非银行金融机构外汇业务管理规定（二）

　　PART FIVE ： MANAGEMENT OF FOREIGN EXCHANGE BUSINESS

　　Article 32　Non-banking financial institutions engaging in foreign exchange business shall implement the principles of carrying out autonomous operation， assuming sole responsibility for their own profits and losses， bearing their own risks， seeking their own balance， guaranteeing payment and achieving good circulation. Except where they carry out trust loans or investment at the request of trustors， no individuals may violate operational principles by accepting instructions from other departments or individuals to carry out foreign exchange financing of a specific project.

　　Article 33　Non-banking financial institutions shall keep separate accounts and separately calculate profits and losses for their foreign exchange business.

　　Article 34　Non-banking financial institutions shall formulate appropriate business rules， regulations and measures， in accordance with these Provisions， other relevant regulations and their approved business scope， and submit them to the SAEC for the record.

　　Article 35　When non-banking financial institution handle foreign exchange trust business they shall establish specialized organizations. Separate accounts must to kept for the sources and application of the trust capital of such specialized organizations and their profits and losses shall be calculated separately. When preparing statements they must prepare balance sheets and profit and loss statements for their foreign exchange trust business. The balance sheets and profit and losses statements for foreign exchange trust business may be included in their consolidated statements.

　　Article 36　When handling foreign exchange trust business a non-banking financial institutions shall conclude a contract with the trustor which specifies such items as the trust capital's purpose， management， term， interest rate， rate of charges， rights and obligations， and liability for risks. If a non-banking financial institution obtains a trustor's deposit without concluding a contract with the trustor， it shall be deemed to have obtained an ordinary deposit， and shall be treated as having engaged in foreign exchange business exceeding its scope of business.

　　Article 37　When handling foreign currency share capital investment， non-banking financial institutions shall reduce their own foreign exchange funds according to the balance of investment. However， if a non-banking financial institution's office equipment and real property for its own use purchased with foreign exchange funds do not exceed 25 per cent of its own foreign exchange funds， it shall not be required to reduce its own foreign exchange funds.

　　Article 38　Non-banking financial institutions may independently establish agent non-banking financial institution relations with financial institutions in and outside the PRC.

　　Article 39　Non-banking financial institutions may open foreign currency accounts with wholly Chinese-owned financial institutions within the PRC as needed.

　　Article 40　Non-banking financial institutions may， due to business requirements and following approval by the SAEC， open foreign currency accounts with financial institutions outside the PRC.

　　Article 41　When applying for approval to open a foreign currency accounts outside the PRC， a non-banking financial institution shall submit the following documents and information to the SAEC：

　　1. a written application for approval to open the account （including such items as the name of the bank with which the account is to be opened， the place where such bank is located， the credit worthiness of such bank， the currency and nature of the account and the scope and term of use of the account）；

　　2. a document evidencing the purpose of the account；

　　3. a report on the development of the foreign exchange business involved in the account outside the PRC； and

　

　4. any other documents and information required by the SAEC.

　　Article 42　The scope of use of foreign currency accounts opened with financial institutions outside the PRC by non-banking financial institutions shall be limited to：

　　1. temporary deposit outside the PRC of proceeds from the issuance of bonds and taking out of loans outside the PRC；

　　2. temporary deposit outside the PRC of debt payment funds prior to paying foreign debts；

　　3. inter-bank outside the PRC；

　　4. handling purchase and sale of foreign exchange and valuable securities denominated in foreign currency on its own account or on behalf of clients； and

　　5. any other purposes specified by the SAEC.

　　Article 43　Accounts opened outside the PRC by non-banking financial institutions must be used within the scope and term of use examined and approved by the SAEC. Details of the payments into and out of accounts opened outside the PRC shall be reflected in account books kept within the PRC.

　　Foreign currency accounts opened by non-banking financial institutions with wholly foreign-owned or Sino-foreign equity joint venture financial organizations inside the PRC shall be deemed to be foreign currency accounts opened with financial organizations outside the PRC.

　　If a non-banking financial institution violates regulations in opening or using foreign currency accounts outside the PRC， the SAEC may issue a warning， circulate a notice of criticism， order suspension of use or closure of the foreign currency account opened outside the PRC and transfer of the foreign exchange funds back into the PRC within a time limit， or suspend such non-banking financial institution's foreign exchange business for three to six months. In addition， the SAEC may impose a fine of Rmb 10，000 to 50，000. If exchange control is wilfully evaded through accounts opened outside the PRC or if such accounts are not used in accordance with the regulations， causing loss of funds， the liability of the parties concerned shall be pursued as well.

　　Article 44　The SAEC shall be responsible for administration of the foreign exchange interbank loan market， for administration and supervision of the depositing of foreign exchange deposit reserves by non-banking financial institutions in accordance with regulations， for administration and supervision of foreign exchange deposit and loan interest rates of non-banking financial institutions， and for prescribing and adjusting the maximum amounts or rates of the commissions charged by non-banking financial institutions for their various kinds of foreign exchange business.

　　Article 45　In handling business such as trading or non-trading settlement and conversion between Renminbi and foreign exchange， the foreign exchange earned by non-banking financial institutions which belongs to the State shall be turned over in accordance with the relevant regulations and the foreign exchange required by non-banking financial institutions shall be obtained in accordance with the relevant regulations.

　　If a non-banking financial institution violates the provisions of the preceding paragraph， the SAEC may， in addition to ordering it to make up the foreign exchange deficiency within a time limit， issue a warning， circulating a notice of criticism and impose a fine of Rmb 10，000 to 50，000.

　　Article 46　The SAEC shall administer the foreign exchange debt-equity ratio of non-banking financial institutions.

　　Article 47　The foreign exchange assets to liabilities ratio of non-banking financial institutions shall include：

　　1. the ratio of self-owned foreign exchange funds （including： paid-up foreign exchange capital， foreign exchange reserve and undistributed foreign exchange profits） to total foreign exchange risk assets；

　　2. the maximum multiple of self-owned foreign exchange capital constituted by the sum of foreign exchange liabilities and foreign

exchange guarantees；

　　3. the minimum ratio of foreign exchange liquid assets to foreign exchange liquid liabilities；

　　4. the minimum ratio of foreign exchange liquid assets to total foreign exchange assets；

　　5. the minimum ratio of the sum of foreign exchange funds used for domestic and foreign interbank deposits and loans cashable within three months， monies used for the purchase of negotiable valuable securities denominated in foreign currency， foreign exchange funds deposited with the central bank and cash foreign currency to total foreign exchange assets；

　　6. the maximum ratio of the sum of the foreign exchange loans to， investments in， guarantees on behalf of （converted at the rate of 50 per cent of the amounts outstanding under the guarantees）， one legal person unit to the self-owned foreign exchange funds of the non-banking financial institution；

　　7. the maximum ratio of foreign exchange investment （with the exception of trust investment）；

　　8. the maximum ratio of the sum of the foreign exchange loans to， investments in， leases to and guarantees on behalf of （converted at the rate of 50 per cent of the amounts outstanding under the guarantees）， any shareholding unit to the foreign exchange shares in the non-banking financial institution held by the shareholding unit；

　　9. the maximum ratio of the net foreign exchange funds deposited with and lent to a domestic financial institution to the non-banking financial institution's self-owned foreign exchange funds；

　　10. the maximum ratio of the net foreign exchange funds deposited with and lent to a financial institution outside the PRC or a wholly foreign-owned or Sino-foreign equity joint venture financial institution within the PRC to the non-banking financial institution's self-owned

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