1 These Rules are formulated in accordance with the Regulations of the People's Republic of China on Administration of Financial Institutions with Foreign Investment and the Provisions on Administration of Settlement and Sale of and Payment in Foreign Exchange for the purposes of improving the system of foreign exchange settlements and sales and standardizing the activities of foreign exchange settlements, sales and payments of banks with foreign investment.
Article 2 Foreign-capital banks mentioned in these Rules refer to foreign capital banks, branches of foreign banks and Chinese-foreign equity joint banks within Chinese territory approved by the People's Bank of China and issued with a Licence to Engage in Foreign Exchange Business by the State Administration of Foreign Exchange.
Article 3 Renminbi special accounts for settlement and sale of foreign exchange mentioned in these Rules refer to Renminbi special accounts opened by foreign-capital banks in local branches of the People's Bank of China and used for conducting the business operations of settlement and sale of foreign exchange.
Article 4 Foreign-capital banks shall only be allowed to conduct such business operations as settlement and sale of and payment in foreign exchange of enterprises with foreign investment, settlements under loans of non enterprises with foreign investment and other business operations of settlement and sale of and payment in foreign exchange approved by the State Administration of Foreign Exchange, and shall implement the provisions of the Provisions on Administration of Settlement and Sale of and Payment in Foreign Exchange.
Chapter II Administration of Renminbi Special Accounts for Settlement and Sale of Foreign Exchange
Article 5 A foreign-capital bank may, upon the approval of a local branch of the People's Bank of China, open a Renminbi special account for settlement and sale of foreign exchange at the local branch of the People's Bank of China which is to be used for receiving and paying Renminbi in the business operations of settlement and sale of foreign exchange.
Article 6 A foreign-capital bank which is to open a Renminbi special account for settlement and sale of foreign exchange shall meet the following requirements:
1.
......