Circular of the State Administration of Foreign Exchange on Issuing the Implementation Rules for the Reporting of Balance of Payments Statistics via Banks
Circular of the State Administration of Foreign Exchange on Issuing the Implementation Rules for the Reporting of Balance of Payments Statistics via Banks
Circular of the State Administration of Foreign Exchange on Issuing the Implementation Rules for the Reporting of Balance of Payments Statistics via Banks
Hui Fa [2022] No.22
July 26, 2022
The branches and administrative offices of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the SAFE branches in Shenzhen City, Dalian City, Qingdao City, Xiamen City, and Ningbo City; and national Chinese-invested banks,
In order to standardize the reporting of balance of payments statistics for foreign-related receipts and payments by reporters via domestic banks, the SAFE has revised the Implementation Rules for the Reporting of Balance of Payments Statistics via Banks (see appendix), which are hereby issued to you. All branches or administrative offices of the SAFE shall, after receiving the present Circular, promptly forward the same to central sub-branches, sub-branches, urban commercial banks, rural commercial banks, wholly foreign-owned banks, and Chinese-foreign joint venture banks, branches of foreign banks, and rural cooperative financial institutions within their jurisdictions, and all national Chinese-funded banks shall promptly forward the present Circular to the branches under their jurisdiction and observe the same.
Appendix: Implementation Rules for the Reporting of Balance of Payments Statistics via Banks
Chapter I General Provisions
Article 1 The Implementation Rules for the Reporting of Balance of Payments Statistics via Banks (hereinafter referred to as the "Rules") are formulated in accordance with the Administrative Regulations of the People's Republic of China on Foreign Exchange and the Measures for Reporting Balance of Payments Statistics in order to standardize the reporting of balance of payments statistics via domestic banks.
Article 2 When domestic residents and domestic non-residents collect or make foreign-related receipts or payments through domestic banks, they shall report balance of payments statistics through handling banks.
Article 3 Domestic banks shall urge and guide the reporting by domestic residents and domestic non-residents, perform duties such as reviewing and sending the relevant information on balance of payments statistics, and ensure the timeliness, accuracy, and completeness of the data reported.
Chapter II Reporting Principles
Section 1 Scope of Reporting and Reporters
Article 4 The term "foreign-related receipts and payments" refers to the money received from or paid abroad by domestic residents and domestic non-residents via domestic banks, as well as receipts and payments between domestic residents and domestic non-residents via domestic banks. Among them, Renminbi receipts and payments between domestic resident individuals and institutions and domestic non-resident individuals via domestic banks will not be reported temporarily, unless explicitly required under the administration of current accounts and capital accounts.
Foreign-related receipts and payments shall include the following:
1. foreign-related receipts and payments handled in such settlement manners as letters of credit, collections, letters of guarantee, and remittances (telegraphic transfers, mail transfers, or demand drafts).
2. foreign-related receipts and payments upon payment instructions issued by domestic banks to abroad, and foreign-related receipts and payments upon payment instructions issued from abroad to domestic banks.
3. foreign-related receipts and payments shall include foreign exchange and Renminbi.
Foreign-related receipts and payments shall not include cross-border receipts and payments for remittance route reasons and deposits and withdrawals of foreign currency cash.
In addition, balance of payments statistics shall be reported in accordance with the Rules for the foreign-related receipts and payments relevant to the import and export of non-monetary gold of banks, the business of banks that become centralized reporters due to the development of financial services, and other special circumstances, and other foreign-related receipts and payments incurred by banks shall not be subject to the Rules.
Article 5 According to the Measures for Reporting Balance of Payments Statistics, the institutional resident status is identified on the main basis that the institution shall be established in accordance with the law within the territory of China; and the individual resident status is identified on the main basis that the individual shall stay in the territory of China for not less than one year, and in practice, it is identified according to valid certificates such as permanent residence permit, identity card, and passport.
Article 6 Domestic residents shall report balance of payments statistics for the receipts and payments from and made abroad by them via domestic banks, as well as the receipts and payments between them and domestic non-residents.
For the receipts and payments collected from and made abroad by domestic non-residents via domestic banks, handling banks shall, according to the procedures and requirements stipulated in the Rules, handle the reporting of balance of payments statistics on their behalf, without the need to fill out paper foreign-related receipt and payment vouchers.
The above-mentioned domestic residents and domestic non-residents involved in the business of foreign-related receipts and payments are collectively referred to as "reporters."
Article 7 The data and information on foreign-related receipts and payments shall be divided into basic information and reported information according to the method of collection. Basic information refers to information on foreign-related receipts and payments that must be collected from the bank's own computer processing system, mainly including the name of the payee/payer (remittance recipient/remitter), the name of the counterparty payer/payee, the identification code/ID number of the subject, and the currency and amount of the receipts/payments (remittances received/paid). Reported information refers to information entered by a reporter through the paper vouchers or electronic vouchers provided by the bank, or information entered into the ASOne platform (internet version), mainly including the country (region) where the counterparty payer/payee resides, and the transaction code and transaction postscript of the balance of payments. The basic information and reported information shall be entered in accordance with the data collection specifications for foreign exchange business of financial institutions (hereinafter referred to as the "data collection specifications") and other relevant provisions.
Article 8 Domestic banks shall submit to the SAFE the basic information in the data on foreign-related receipts and payments according to the procedures and requirements specified in the Rules, and reporters shall cooperate with domestic banks to submit the data.
For the reported information in the data on foreign-related receipts and payments, reporters shall enter such information in accordance with the requirements of the Rules, the Administrative Provisions on Foreign-related Receipt and Payment Vouchers of Domestic Banks, and other relevant provisions on the reporting of foreign-related receipts and payments, and domestic banks shall examine and submit the reported information according to the procedures and requirements specified in the Rules. For foreign-related receipts and payments of resident individuals whose single transaction amount is less than the equivalent of USD10,000 (inclusive), reporting will be exempted below the limit. That is, reporters of resident individuals may be exempted from filling out the foreign-related receipt and payment vouchers (including paper vouchers and electronic vouchers).
Section 2 Methods and Time of Reporting
Article 9 The SAFE shall be responsible for formulating and revising the standard content and formats of the foreign-related receipt and payment vouchers of domestic banks. While ensuring ensuring the completeness of basic information, reported information, and management information on foreign-related receipts and payments, domestic banks may appropriately adjust the content and format of vouchers, and at the same time, shall maintain the convenience for clients to transact business across banks as far as possible.
A reporter shall report balance of payments statistics via a domestic bank by filling out the paper vouchers of the Reporting Form for Foreign-related Receipts, the Application for Overseas Remittances, or the Advice of Outward Payments/Acceptances or via the electronic vouchers provided by a domestic bank. An institutional reporter with foreign-related receipts may also carry out online reporting of foreign-related receipts through the ASOne platform (internet version), and an institutional reporter that chooses to report online may still complete the reporting of foreign-related receipts through paper reporting or reporting via electronic vouchers. Where a reporter reports balance of payments statistics through the electronic vouchers provided by a domestic bank or the ASOne platform (internet version), it is not necessary to use or print out and keep the paper foreign-related receipt and payment vouchers.
Article 10 Before a domestic bank provides electronic vouchers for a reporter to handle the reporting of balance of payments statistics, it shall, in accordance with the principles determined in the Administrative Provisions on Foreign-related Receipt and Payment Vouchers of Domestic Banks, data collection specifications, and other requirements, set up the interface of electronic vouchers for foreign-related receipts and payments and the filling formats, so that at least the basic information and reported information required for the reporting of balance of payments statistics are included.
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Hui Fa [2022] No.22
July 26, 2022
The branches and administrative offices of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the SAFE branches in Shenzhen City, Dalian City, Qingdao City, Xiamen City, and Ningbo City; and national Chinese-invested banks,
In order to standardize the reporting of balance of payments statistics for foreign-related receipts and payments by reporters via domestic banks, the SAFE has revised the Implementation Rules for the Reporting of Balance of Payments Statistics via Banks (see appendix), which are hereby issued to you. All branches or administrative offices of the SAFE shall, after receiving the present Circular, promptly forward the same to central sub-branches, sub-branches, urban commercial banks, rural commercial banks, wholly foreign-owned banks, and Chinese-foreign joint venture banks, branches of foreign banks, and rural cooperative financial institutions within their jurisdictions, and all national Chinese-funded banks shall promptly forward the present Circular to the branches under their jurisdiction and observe the same.
Appendix: Implementation Rules for the Reporting of Balance of Payments Statistics via Banks
Chapter I General Provisions
Article 1 The Implementation Rules for the Reporting of Balance of Payments Statistics via Banks (hereinafter referred to as the "Rules") are formulated in accordance with the Administrative Regulations of the People's Republic of China on Foreign Exchange and the Measures for Reporting Balance of Payments Statistics in order to standardize the reporting of balance of payments statistics via domestic banks.
Article 2 When domestic residents and domestic non-residents collect or make foreign-related receipts or payments through domestic banks, they shall report balance of payments statistics through handling banks.
Article 3 Domestic banks shall urge and guide the reporting by domestic residents and domestic non-residents, perform duties such as reviewing and sending the relevant information on balance of payments statistics, and ensure the timeliness, accuracy, and completeness of the data reported.
Chapter II Reporting Principles
Section 1 Scope of Reporting and Reporters
Article 4 The term "foreign-related receipts and payments" refers to the money received from or paid abroad by domestic residents and domestic non-residents via domestic banks, as well as receipts and payments between domestic residents and domestic non-residents via domestic banks. Among them, Renminbi receipts and payments between domestic resident individuals and institutions and domestic non-resident individuals via domestic banks will not be reported temporarily, unless explicitly required under the administration of current accounts and capital accounts.
Foreign-related receipts and payments shall include the following:
1. foreign-related receipts and payments handled in such settlement manners as letters of credit, collections, letters of guarantee, and remittances (telegraphic transfers, mail transfers, or demand drafts).
2. foreign-related receipts and payments upon payment instructions issued by domestic banks to abroad, and foreign-related receipts and payments upon payment instructions issued from abroad to domestic banks.
3. foreign-related receipts and payments shall include foreign exchange and Renminbi.
Foreign-related receipts and payments shall not include cross-border receipts and payments for remittance route reasons and deposits and withdrawals of foreign currency cash.
In addition, balance of payments statistics shall be reported in accordance with the Rules for the foreign-related receipts and payments relevant to the import and export of non-monetary gold of banks, the business of banks that become centralized reporters due to the development of financial services, and other special circumstances, and other foreign-related receipts and payments incurred by banks shall not be subject to the Rules.
Article 5 According to the Measures for Reporting Balance of Payments Statistics, the institutional resident status is identified on the main basis that the institution shall be established in accordance with the law within the territory of China; and the individual resident status is identified on the main basis that the individual shall stay in the territory of China for not less than one year, and in practice, it is identified according to valid certificates such as permanent residence permit, identity card, and passport.
Article 6 Domestic residents shall report balance of payments statistics for the receipts and payments from and made abroad by them via domestic banks, as well as the receipts and payments between them and domestic non-residents.
For the receipts and payments collected from and made abroad by domestic non-residents via domestic banks, handling banks shall, according to the procedures and requirements stipulated in the Rules, handle the reporting of balance of payments statistics on their behalf, without the need to fill out paper foreign-related receipt and payment vouchers.
The above-mentioned domestic residents and domestic non-residents involved in the business of foreign-related receipts and payments are collectively referred to as "reporters."
Article 7 The data and information on foreign-related receipts and payments shall be divided into basic information and reported information according to the method of collection. Basic information refers to information on foreign-related receipts and payments that must be collected from the bank's own computer processing system, mainly including the name of the payee/payer (remittance recipient/remitter), the name of the counterparty payer/payee, the identification code/ID number of the subject, and the currency and amount of the receipts/payments (remittances received/paid). Reported information refers to information entered by a reporter through the paper vouchers or electronic vouchers provided by the bank, or information entered into the ASOne platform (internet version), mainly including the country (region) where the counterparty payer/payee resides, and the transaction code and transaction postscript of the balance of payments. The basic information and reported information shall be entered in accordance with the data collection specifications for foreign exchange business of financial institutions (hereinafter referred to as the "data collection specifications") and other relevant provisions.
Article 8 Domestic banks shall submit to the SAFE the basic information in the data on foreign-related receipts and payments according to the procedures and requirements specified in the Rules, and reporters shall cooperate with domestic banks to submit the data.
For the reported information in the data on foreign-related receipts and payments, reporters shall enter such information in accordance with the requirements of the Rules, the Administrative Provisions on Foreign-related Receipt and Payment Vouchers of Domestic Banks, and other relevant provisions on the reporting of foreign-related receipts and payments, and domestic banks shall examine and submit the reported information according to the procedures and requirements specified in the Rules. For foreign-related receipts and payments of resident individuals whose single transaction amount is less than the equivalent of USD10,000 (inclusive), reporting will be exempted below the limit. That is, reporters of resident individuals may be exempted from filling out the foreign-related receipt and payment vouchers (including paper vouchers and electronic vouchers).
Section 2 Methods and Time of Reporting
Article 9 The SAFE shall be responsible for formulating and revising the standard content and formats of the foreign-related receipt and payment vouchers of domestic banks. While ensuring ensuring the completeness of basic information, reported information, and management information on foreign-related receipts and payments, domestic banks may appropriately adjust the content and format of vouchers, and at the same time, shall maintain the convenience for clients to transact business across banks as far as possible.
A reporter shall report balance of payments statistics via a domestic bank by filling out the paper vouchers of the Reporting Form for Foreign-related Receipts, the Application for Overseas Remittances, or the Advice of Outward Payments/Acceptances or via the electronic vouchers provided by a domestic bank. An institutional reporter with foreign-related receipts may also carry out online reporting of foreign-related receipts through the ASOne platform (internet version), and an institutional reporter that chooses to report online may still complete the reporting of foreign-related receipts through paper reporting or reporting via electronic vouchers. Where a reporter reports balance of payments statistics through the electronic vouchers provided by a domestic bank or the ASOne platform (internet version), it is not necessary to use or print out and keep the paper foreign-related receipt and payment vouchers.
Article 10 Before a domestic bank provides electronic vouchers for a reporter to handle the reporting of balance of payments statistics, it shall, in accordance with the principles determined in the Administrative Provisions on Foreign-related Receipt and Payment Vouchers of Domestic Banks, data collection specifications, and other requirements, set up the interface of electronic vouchers for foreign-related receipts and payments and the filling formats, so that at least the basic information and reported information required for the reporting of balance of payments statistics are included.
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