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

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， cance

l 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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