境内外汇帐户管理规定 Administration of Foreign Exchange Accounts Inside China Provisions

resenting an application for approval to open a foreign exchange account and a Foreign Exchange Registration Certificate of a Foreign Investment Enterprise. On the strength of the Notice of Opening of an Account and the Foreign Exchange Registration Certificate of a Foreign Investment Enterprise issued by the Administration of Foreign Exchange, it shall carry out the account-opening procedures with the account-providing financial institution. After the account-providing financial institution has opened a foreign exchange account for the foreign investment enterprise, it shall note the account number, currency and date of opening in, and affix its chop to, the appropriate columns of the Foreign Exchange Registration Certificate of a Foreign Investment Enterprise.

　　Article 13　When an organization inside the People's Republic of China applies for approval to open a foreign exchange account, the Administration of Foreign Exchange shall, on the basis of the purpose of the account, prescribe the scope of payments into and out of the account, the term of use of the account, and the corresponding method of settlement or the determined maximum amount, and shall note the same on the Foreign Exchange Account Use Permit or the Foreign Exchange Registration Certificate of a Foreign Investment Enterprise.

　　Article 14　Foreign establishments inside the People's Republic of China shall register for the record with the Administration of Foreign Exchange on the strength of the document by which the relevant authority approved its establishment and their business registration certificate, and obtain a Foreign Exchange Account Recordal Form for a Foreign Establishment Inside the People's Republic of China (Annex 3) . Thereupon, they shall carry out the account-opening procedures with the account-providing financial institution on the strength of the Foreign Exchange Account Recordal Form for a Foreign Establishment Inside the People's Republic of China.

　　Article 15　Individuals, and persons who have come to the People's Republic of China, may freely deposit and withdraw foreign exchange or foreign currency cash.

Large foreign currency cash deposits or withdrawals that exceed the equivalent of US$10,000 shall require provision of one's identity card or passport to the bank with which the account has been opened, and such banks shall register such transactions for the record on a transaction-by-transaction basis.

　　Article 16　Payments into and out of foreign exchange accounts relating to current account items that have been opened by organizations inside the People's Republic of China and foreign establishments inside the People's Republic of China shall be handled in accordance with the scope of receipts and payments specified on the Foreign Exchange Account Use Permit, Foreign Exchange Registration Certificate of a Foreign Investment Enterprise or Foreign Exchange Account Recordal Form for a Foreign Establishment Inside the People's Republic of China.

　　Article 17　Where foreign exchange revenue of a foreign investment enterprise relating to current account items is deposited into its foreign exchange settlement account, the amount shall be retained in foreign currency up to the maximum amount determined by the Administration of Foreign Exchange. The portion of foreign exchange that exceeds the maximum amount shall be sold to a designated foreign exchange bank or through a foreign exchange adjustment centre.

　　When an account-providing financial institution receives foreign exchange of a foreign investment enterprise relating to current account items and the amount of such foreign exchange exceeds the maximum amount of the foreign exchange settlement account, it may temporarily deposit the amount into the account and at the same time notify the foreign investment enterprise that it should settle the foreign exchange, or sell it through a foreign exchange adjustment center, within five working days. If the foreign investment enterprise fails to do so within such time limit, the account-providing financial institution shall report the matter to the local Administration of Foreign Exchange, which shall order compulsory settlement of the foreign exchange.

　　Administrations of Foreign Exchange shall adjust the principles for determination of the maximum amounts of foreign exchange settlement accounts in accordance with the paid-up capital of the foreign investment enterprises and the said enterprises' requirements in respect of turnover of foreign exchange funds relating to current account items.

　　Article 18　Other organizations inside the People's Republic of China shall settle the funds in their foreign exchange settlement accounts in accordance with the method of settlement specified on their Foreign Exchange Account Use Permits.

　　Article 19　Account-providing financial institutions shall prepare unified measures for the administration of accounts for deposits paid for foreign exchange letters of credit and report such measures to the Administration of Foreign Exchange for the record. As may be required for risk control purposes, they shall open such accounts for organizations inside the People's Republic of China in accordance with the administration measures reported for the record.

　　Accounts for deposits paid for foreign exchange letters of credit may not be used for any other purposes.

　　PART THREE　FOREIGN EXCHANGE ACCOUNTS RELATING TO CAPITAL ACCOUNT ITEMS, AND THE OPENING AND USE THEREOF

　　Article 20　Foreign exchange accounts may be opened to retain as foreign currency foreign exchange relating to the following capital account items:

　　1. foreign loans taken out by, foreign loans on-lent to, and foreign exchange loans granted by wholly Chinese-owned financial institutions inside the People's Republic of China to, organizations inside the People's Republic of China;

　　2. foreign exchange to be used by organizations inside the People's Republic of China for repayment of the principal of foreign exchange debts incurred inside or outside the Peopl

e's Republic of China;

　　3. foreign exchange revenue of organizations inside the People's Republic of China from the issue of stock;

　　4. capital injected in foreign exchange by the Chinese and foreign parties to foreign investment enterprises;

　　5. foreign exchange remitted by legal or natural persons outside the People's Republic of China in order to prepare the establishment of a foreign investment enterprise;

　　6. foreign exchange obtained by organizations inside the People's Republic of China from realization of their assets in stock;

　　7. foreign exchange of legal or natural persons outside the People's Republic of China in connection with the trading of B shares inside the People's Republic of China;

　　8. other foreign exchange relating to capital account items approved by the Administration of Foreign Exchange.

　　Article 21　With respect to special loan accounts opened in accordance with Item One of Article 20 hereof, receipts therein shall be in the form of payments under the foreign loan contract, foreign loan on-lending contract or foreign exchange loan contract; and payments therefrom shall be for the purpose specified in the loan agreement.

　　Article 22　With respect to special loan repayment accounts opened in accordance with Item (11) of Article 6 hereof or Item (2) of Article 20 hereof, receipts therein shall be in the form of foreign exchange which, upon approval, has been purchased with Renminbi, funds which, upon approval, have been transferred from special loan accounts and foreign exchange which, upon approval, may be retained as foreign currency; payments therefrom shall be used for repayment of the principal of the debt together with the interest thereon and for the payment of relevant fees.

　　Article 23　With respect to special foreign currency stock accounts opened in accordance with Item Three of Article 20 hereof, receipts therein shall be in the form of proceeds from the issue of foreign currency stock; and payments therefrom shall be for the purposes specified in the offering prospectus approved by the securities regulatory authorities.

　　Article 24　With respect to accounts for foreign exchange capital of foreign investment enterprises opened in accordance with Item Four of Article 20 hereof, receipts therein shall be in the form of capital injected in foreign exchange by the Chinese and foreign parties to the foreign investment enterprise; and payments therefrom shall be the foreign exchange expenditure of the foreign investment enterprise relating to current account items and such foreign exchange expenditure for capital account items as has been approved by the Administration of Foreign Exchange.

　　Article 25　With respect to special temporary accounts opened in accordance with Item Five of Article 20 hereof, receipts therein shall be in the form of foreign exchange remitted by legal or natural persons outside the People's Republic of China in order to prepare the establishment of a foreign investment enterprise; and payments therefrom shall be the start-up expenses and other related expenses in connection with the establishment of the foreign investment enterprise. After the enterprise has been established, the balance in the temporary account may be transferred to the enterprise's capital funds accounts as monetary investment from the foreign investor. If the enterprise is not established, the funds may be remitted out of the People's Republic of China, subject to verification and approval by the Administration of Foreign Exchange.

　　Article 26　With respect to foreign exchange accounts opened in accordance with Item Six of Article 20 hereof,

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