国家外汇管理局关于加强资本项目外汇管理若干问题的通知 State Administration of Foreign Exchange, Several Questions on Strengthen

on and approval by the branches of the State Administration of Foreign Exchange.

　　(4) Repayment of capital and interest on self-administered foreign loans must be examined and approved at each step by the foreign exchange bureaus.

　　(5) Repayment of capital and interest by non-bank financial institutions and foreign investment leasing companies must be approved step by step by the foreign exchange bureau.

　　(6) When examining and approving repayment of capital and interest on foreign loans and foreign exchange (conversion) loans, foreign exchange bureaus shall ask the debtor to provide, apart from the data originally stipulated, the notification of that part of the loan entering the account and the current foreign currency account statement.

　　Loans may not be repaid early in the case of any loan contract-type [does not have] early repayment clauses. If the loan contract has an early repayment clause, the debtor may repay the loan with its own foreign exchange with the approval of the foreign exchange bureau, but may not purchase foreign exchange to repay the debt.

　　It is currently forbidden to use Renminbi to buy foreign exchange to make early repayment of a foreign debt, foreign debt converted to loan or self-administered foreign loan. Prior to 31 December 1998 it is forbidden to use Renminbi to buy foreign exchange to repay an overdue self-administered foreign loan. It is forbidden to purchase foreign exchange elsewhere to repay loans.

　　(7) It is forbidden to buy foreign exchange to invest in stock rights and creditor's rights outside China. It is forbidden to buy foreign exchange to buy back foreign currency shares and securities. Other foreign currency buy-backs must be approved by the foreign currency bureau.

　　Bureaus which have carried out foreign currency risk investigations and accepted overseas investment projects with overseas enterprise approval certificates shall report to headquarters the risk assessment evidence and the foreign economic co-operation and trade department's overseas enterprise approval certificate. The procedure for pu

rchase of foreign exchange may only be carried out once these have been confirmed.

　　(8) County-level branches of the SAFE may not in future examine and approve purchase of foreign currency to repay loans.

　　(9) [According to Paragraph 4 of the Authorizing the Branches of the State Administration of Foreign Exchange to Handle Foreign Exchange Business for Equity Transfer or Liquidation of Foreign Investment Enterprises Circular issued on 22 December 1999 by the State Administration of Foreign Exchange, this paragraph was repealed.]

　　(10) Capital account purchase of foreign currency for expenditure in excess of the equivalent of US$10 million (including US$10 million) shall be approved by the SAFE.

　　4. Investigation, sorting out and statistics of capital account foreign currency business

　　(1) All branches shall follow up repayments for purchase of foreign currency in excess of the equivalent of US$1 million (including US$1 million). They shall reinvestigate, item by item, capital account foreign currency expenditure examined and approved in 1998 and shall report important circumstances in a timely fashion.

　　(2) All Chinese designated foreign currency banks shall, in accordance with the relevant laws and regulations and with the provisions of this Circular, investigate on their own the circumstances of clients' repayment of foreign debt, conversion of foreign debt into loans and self-administered foreign loans between January and July 1998, and submit a report to the SAFE before 30 September 1998.

　　(3) All organizations within China issuing shares outside China (Appendix 1) (not published) shall report the relevant circumstances to the SAFE and its bureaus before 1 October 1998 in accordance with Appendix 2 (not published).

　　(4) All organizations within China shall sort out their overseas stock rights and in accordance with Appendix 3 (not published) report to the SAFE and its bureaus before 31 December 1998.

　　(5) All branch bureaus shall report the previous month's "capital account foreign exchange statistics monitoring form" (Appendix 4) (not published) before the 8th of every month, monitor statistics properly, and report the data and very unusual circumstances to our capital account administration department in a timely, accurate and complete fashion.

　　Violations of the capital account administration regulations shall be punished by foreign exchange bureaus in accordance with the PRC, Foreign Exchange Control Regulations and other laws and regulations. Those in charge directly responsible and others directly responsible shall be given administrative penalties. If a crime has been committed they shall be prosecuted in accordance with the law.

　　This Circular shall be effective as of date of promulgation. It shall take precedence over all other regulations not in accord with the spirit of this Circular. Once branch bureaus receive this Circular they should communicate it as quickly as possible to the sub-branches and related work units under their jurisdiction. The headquarters of all Chinese designated foreign exchange banks should communicate it as quickly as possible to their branches. If problems are encountered in its implementation please reflect these to our capital accounts administration department in a timely way

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