外汇指定银行办理结汇、售汇业务管理暂行办法 Decree of the Peoples Bank of China (PBC)

service by the designated foreign exchange bank may be made either directly from its foreign exchange account， or purchased foreign exchange in accordance with relevant laws and regulations.

　　Article 34 The payment of a designated foreign exchange bank for its self-satisfying transaction under ca

pital and financial account approved by the SAFE office concerned shall be made with its own foreign exchange operating funds.

　　In the event that a bank has advanced foreign exchange for its client in the business of foreign exchange loan， international settlement， foreign exchange credit card， and so on， and the client fails to pay back on time， the bank offset the loss with its own foreign exchange paid-in capital or operating funds in accordance with relevant laws and regulations， and shall not purchase foreign exchange without approval or use the foreign exchange sold by its clients for such purpose.

　　The shortfall of foreign exchange capital or operating funds of the head office of a designated foreign exchange bank， upon the approval of the SAFE office concerned， may be made up by purchasing foreign exchange through the inter-bank foreign exchange market.

　　Chapter V Administration of the Operations of Foreign Exchange Purchase and Sale with Clients

　　Article 35 The designated foreign exchange bank shall carry out the operations of foreign exchange purchase， sale， and payment with clients verify the prescribed valid proofs and business bills， sign and seal thereon and keep them for future check in accordance with relevant rules on foreign exchange purchase， sale， and payment.

　　Article 36 A designated foreign exchange bank shall， on the basis of the renimibi base rates quoted by the PBC for the current day and the prescribed floating range， quote the exchange rates of Renminbi against foreign currencies and undertake the operations of foreign exchange purchase and sale of foreign exchange with clients

　　Article 37 Foreign exchange sale and purchase by a financial institution without the franchise of designated foreign exchange bank shall be handled through the designated foreign exchange bank.

　　Article 38 The exchange house conducting the operations of exchange between Renminbi and foreign currencies for individuals shall get the authorization from the designated foreign exchange bank. Its daily purchase and sale shall be incorporated into the authorizing bank's statistics of foreign exchange purchase and sale， Foreign exchange more or less than the limit of its revolving funds shall be sold/bought by the authorizing bank via the interbank foreign exchange market.

　　Chapter VI Penalty Provisions

　　Article 39 In violation of the Measures or other relevant provisions related to foreign exchange purchase， sale and payment， the designated foreign exchange bank shall be penalized in accordance with the Regulations on the Exchange System and other relevant regulations.

　　In the event that one of the following cases occurs to the designated foreign exchange bank， the PBC shall revoke its franchise of the operations of foreign exchange purchase and sale：

　　1. Been taken-over by the PBC due to statutory reasons；

　　2. Dismissed or been declared to bankrupt according to law；

　　3. The franchise of the operations of foreign exchange been revoked by the PBC according to law.

　　Article 40 In the event that one of the following cases occurs to the designated foreign exchange bank， SAFE shall suspend or revoke its franchise of the operations of foreign exchange purchase and sale in addition to giving it penalties according to the Regulations on the Exchange System：

　　1. Handling foreign exchange purchase， sale or payment of foreign exchange for clients without prescribed valid proofs and business bills， and the cumulative amount exceeding the equivalent of 1 million US dollar；

　　2. Handling foreign exchange purchase， sale or payment for clients without full set of in the prescribed valid proofs and business bills and the cumulative amount exceeding the equivalent of 5 million US dollar；

　　3. Handling foreign exchange sale of foreign exchange for clients beyond the amount indicated by the valid proofs

and business bills and the cumulative amount exceeding the equivalent of 5 million US dollar；

　　4. Handling self-satisfying foreign exchange purchase and sale that shall be reported to the SAFE office concerned for approval without approval；

　　5. The amount of purchase/sale of foreign exchange in violation of regulations accounts for more than 10 percent of its sum purchase/sale of foreign exchange for the current year；

　　6. The quantity of deals of purchase/sale of foreign exchange in violation of regulations accounts for more than 10 percent of its sum deals of purchase/sale of foreign exchange for the current year；

　　7. Other serious acts violating the regulations on purchase and sale of foreign exchange.

　　Article 41 In the event that a designated foreign exchange bank commits one of the following acts in violation of the regulations governing the positions， the SAFE office concerned shall suspend or revoke its franchise of operations of foreign exchange purchase and sale， in addition to giving it penalties in accordance with the Regulations on the Exchange System：

　　1. fails to clear its long or short positions through the inter-bank foreign exchange market for no less than 5 working days consecutively；

　　2. fails to clear its long or short positions through the inter-bank foreign exchange market for more than ten times cumulatively within a quarter；

　　3. for a consecutive three months， error occurs in the positions statistics for no less than four times per month；

　　4. Other serious acts violating the regulations governing the positions.

　　Article 42 In the event that a designated foreign exchange bank violates the report system for foreign exchange purchase and sale by failing to submit statistical tables and materials and have the abnormal circumstances recorded， the SAFE office concerned shall penalize it in accordance with the Regulations on the Exchange System and other relevant regulations. In the event that a designated foreign exchange bank fails for several times within one year to submit the statistical tables and materials as required， and have the large amount purchase and sale of foreign exchange recorded in accordance with relevant regulations， the SAFE office concerned shall suspend or revoke its franchise of the operations of foreign exchange purchase and sale.

　　Article 43 In the event that the designated foreign exchange bank and exchange houses violate the Measures and other regulations governing foreign exchange purchase， sale and payment， the competent agencies shall penalize the person who is directly in charge or responsible in accordance with the Provisions on the Administrative Sanctions to the Financial Institutions and Direct Responsible Persons Violating Provisions on the Administration of Foreign Exchange Purchase and Sale， and the Interim Provisions on the Administrative or Disciplinary Sanctions Given to the Crimes of Defrauding， Illegal Arbitrage， Evasion， Illegal Purchase and Sale of Foreign Exchange， and Other Acts Violating the Regulations on Foreign Exchange Administration， and so on.

　　Chapter VII Supplementary Provisions

　　Article 44 The regulations governing forward foreign exchange purchase and sale and other derivatives involving the exchange between Renminbi and foreign currencies shall be formulated separately by the PBC.

　　Article 45 The Measures shall be interpreted by the PBC.

　　Article 46 The Measures shall enter into force as of December 1， 2002. In case of any conflict with previous rules and regulations， the Measures shall prevail. Article 4 of the Rules for the Implementation of the Foreign-capital Bank's Operations of Foreign Exchange Purchase， Sale and Payment promulgated on June 18， 1996 by the PBC， the Announcement of the PBC on Incorporating the Enterprises with Foreign Investment into the System of Foreign Exchange Purchase and Sale through Banks

promulgated on June 20， 1996， and the Official Reply of the General Affairs Department of the SAFE on Issues Related to Franchising the Branches and Sub-branches of the Wholly State-owned Commercial Banks to Undertake the Operations of Foreign Exchange Purchase and Sale （ HuiZongFu [2001] No.1） shall be nullified at the same time

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