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中华人民共和国外汇管理条例 Regulations on Exchange Control of the People's Republic of China

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国务院令第193号
时效性:已被修正  颁布日期:19960129  实施日期:19960401  失效日期:19970114  颁布单位:国务院

  Chapter I General provisions

  Article 1. These regulations are formulated with a view to improving the management of the exchange system, maintaining an equilibrium in balance of payments and promoting sound economic growth.

  Article 2. The government agencies of the State Council in charge of exchange control and their local offices (hereafter the exchange control agencies for both) shall exercise exchange control in accordance with the law and assume the responsibility for the implementation of the regulations.

  Article 3. Foreign exchange as referred to in the regulations includes means of payments and assets denominated in foreign currency for international settlement as the following:

  1. foreign currencies, including bank notes and coins;

  2. payment instruments denominated in foreign currency; including bills, bank certificate of deposit and certificate of postal deposit etc.;

  3. securities denominated in foreign currency, including government bonds, corporate debentures and stocks etc.;

  4. Special Drawing Rights and European Currency Units; and

  5. other assets denominated in foreign currency.

  Article 4. The regulations shall govern all activities related to the receipts and payments of foreign exchange as well as foreign exchange operations of domestic entities, individuals, foreign establishments, and foreign nationals in China.

  Article 5. The government adopts a reporting system for balance of payments statistics. All entities and individuals involved in balance of payments transactions shall fulfill their obligations for reporting balance of payments statistics.

  Article 6. Circulation of foreign currency is prohibited and foreign Currency shall not be quoted for settlement in the territory of the People's Republic of China.

  Article 7. Any entity and individual shall have the right to reveal or expose any activities in violation of the regulations on exchange control.

  Any entity and individual who reveal, expose or assist in stopping various activities in violation of exchange regulations on exchange control shall be duly rewarded and the confidentiality of their identity shall be ensured.

  Chapter II Foreign exchange for current account transactions

  Article 8. All foreign exchange receipts of domestic entities for current account transactions shall be repatriated home and shall not be deposited abroad in violation of the relevant government regulations without authorization.

  Article 9. All foreign exchange receipts for current account transactions shall be sold to the designated foreign exchange banks in accordance with the regulations issued by the State Council on selling and purchasing foreign exchange, or with approval deposited in the foreign exchange account with the designated banks for foreign exchange operations.

  Article 10. Purchase of foreign exchange for current account transactions shall be conducted with the designated foreign exchange banks, in accordance with the regulations issued by the State Council on selling and purchasing foreign exchange, upon the presentation of valid documents and commercial bills.

  Article 11. The collection of export proceeds and the payments for imports in foreign exchange by domestic entities shall be processed in accordance with the relevant government regulations governing the verification procedures for export proceeds and import payments.

  Article 12. Foreign exchange owned by individuals can be held at their own disposal, deposited in banks or sold to the designated foreign exchange banks.

  Individuals' foreign exchange savings deposit shall be placed with banks on a voluntary basis, withdrawn freely and bear interest with confidentiality for the depositors' identity ensured.

  Article 13. Foreign exchange shall be provided for personal travel abroad up to a prescribed limit. Any requests for purchasing foreign exchange exceeding the limit shall be filed for approval by the exchange control agencies.

  Individuals carrying foreign exchange into or out of China shall declare their foreign exchange in the customs office. Individuals shall present to the customs office valid documents for carrying a large sum of foreign exchange exceeding the prescribed limit.

  Article 14. Foreign assets held by Chinese citizens residing in China in the form of payment instruments and securities denominated in foreign currency etc. shall not be taken or sent abroad without authorization of the exchange control agencies.

  Article 15. Visa and notary fees in Renminbi collected by foreign diplomatic establishments and consulates can be converted into foreign exchange in the designated foreign exchange banks and remitted abroad upon the presentation of relevant documents.

  Repatriation of other types of legitimate income in Renminbi in addition to those described in the foregoing article requires the approval by the exchange control agencies, and conversion into foreign exchange can be granted at the designated banks upon the presentation of the instruction for exchange purchase issued by the exchange control agencies.

  Article 16. Except what is prescribed in the next provision, salaries and other types of legitimate income in Renminbi earned by foreign experts working in domestic entities can be converted into foreign exchange at the designated banks and then taken abroad after taxes are paid.

  Salaries and other types of legitimate income in foreign currency earned by foreign employees working at the foreign-funded enterprises can be directly remitted abroad or taken abroad after taxes are paid; these salaries and income in Renminbi earned by foreign employees working at the foreign-funded enterprises can be converted into foreign exchange and remitted or taken abroad upon presentation of the valid documents required by the exchange control agencies.

  Article 17. Foreign exchange sent or carried in by foreign entities and foreign nationals in China can be held at their own disposal, deposited in designated banks or sold to the designated foreign exchange banks. Such foreign exchange can also be remitted or taken abroad upon the presentation of valid documents.

  Chapter III Foreign exchange for capital account transactions

  Article 18. Unless otherwise specified by the State Council, all foreign exchange receipts for capital account transactions shall be repatriated home.

  Article 19. All foreign exchange receipts for capital account transactions shall be placed in the foreign exchange account in the designated foreign exchange banks in accordance with the relevant government regulations; these receipts can be sold to the designated foreign exchange banks upon the approval by the exchange control agencies.

  Article 20. The source of foreign exchange for overseas investment by Domestic entities shall be reviewed by the exchange control agencies before the application for such investments is filed for approval by the relevant government agencies. If approval is granted, remittance of funds shall then take place in accordance with the regulations on overseas investment issued by the State Council.

  Article 21. External borrowing in loans shall be undertaken in accordance with the relevant regulations by the government agencies designated by the State Council, financial institutions and other enterprises duly authorized by the government agencies of the State Council in charge of exchange control.

  External borrowing in loans by foreign-funded enterprises shall Be filed with the exchange control agencies for records.

  Article 22. The issue of bonds abroad denominated in foreign currency by financial institutions requires the approved by the government agencies of the State Council in charge of exchange control before the issue proceeds in accordance with the relevant government regulations.

  Article 23. External guarantees shall only be offered by qualified financial institutions and enterprises meeting the government requirements and subject to the approval by the exchange control agencies.

  Article 24. The government practices a registration system for external debt. All domestic entities shall register external debt in accordance with the regulations formulated by the State Council on monitoring statistics of external debt.

  The government agencies of the State Council in charge of exchange control shall take the responsibility for collecting and monitoring statistics of external debt and publish these statistics on a regular basis.

  Article 25. The currency holding denominated in Renminbi belonging to the foreign counterparts of foreign-funded enterprises, having been terminated in accordance with the law, can be converted into foreign exchange in the designated foreign exchange banks and then sent or taken abroad after the liquidation and tax payments. All the foreign exchange belonging to the Chinese counterpart investors shall be sold to the designated foreign exchange banks.

  Chapter IV Foreign exchange operations for financial institutions

  Article 26. Financial institutions shall have the approval by the exchange control agencies for operating foreign exchange transactions and a license for such operations is also required.

  No entities or individuals are allowed to undertake foreign Exchange operations without the approval by the exchange control agencies. Financial institutions duly authorized for foreign exchange operations shall never operate beyond the approved business scope.

  Article 27. Financial institutions duly authorized for foreign exchange operations shall open foreign exchange accounts for their clients and conduct the business operations in accordance with the relevant government regulations.

  Article 28. Financial institutions undertaking foreign exchange operations shall be subject to the reserve requirement for foreign exchange in accordance with the relevant government regulations, comply with the regulations on asset/liability ratios concerning their foreign exchange operations and set aside provisioning reserves.

  Article 29. Designated foreign exchange banks shall use their own-funds in Renminbi to purchase foreign exchange.

  The foreign exchange revolving funds used by designated foreign exchange banks for settlement shall be within a prescribed limit, the magnitude of which shall be decided upon by the People's Bank of China in consideration of the actual circumstances.

  Article 30. The foreign exchange operations by financial institutions are subject to inspection and supervision by the exchange control agencies.

  Financial institutions undertaking foreign exchange operations Shall submit to the exchange control agencies the balance sheet, income statement, other financial reports and information for foreign exchange operations.

  Article 31. Financial institutions shall file with the exchange control agencies for the termination of foreign exchange operations. Once the termination of foreign exchange operations is approved, these financial institutions shall settle their claims and liabilities in foreign currencies and have their license for foreign exchange operations revoked.

  Chapter V Renminbi exchange rate and foreign exchange market

  Article 32. The exchange rate for Renminbi is a single, managed floating exchange rate based on market demand and supply.

  The People's Bank of China announces the exchange rate of Renminbi against major currencies on the basis of the prices of foreign Currencies prevailing in the inter bank foreign exchange market.

  Article 33. The trading of foreign exchange in the market shall be in line with the principle advocating transparency, openness, fairness, and honesty.

  Article 34. The number of currencies traded in the market and the trading methods are decided upon and reviewed by the government agencies of the State Council in charge of exchange control.

  Article 35. Designated foreign exchange banks and other financial Institutions involved in foreign exchange operations are dealers in the inter bank foreign exchange market.

  Based on the exchange rates announced by the People's Bank of China and the prescribed margins, designated foreign exchange banks and other financial institutions undertaking foreign exchange operations can quote the buying rate and selling rate for their clients and conduct the trading of foreign exchange accordingly.

  Article 36. The government agencies of the State Council in charge of exchange control shall exercise supervision of foreign exchange market cross the country in accordance with the law.

  Article 37. In light of the orientation of monetary policy and the develop ments in foreign exchange markets, the People's Bank of China shall Regulate foreign exchange market in accordance with the law.

  Chapter VI Legal responsibilities

  Article 38. To penalize the evasion of exchange control listed as follows, the exchange control agencies shall order the foreign exchange in question to be repatriated, impose its conversion and place a penalty fine in the range of more than 30 percent and less than 5 times the amount of foreign exchange under the evasion scheme. In case of criminal offense, a criminal suit shall proceed:

  1. to place foreign exchange deposit abroad without authorization and in violation of government regulations;

  2. to act in defiance of the government regulations on selling foreign exchange to the designated foreign exchange banks;

  3. to remit or take foreign exchange abroad in violation of the government regulations;

  4. to take or mail abroad through postal services certificates of foreign exchange deposit and securities denominated in foreign currencies without authorization of the exchange control agencies; and

  5. other types of evasion of exchange control.

  Article 39. To penalize the illegal arbitrage of exchange control listed as follows, the exchange control agencies shall serve a warning, impose the conversion of foreign exchange and place a penalty fine in the range of more than 30 percent of and less than 5 times the amount foreign exchange under the evasion scheme. In case of criminal offense, a criminal suit shall proceed:

  1. to pay, in violation of the government regulations, in Renminbi or in kind for imports that require payment in foreign exchange or for other similar types expenses;

  2. to pay in Renminbi for local expenses on behalf others and get paid back in turn in foreign exchange;

  3. to invest in China on the part of overseas investors in Renminbi or with goods purchased locally without authorization of the exchange control agencies;

  4. to purchase foreign exchange from designated foreign exchange banks with invalid documents, contracts and bills; and

  5. other types of illegal arbitrage activities.

  Article 40. The exchange control agencies shall confiscate the illegal income generated from unauthorized foreign exchange operations undertaken without approval by the exchange control agencies and order the stop of such operations. In case of criminal offense, a criminal suit shall proceed.

  The exchange control agencies shall order the financial institutions that conduct any activities without authorization beyond the prescribed business scope for foreign exchange operations to redress the case, confiscate the illegal income, if any, and impose a penalty fine in the range of one to five times the amount of the illegal foreign exchange income; if no illegal income is involved, a penalty fine of 100,000 to 500,000 yuan shall be imposed. In case of serious offense or failure to redress the case in time, the exchange control agencies shall order these institutions to rectify their business or revoke their license for foreign exchange operations. In case of criminal offense, a criminal suit shall proceed.

  Article 41. In case that designated foreign exchange banks fail to comply with the government regulations on selling and purchasing foreign exchange, the exchange control agencies shall order the banks to redress the case, issue a public reprimand, confiscate the illegal income and impose a penalty fine in the range of 100,000 to 500,000 yuan. In case of serious offense, operations for the sale and purchase of foreign exchange shall be suspended.

  Article 42. In case that financial institutions act in violation of the regulations governing exchange rate, deposit and lending rates for foreign exchange and operations in foreign exchange market, the exchange control agencies shall order the institutions to redress the case, issue a public reprimand, confiscate the illegal income and impose a penalty fine in the range of one to five times the amount of the illegal income in question. If no illegal income is involved, a penalty fine in the range of 100,000 to 500,000 yuan shall be imposed. In case of serious offense, the exchange control agencies shall order the institutions to rectify their business or revoke their license for foreign exchange operations.

  Article 43. To penalize any activity listed as follows undertaken by domestic entities in violation of the regulations governing external debt, the exchange control agencies shall serve a warning, issue a public reprimand and impose a penalty fine in the range of 100,000 to 500,000 yuan. In case of criminal offense, a criminal suit shall proceed:

  1. to process external borrowing without authorization;

  2. to issue bonds denominated in foreign currency abroad without authorization and in violation of the relevant government regulations;

  3. to provide guarantee for external obligations without authorization and in violation of the relevant government regulations; and

  4. other activities in violation of the regulations on external debt.

  Article 44. In case that the domestic entities undertake any activity involving illicit use of foreign exchange listed as follows, the exchange control agencies shall order these entities to redress the case, impose the conversion of foreign exchange, confiscate illegal income and impose a penalty fine no more than the equivalent amount of foreign exchange in question. In case of criminal offense, a criminal suit shall proceed:

  1. to use foreign exchange in China for pricing and clearing;

  2. to pledge foreign exchange in lien without authorization;

  3. to change the designated use of foreign exchange without authorization; and

  4. other types of illicit use of foreign exchange.

  Article 45. To penalize unauthorized trading, disguised trading and illicit mer chanting of foreign exchange, the exchange control agencies shall serve a warning, impose the conversion of foreign exchange, and place a penalty fine in the range of more than 30 percent of and less than 3 times the amount of the foreign exchange in question. In case of criminal offense, a criminal suit shall proceed.

  Article 46. In case that domestic entities open foreign exchange accounts at home or abroad without authorization, rent, transfer or arbitrage foreign exchange accounts in violation of the regulations governing foreign exchange accounts, or use the foreign exchange outside the designated purpose without authorization, the exchange control agencies shall order these entities to redress the case, cancel the foreign accounts, issue a public reprimand and impose a penalty fine in the range of 50,000 to 300,000 yuan.

  Article 47. In case that domestic entities forge, alter, rent, transfer or make a multiple use of the verification certificate for import payments and export proceeds in violation of the regulations governing the verification procedures for foreign exchange, or fail to follow verification procedures prescribed by the relevant regulations, the exchange control agencies shall serve a warning, issue a public reprimand, confiscate the illegal income and impose a penalty fine in the range of 50,000 to 300,000 yuan. In case of criminal offense, a criminal suit shall proceed.

  Article 48. In case that financial institutions, duly authorized to undertake foreign exchange operations, act in violation of the Article 28 and 30, the exchange control agencies shall order these institutions to redress the case, issue a public reprimand and impose a penalty fine in the range of 50,000 to 300,000 yuan.

  Article 49. If the party penalized for violation contests the verdict and the penalty imposed by the exchange control agencies, the party may appeal to the exchange control agency at the immediate higher level to review the case within 15 days after receiving the penalty notice; the exchange control agency at the immediate higher level shall decide on the review within two months after receiving the request for review. If the party contests the review decision, the party may appeal to the People's Court in accordance with the law.

  Article 50. Domestic entities acting in violation of the exchange regulations shall be penalized in accordance with these regulations; and the management and those direct responsible for the violation shall be disciplined. In case of criminal offense, a criminal suit shall proceed.

  Chapter VII Ancillary provisions

  Article 51. The definitions of the terms in these regulations are as follows:

  1. “domestic entities” refer to enterprises and public institutions, government agencies, social organizations and armed forces etc., including foreign-funded enterprises.

  2. “designated foreign exchange banks” refer to banks duly authorized by the foreign exchange control agencies to undertake the sale and purchase of foreign exchange.

  3. “individuals” refer to Chinese citizens and foreign nationals staying in China for more than one year.

  4. “foreign establishments” in China refer to foreign diplomatic agencies in China, consulates, resident representative offices of international organization in China, foreign commercial offices in China and offices of foreign non-government organizations in China etc.

  5. “foreign nationals” in China refer to resident staff members of foreign establishments in China, foreigners staying in China for a short period of time, foreigners working for domestic entities in China and overseas foreign students etc.

  6. “current account transactions” refer to those components in the current account of the balance of payments, such as goods, services and unilateral transfers etc.

  7. “capital account transactions” refer to the increase and decrease of assets and liabilities in the balance of payments as a result of the inflow and outflow of capital, including direct investment, loans and portfolio investment etc.

  Article 52. The exchange regulations governing bonded areas shall be formulated separately by the exchange control agencies of the State Council.

  Article 53. The exchange regulations governing border trade and counter-trade of border residents shall be formulated separately by the exchange control agencies of the State Council on the basis of these regulations.

  Article 54. These regulations shall take effect April 1, 1996. The Provisional Regulations on Exchange Control of the People's Republic of China issued by the State Council on December 18, 1980 and the related detailed rules shall be repealed at the same time.

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