结汇、售汇及付汇管理规定 Administration of the Settlement, Sale and Payment of Foreign Exchange Provisions

r assignment or disposal by other means of the foreign exchange capital funds of foreign investment enterprises， payment shall be made from their foreign exchange accounts or， on the strength of the foreign exchange sales notices issued by the Administration of Exchange Control， conversion and payment shall be effected at designated foreign exchange banks， after approval has been obtained from the Administration of Exchange Control on the strength of the resolution of the board of directors.

　　Investment inside the People's Republic of China of foreign exchange capital funds by foreign investment enterprises with an investment nature， use of profits derived by the foreign party to increase its capital contributions inside the People's Republic of China and reinvestment inside the People's Republic of China of profits derived by the foreign party shall be carried out on the strength of the approval documents of the Administration of Exchange Control.

　　PART FOUR　SUPERVISION AND CONTROL OF THE SETTLEMENT， SALE AND PAYMENT OF FOREIGN EXCHANGE

　　Article 32　Foreign investment enterprises may effect settlement and sale of foreign exchange at designated foreign exchange banks and may also buy and sell foreign exchange at foreign exchange swap centers. Other organizations inside the People's Republic of China， individual residents， foreign establishments inside the People's Republic of China and persons who have come to China may effect settlement and sale of foreign exchange only at designated foreign exchange banks.

　　Article 33　When payment to a payee outside China is made from a foreign exchange account， banks which operate foreign exchange business shall examine and verify the matter and effect payment according to the prescribed scope of payments into and out of the foreign exchange account and the corresponding provisions of Parts 2 and 3 hereof.

　　Article 34　After carrying out sales and payments of foreign exchange， designated foreign exchange banks shall sign and seal the relevant valid vouchers and valid commercial documents and keep them for future reference.

　　Article 35　Designated foreign exchange banks shall determine the prices for buying and selling foreign exchange from and to customers and carry out settlement and sale of foreign exchange business at the media prices according to the Renminbi exchange rates announced daily

by the People's Bank of China and the prescribed range of differences in the buys and sells.

　　Article 36　Payments from foreign exchange accounts or payments made with purchased foreign exchange shall be effected on the date for the relevant method of payment or the date specified in the contract. No payments may be made to payees outside China ahead of that date. Except for foreign exchange to be used to repay a principal sum and/or pay the interest thereon and foreign exchange to be used as security money for letters of credit/letters of guarantee， foreign exchange may not be purchased in ahead of the date.

　　Article 37　Designated foreign exchange banks may handle forward sale and purchase of Renminbi and foreign currency and other hedging business in accordance with relevant regulations on behalf of work units that use foreign exchange and have forward contracts or debt payment agreements， in order to protect such work units from risks involved in rate fluctuations.

　　Article 38　Without the approval of the Administration of Exchange Control， no foreign exchange may be purchased or paid from a foreign exchange account for barter trade imports.

　　Article 39　Banks which operate foreign exchange business shall submit statements of their foreign exchange settlements， sales and payments to the Administration of Exchange Control in accordance with regulations.

　　Designated foreign exchange banks shall establish systems for internal supervision and control of the settlement and sale of foreign exchange， and shall promptly report to the local branch or sub-branch of the State Administration of Exchange Control if they encounter any unusual circumstances in the settlement and sale of foreign exchange.

　　Article 40　Organizations inside the People's Republic of China shall select a bank which operates foreign exchange business in the place where they are registered， open a foreign exchange account with such bank and carry out settlement， purchase and payment of foreign exchange in accordance with these Provisions. To open foreign exchange accounts elsewhere in China or abroad， organizations inside the People's Republic of China shall apply to the Administration of Exchange Control.

　　Upon approval， foreign investment enterprises may select a bank which operates foreign exchange business in the place where they are registered and open a foreign exchange settlement account with such bank for their foreign exchange revenue from current account items.

　　Article 41　Banks which operate foreign exchange business and organizations inside the People's Republic of China which carry out settlement， purchase and payment of foreign exchange shall unconditionally be subject to supervision and inspection by the Administration of Exchange Control and shall present and provide relevant materials. Anyone that violates these Provisions may be punished by the Administration of Exchange Control by means of issuance of a warning， confiscation of illegal income or imposition of a fine. If a bank which operates foreign exchange business violates these Provisions and the circumstances are serious， the Administration of Exchange Control may punish such bank by suspending its business of settling and selling of foreign exchange.

　　PART FIVE　SUPPLEMENTARY

　　Article 42　The State Administration of Exchange Control shall be responsible for interpreting these Provisions.

　　Article 43　These Provisions shall be effective as of 1 July 1996. The Administration of the Settlement， Sale and Payment of Foreign Exchange Tentative Provisions promulgated on 26 March 1994 shall simultaneously be repealed. In the event of any conflict between other regulations and these Provisions， these Provisions shall prevail

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