People's Republic of China promulgated by Decree No. 532 of the People's Republic of China regulations on Foreign Exchange Management of Executive meeting of the State Council on August 1, 2008 the 20th amendment, now revised the People's Republic of China foreign exchange control announced, as of the date of promulgation.
Premier Wen Jiabao on August 5, 2008 People's Republic of China regulations on Foreign Exchange Management (January 29, 1996, People's Republic of China promulgated by Decree 193th, issued on January 14, 1997, the State Council on changes of People's Republic of China regulations on foreign exchange management decision of Executive meeting of the State Council on August 1, 2008, for the revision of the 20th Amendment) Chapter I General provisions article in order to strengthen foreign exchange management and promote the balance of international, promoting the healthy development of the national economy, this Ordinance is enacted.
Article II foreign exchange administrations under the State Council and its subsidiaries (hereinafter referred to as the Foreign Exchange Management Administration) to carry out foreign exchange management duties, is responsible for the implementation of this Ordinance.
Third article this Ordinance by said Exchange, is refers to following to foreign currency said of can as international settlement of paid means and assets: (a) foreign currency cash, including notes, and Mint; (ii) foreign currency paid voucher or paid tool, including notes, and bank deposits voucher, and bank card,; (three) foreign currency securities, including bonds, and stock,; (four) special drawing right; (five) other Exchange assets.
Fourth domestic institutions and individuals of foreign exchange or Forex business activity, as well as foreign institutions and individuals in foreign exchange or foreign exchange business activities in the territory, this Regulation shall apply.
Fifth article States no limits for regular international payments and transfers.
The sixth country balance of payments statistical reporting system.
State administration of foreign exchange should be carried out on the balance of payments statistics, monitoring and regularly published the balance of payments situation.
The seventh financial institutions handling foreign exchange businesses shall be in accordance with the provisions of the Foreign Exchange Management Department under the State Council to open foreign exchange accounts for the customer, and by foreign exchange accounts foreign exchange business.
Financial institutions handling foreign exchange businesses shall be submitted to the foreign exchange management administration according to law clients of foreign exchange receipts and payments, and account movements.
Eighth People's Republic of China banned foreign currency circulation in the territory, not to foreign currency-denominated settlement, but, except as otherwise provided.
The Nineth of domestic enterprises and individuals ' foreign exchange earnings can be repatriated or kept abroad; repatriated or stored outside of the conditions, duration and so on, by the Foreign Exchange Management Department under the State Council according to the balance of payments and foreign exchange control provisions need to be made.
Tenth foreign exchange administrations under the State Council shall hold, and administer and manage the State's foreign exchange reserves, following the principles of safety, liquidity, value added.
11th payments or imbalance may occur, as well as the national economy occurs or when there is a serious crisis, the State may take the necessary guarantees on the balance of payments and control measures. 12th chapter II foreign exchange for current account management of foreign exchange under current revenue and expenditure should have a real, legitimate basis.
Engaged in the settlement and sale of foreign exchange financial institution shall, in accordance with the provisions of the Foreign Exchange Management Department under the State Council, the accuracy of transaction documents and reasonable review of the consistency of foreign exchange receipts and payments.
Foreign exchange control authorities have the power to supervise the matters prescribed in the preceding paragraph.
The 13th foreign exchange incomes under current account, in accordance with the relevant provisions of the State retained or sold to financial institutions engaged in foreign exchange settlement and sale businesses.
14th regular foreign exchange expenditure, should be in accordance with the foreign exchange administrations under the State Council on payment and purchase of foreign exchange regulations, with valid documents with their own foreign currency or foreign exchange purchase and sale of foreign exchange financial institutions pay.
15th carrying and declaring the quota for foreign currencies, the Foreign Exchange Management Department under the State Council.
16th chapter III foreign exchange for capital account management outside the institutions and individuals in direct investments in the territory, upon approval by the relevant authorities, should be to the foreign exchange control authorities for registration.
Overseas institutions and individuals in the territory of negotiable securities or derivatives issuing and trading, shall observe the provisions on market access, and in accordance with the provisions of the Foreign Exchange Management Department under the State Council for registration. 17th domestic institutions and individuals to foreign direct investment or in foreign countries by issuing and trading securities, derivative products, should be in accordance with the provisions of the Foreign Exchange Management Department under the State Council for registration.
The State requires prior approval of the competent department or for the record, shall, before foreign exchange registration procedures apply for approval or for the record. 18th national scale management of external debt.
Borrow foreign debts should be in accordance with the relevant provisions of the State and to the foreign exchange control authorities for registration of foreign debts.
Foreign Exchange administrations under the State Council is responsible for the country's external debt statistics and monitoring, and regular publication of external debt situation. 19th to provide guaranty, shall apply to the Exchange administration agencies, foreign exchange control authorities, in accordance with the applicant's assets and liabilities of the approval or the decision not to approve state defined its scope subject to the approval of the competent authorities concerned, shall submit an application to the Foreign Exchange Management Administration prior to approval.
The applicant signed a guarantee contract, shall be registered to the foreign exchange control authorities for external guarantees.
Approved by the State Council for the use of foreign Governments or international financial organizations providing guarantee loans for onlending, prescribed in the preceding paragraph shall not apply. 20th banking financial institutions within its approved scope of operation can be provided directly to the foreign commercial loans.
Other domestic institutions to foreign commercial loans, an application shall be filed with the Exchange administration agencies, foreign exchange control authorities, in accordance with the applicant's assets and liabilities of the approval or the decision not to approve state defined its scope subject to the approval of the competent authorities concerned, shall submit an application to the Foreign Exchange Management Administration prior to approval.
Foreign commercial loans shall be in accordance with the provisions of the Foreign Exchange Management Department under the State Council for registration.
21st capital-account foreign exchange incomes retained or sold to financial institutions engaged in foreign exchange settlement and sale businesses, should be approved by the Foreign Exchange Management Administration, but State regulations without approval are excluded. 22nd foreign exchange under capital accounts expenditures, should be in accordance with the foreign exchange administrations under the State Council on payment and purchase of foreign exchange regulations, with valid documents with their own foreign currency or foreign exchange purchase and sale of foreign exchange financial institutions pay.
Required approval by the Exchange administration agencies of the State, you should apply for approval before foreign exchange.
Termination of foreign-funded enterprises according to law, after the liquidation, in accordance with relevant provisions of the State tax, owned by the foreign investor Yuan, foreign exchange purchase and sale of foreign exchange financial institutions remitted. 23rd capital-account foreign exchange and foreign exchange funds, should be in accordance with the relevant departments and approved by the Exchange administration agencies use.
Foreign exchange control authorities have the power to exchange for capital account items and changes in the use of foreign exchange funds and account monitoring checks.
The fourth chapter 24th financial institutions financial institutions foreign exchange business management business or terminate the business of foreign exchange settlement and sale businesses shall be approved by the Exchange administration agencies; operating or terminating other foreign exchange business, shall, in accordance with responsibilities assigned by the exchange control authorities or the financial industry regulatory authority for approval.
25th foreign exchange administrations integrated cash management, foreign exchange operations for financial institutions, and the specific measures formulated by the State administration of foreign exchange.
The 26th financial institutions ' capital, profits as a result of this foreign currency mismatch between renminbi and foreign currency conversion is required, it should be approved by the Exchange administration agencies.
The fifth chapter of RMB exchange rate and foreign exchange management based 27th RMB exchange rate based on market supply and demand, managed floating exchange rate system.
28th operations foreign exchange settlement and sale of foreign exchange and financial institutions and of other institutions eligible for Foreign Exchange Management Department under the State Council, in accordance with the provisions of the Foreign Exchange Management Department under the State Council for foreign exchange transactions in the inter-bank foreign exchange market.
29th foreign exchange market transactions should follow the openness, fairness, impartiality and good faith principles.
30th trading of foreign exchange in the currency and form by the Foreign Exchange Management Department under the State Council.
The 31st foreign exchange administrations under the State Council shall exercise supervision and management of the country's foreign exchange market.
Article 32nd foreign exchange administrations under the State Council can exchange with the changes and the requirements of monetary policy, to adjust the foreign exchange market in accordance with law. Sixth chapter supervision management 33rd article Exchange Management organ law perform duties, right to take following measures: (a) on business exchange business of financial institutions for site check; (ii) into suspected Exchange violations occurred places survey Forensics; (three) asked has Exchange payments or Exchange business activities of institutions and personal, requirements its on and was survey Exchange illegal event directly about of matters made description; (four) check out, and copy and was survey Exchange illegal event directly about of trading single card, information; (five) check out, and Copy was survey Exchange illegal event of party and directly about of units, and personal of financial accounting information and the related file, on May was transfer, and hidden or damage of file and information, can be sealed; (six) by State Exchange management sector or provincial Exchange Management organ head approved, query was survey Exchange illegal event of party and directly about of units, and personal of account, but personal savings deposits account except; (seven) on has evidence proved has or may transfer, and
Hiding illicit funds in connection with the property, or concealing, forging or destroying important evidence, may apply to the Court to freeze or shut down.
Relevant units and individuals shall coordinate with the Exchange administration agencies of the supervision and inspection, and truthfully explain the situation and provide the relevant documents and information, and shall not refuse or obstruct and hide. 34th foreign exchange control authorities shall supervise and examination or investigation, supervision and inspection or survey shall be not less than 2, and shall produce their certificates.
Supervision, examination and investigation of less than 2 or did not show any documents, supervision and inspection, investigation units and individuals have the right to refuse.
The 35th foreign exchange business activities of domestic institutions, should be in accordance with the provisions of the Foreign Exchange Management Department under the State Council to submit financial and accounting reports, statistics and other information.
36th financial institutions handling foreign exchange businesses find customers have foreign exchange violations, shall promptly report to the Foreign Exchange Management Administration.
37th foreign exchange administrations under the State Council to carry out foreign exchange management functions, can be obtained from the relevant departments and agencies of the State Council the necessary information, relevant departments of the State Council, institutions should be provided.
Foreign Exchange administrations under the State Council shall provide the relevant State Council departments, agencies of Foreign Exchange Management.
38th article of any unit and individual have the right to report violations of foreign exchange.
Exchange control authorities shall keep confidential informants, and in accordance with the provisions of the whistleblower or assist in investigating active gives awards to units and individuals in violation of foreign exchange.
Seventh chapter legal liability article 39th breached the transfer of foreign exchange overseas, or by deception will not turn acts such as capital transfers outside the territory, ordered by foreign exchange administrations repatriating foreign exchange, 30% of the amount of evasion penalty in serious cases, in evasion amounts less than 30% of the following penalty constitutes a crime, criminal responsibility shall be investigated according to law.
40th article has violation provides to Exchange received pay should to Yuan received pay of payments, or to false, and invalid of trading single card, to business settlement, and sale meeting business of financial institutions cheat purchased Exchange, illegal arbitrage behavior of, by Exchange Management organ ordered on illegal arbitrage funds be back against, at illegal arbitrage amount 30% following of fine; plot serious of, at illegal arbitrage amount 30% above equivalent following of fine; constitute crime of, law held criminal.
41st article violates provisions of foreign exchange into the country, by the exchange control authorities ordered corrective action and penalties with illegal funds 30% are serious, fined not more than 30% less than illegal funds.
Illegal foreign exchange, foreign exchange control authority ordered to back against the illegal settlement of funds and illegal 30% of the amount fined. 42nd article violates the carrying of entry and exit of foreign exchange, granted by the Exchange administration agencies warning that illegal funds fined not more than 20%.
Legal and administrative regulations shall be punished by the customs, from its provisions.
The 43rd article has external borrowing without authorization, issue overseas bonds of external debt management violations or external guarantees, granted by the Exchange administration agencies warn, fine 30% of the illegal funds.
44th article in violation of regulations, without changing the foreign currency or foreign exchange funds, foreign exchange control authorities ordered corrective action and confiscation of illegal gains, illegal funds 30%-following penalty in serious cases, illegal 30% less than the amount of a fine.
Denominated in foreign currency within the territory of the contravention settlement or transfer of foreign exchange and other acts of illegal use of foreign currency, the exchange control authorities shall order rectification, given a warning and fine 30% of the illegal funds.
Article 45th unauthorized sale of foreign exchange, buy and sell foreign exchange in disguised form, illegal trade in foreign exchange or illegal sale introduced a large amount of foreign exchange, granted by the Exchange administration agencies warning, confiscation of illegal gains, illegal funds 30%-following penalty in serious cases, illegal funds less than 30% the following penalty constitutes a crime, criminal responsibility shall be investigated according to law.
46th article without approved unauthorized business settlement, and sale meeting business of, by Exchange Management organ ordered corrected, has illegal proceeds of, confiscated illegal proceeds, illegal proceeds 500,000 yuan above of, and at illegal proceeds 1 time times above 5 times times following of fine; no illegal proceeds or illegal proceeds insufficient 500,000 yuan of, at 500,000 yuan above 2 million Yuan following of fine; plot serious of, by about competent sector ordered closed reorganization or revoked business license; constitute crime of, law held criminal.
Unauthorised foreign exchange and sale of foreign exchange other than the foreign exchange, foreign exchange control or the financial industry regulatory authority in accordance with the provisions of the preceding paragraph shall be punished. 47th article financial institutions has following case one of of, by Exchange Management organ ordered deadline corrected, confiscated illegal proceeds, and at 200,000 yuan above 1 million Yuan following of fine; plot serious or late not corrected of, by Exchange Management organ ordered stop business related business: (a) handle often project funds received pay, not on trading single card of authenticity and and Exchange payments of consistency for reasonable review of; (ii) violation provides handle capital project funds received pay of; (three) violation provides handle settlement, and
Sale of foreign exchange, (iv) breach of foreign exchange business integrated position management; (v) breach of foreign exchange market and Exchange.
48th article has following case one of of, by Exchange Management organ ordered corrected, give warning, on institutions can at 300,000 yuan following of fine, on personal can at 50,000 yuan following of fine: (a) not according to provides for international payments statistics declared of; (ii) not according to provides submitted financial accounting report, and statistics report, information of; (three) not according to provides submitted effective single card or submitted of single card not real of; (four) violation Exchange account management provides of; (five) violation Exchange registration management provides of;
(F) refuse or obstruct the exchange control authorities shall supervise and examination or investigation.
49th domestic institutional violations of foreign exchange regulations, in addition to penalties in accordance with the regulations, the directly responsible person in charge and other direct liable persons shall be given sanctions; directly responsible for financial institution's directors, supervisors, senior management staff and other persons directly responsible for warning of less than 50,000 yuan and 500,000 yuan fine constitutes a crime, criminal responsibility shall be investigated according to law.
Functionary 50th foreign exchange administrations, abuse their powers, neglect their duties, constitutes a crime, criminal responsibility shall be investigated according to law; does not constitute a crime, he shall be subject to punishment.
51st parties exchange control authorities specific administrative acts, may apply for administrative reconsideration on administrative reconsideration decision is still dissatisfied, he may initiate administrative proceedings to the people's Court according to law.
Eighth chapter supplementary articles article 52nd meaning of the terms in these regulations are as follows: (a) domestic institution refers to People's Republic of China territory of State bodies, enterprises, institutions, social organizations, units and other foreign consular and diplomatic representative offices of international organizations except.
(B) individuals, refers to Chinese citizens and in the People's Republic of China completed 1 year of continuous residence of foreigners in the territory, except for foreign diplomats and representatives of international organizations in China.
(C) current accounts refers to payments related to goods, services, income and current transfer transaction projects.
(D) capital projects, refers to the payments caused by the external assets and liabilities changes in level of transactions, including capital transfers, direct investment, portfolio investment, derivatives and loans.
53rd of non-financial institution engaged in the settlement and sale businesses shall be approved by the Foreign Exchange Management Department under the State Council, the specific management measures shall be formulated separately by the State administration of foreign exchange. 54th these regulations come into force on the date of promulgation.