境内外汇帐户管理规定 Circular of the Peoples Bank of China on Issuing the Regulation on Administration of Dome

a foreign exchange registration certificate for enterprises with foreign investment or a foreign exchange account record form of foreign establishments.

　　Article 17 Enterprises with foreign investment shall enter its foreign exchange proceeds from current account transactions into its foreign exchange current account within the account balance ceiling verified by SAFE; Once the balance of the foreign exchange account exceeds the ceiling, foreign exchange shall be surrendered to a designated foreign exchange bank or sold to a foreign exchange swap center.

　　Deposit financial institution shall advice enterprise with foreign investment in 5 working days to surrender or sell foreign exchange through a foreign exchange swap center once receiving foreign exchange under current account for enterprise with foreign investment over the balance ceiling of foreign exchange current account. In case that the foreign exchange is not surrendered or sold in time due, the deposit financial institution shall report to SAFE and SAFE shall order an imperative surrender.

　　SAFE shall adjust the principle for rectification of balance ceiling of foreign exchange current account according to enterprises with foreign investment's paid-in capital and demand for turnover of foreign exchange for current account transactions.

　　Article 18 Other domestic entities shall surrender foreign exchange in the foreign exchange account in a manner specified in the foreign exchange account utilization certificate.

　　Article 19 Deposit financial institutions shall formulate a unified rule for management of foreign exchange L/C deposit account, submit it to SAFE for record, and open a foreign exchange L/C deposit account for risk control purpose according to the rule submitted.

　　Foreign exchange L/C deposit account shall not be used for any other purpose.

　　Chapter III Foreign Exchange Account for Capital Account Transactions and its Opening and Use

　　Article 20 Foreign exchange from capital account transactions listed below may be kept in a foreign exchange account:

　　(1) External debt and indirect ext

ernal debt borrowed by domestic entities and foreign exchange loans of domestic Chinese-funded financial institutions;

　　(2) Foreign exchange of domestic entities for repayment of principal of domestic and external foreign exchange liabilities;

　　(3) Foreign exchange of domestic entities from stock issuance;

　　(4) Capital paid in foreign exchange by Chinese investors of enterprises with foreign investment;

　　(5) Foreign exchange remitted by oversea legal entities or individuals for establishing an enterprises with foreign investment;

　　(6) Foreign exchange of domestic entities from realization of asset stock;

　　(7) Foreign exchange of oversea legal entities or individuals from buying or selling B-share stock;

　　(8) Foreign exchange from other capital account transactions approved by SAFE.

　　Article 21 Special accounts for loans opened, according to Article 20(1) of this regulation, shall be credited with funds under external debt, indirect external debt or foreign exchange loans; and be debited with expenditures specified in loans agreement.

　　Article 22 Special accounts for serving loans, opened according to Article 6(11) and Article 20(2), shall be credited with foreign exchange purchased as approved, foreign exchange transferred from special account for loans as approved and foreign exchange proceeds kept as approved; and shall be debited with repayment of principal and payments of interest of liabilities and relevant expenditures.

　　Article 23 Special foreign exchange stock accounts, opened according to Article 20(3) of this regulation, shall be credited with foreign exchange proceeds from issuance of stock denominated in foreign currency, and shall be debited with expenditures specified in prospectus approved by administrative department.

　　Article 24 Foreign exchange capital account of enterprises with foreign investment, opened according to Article 20(4) of this regulation, shall be credited of paid-in capital paid by Chinese and foreign investors of enterprises with foreign investment, and shall be debited with foreign exchange expenditures of enterprises with foreign investment for current account transactions and foreign exchange expenditures for capital account transactions approved by SAFE.

　　Article 25 Special transient account opened according to Article 20(5) of this regulation, shall be credited with foreign exchange remitted by oversea legal entities or individuals for establishing an enterprise with foreign investment, and shall be debited with operation expenditures for establishment and other relevant expenditures. Once the enterprise is established, the balance of the transient account may be transferred to capital account as foreign investors' investment. In case the enterprise fails to establish, the balance may be remitted oversea with SAFE's approval.

　　Article 26 Foreign exchange accounts, opened according to Article 20(6) of this regulation, shall be credited with foreign exchange proceeds from asset transfer of domestic entities, and shall be debited for expenditures as approved.

　　Article 27 Foreign exchange accounts, opened according to Article 20(7), shall be credited of foreign exchange proceeds of oversea legal entities or individuals from trade in stock and of foreign exchange remitted or taken from abroad, and shall be debited for trade in stock.

　　Article 28 Entities shall apply to SAFE for opening a foreign exchange account for capital account transactions with an application report on opening foreign exchange account and other relevant documents, and then get through account opening procedure at a deposit financial institution upon presentation of an account opening notice verified by SAFE.

　　(1) With respect to domestic entities opening a special account for loans and a special account for loans repayment, a reserved copy of lending contract, an external debt reg

istration certificate or a foreign exchange (indirect) loans registration certificate shall be presented to SAFE for application;

　　(2) With respect to domestic entities apply for opening a special stock account, documents such as prospectus approved by security administrative department shall be presented to SAFE;

　　(3) With respect to enterprises with foreign investment applying for opening a capital account, a foreign exchange registration certificate for enterprises with foreign investment and other relevant documents shall be presented to SAFE;

　　(4) With respect to oversea legal entities or individuals applying for opening a transient account, a remittance advice and an investment letter of intent shall be presented to SAFE;

　　(5) With respect to domestic entities applying for opening a foreign exchange account according to Article 20(6) of this regulation, a transfer approval document issued by authority, transfer agreement and funds utilization plan etc shall be presented to SAFE.

　　Article 29 With respect to opening a B-share account, oversea legal entities or individuals shall open account a security company upon presentation of legal entity certificate of oversea institutions or identity certificate of oversea individuals.

　　Article 30 When domestic entities apply for opening a foreign exchange account for capital account transactions, SAFE shall verify the receipts and payments scope, operating period and the balance ceiling of the foreign exchange account, and shall indicate the foregoing information in the account opening advice.

　　Article 31 After opening a foreign exchange account for capital account transactions for an enterprise with foreign investment, deposit financial institutions shall make a clear indication of account number, currency and date of opening on the foreign exchange registration certificate of enterprises with foreign investment, and put a stamp of the financial institution on it.

　　Article 32 Domestic entities may use the funds in a special loans account for expenditures specified in loans agreement without SAFE's approval.The balance of a special loan repayment account shall not exceed the total sum of principal repayments and interest payment in upcoming two periods. Payments are subject to SAFE's approval transaction by transaction.

　　Article 33 Domestic entities shall apply for principal repayments and payments of interest and other charges from the special foreign exchange account for loans repayment at local SAFE within 5 working days with the external debt registration certificate and an advice of principal repayment and interest payment from creditor, and draw a verification note for principal repayment and interest payment. Deposit financial institutions shall make payments upon presentation of the verification note issued by SAFE.

　　Article 34 Domestic entities shall present a foreign exchange (indirect) loans registration certificate, an advice of principal repayment and interest payment from creditor, a lending contract to deposit financial institutions when paying principal and interest of external debt and indirect external debt.

　　Article 35 Domestic entities converting funds in foreign exchange account for capital account transactions are subject to SAFE's approval; the funds in foreign exchange accounts of oversea legal entities or individuals, opened according to Article 20(7) of this regulation, shall not be converted into RMB.

　　Chapter IV Supervision of Foreign Exchange Account

　　Article 36 Domestic entities and foreign establishments in China shall apply to the loc

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