国务院关于修改《中华人民共和国外汇管理条例》的决定 REGULATIONS ON THE FOREIGN EXCHANGE SYSTEM OF THE PEOPLES REPUBLIC OF CHIN

erations in accordance with the relevant government regulations.

　　Article 29 Financial institutions undertaking foreign exchange operations shall be subject to the reserve requirement for foreign exchange in accordance with the relevant government regulations， comply with the regulations on asset and liability ratios concerning their foreign exchange operations and set aside provisioning reserves.

　　Article 30 Designated foreign exchange banks shall use their own-funds in Renminbi to purchase foreign exchange.

　　The foreign exchange revolving funds used by designated foreign exchange banks for settlement shall be within a specified limit， the magnitude of which shall be decided upon by the People's Bank of China in consideration of the actual circumstances.

　　Article 31 The foreign exchange operations by financial institutions are subject to inspection and supervision by the exchange administration agencies.

　　Financial institutions undertaking foreign exchange operations shall submit to the exchange administration agencies the balance sheet， income statement， other financial reports and information for foreign exchange operations.

　　Article 32 Financial institutions shall file with the exchange administration agencies for the termination of foreign exchange operations. Once the termination of foreign exchange operations is approved， these financial institutions shall settle their claims and liabilities in foreign currencies and have their license for foreign exchange operations revoked.

　　Chapter V Renminbi exchange rate and foreign exchange market

　　Article 33 The exchange rate for Renminbi is a single， managed floating exchange rate based on market demand and supply.

　　The People's Bank of China announces the exchange rate of Renminbi against major currencies on the basis of the prevailing exchange rates in the inter-bank foreign exchange market.

　　Article 34 The trading of foreign exchange in the market shall comply with the principle that advocates transparency， openness， fairness， and honesty.

　　Article 35 The number of currencies traded in

the market and the trading methods are decided upon and reviewed by the government agencies of the State Council in charge of the administration of the exchange system.

　　Article 36 Designated foreign exchange banks and other financial institutions involved in foreign exchange operations are dealers in the inter-bank foreign exchange market.

　　Based on the exchange rates announced by the Peoples Bank of China and the specified margins， designated foreign exchange banks and other financial institutions undertaking foreign exchange operations can quote the buying rate and selling rate for their clients and conduct the trading of foreign exchange accordingly.

　　Article 37 The government the agencies of the State Council in charge of the administration of exchange system shall supervise the foreign exchange market cross the country in accordance with the law.

　　Article 38 In light of the orientation of monetary policy and the developments in foreign exchange market， the People's Bank of China shall regulate foreign exchange market in accordance with the law.

　　Chapter VI Legal responsibilities

　　Article 39 To penalize the evasion scheme listed as follows， the exchange administration agencies shall order the foreign exchange in question to be repatriated， impose its conversion and place a penalty fine in the range of more than 30 percent and less then 5 times the amount of foreign exchange under the evasion scheme. In case of criminal offense， a criminal suit shall proceed：

　　1. to place foreign exchange deposit abroad without authorization and in violation of government regulations；

　　2. to act in defiance of the government regulations on the sale of foreign exchange to the designated foreign exchange banks；

　　3. to remit or take foreign exchange abroad in violation of the government regulations；

　　4. to take or mail abroad through postal services certificates of foreign exchange deposit and securities denominated in foreign currencies without authorization of the exchange administration agencies； and

　　5. other types of exchange evasion scheme.

　　Article 40 to penalize the illegal exchange arbitrage listed as follows， the exchange administration agencies shall serve a warning， impose the conversion of foreign exchange and place a penalty fine in the range of more than 30 percent and less then 5 times the amount of foreign exchange under the arbitrage scheme. In case of criminal offense， a criminal suit shall proceed：

　　1. to pay， in violation of the government regulations， in Renminbi or in kind for imports that require payment in foreign exchange or for other similar types of expenses；

　　2. to pay in Renminbi for local expenses on behalf others and get paid back in turn in foreign exchange；

　　3. to invest in China on the part of overseas investors in Renminbi or with goods purchased locally without authorization of the exchange administration agencies；

　　4. to purchase foreign exchange from designated foreign exchange banks with invalid documents， contracts and bills； and

　　5. other types of illegal arbitrage activities.

　　Article 41 The exchange administration agencies shall confiscate the illegal income generated from unauthorized foreign exchange operations undertaking without approval by the exchange administration agencies and order the stop of such operations. In case of criminal offense， a criminal suit shall proceed.

　　The exchange administration agencies shall order the financial institutions that conduct any activities without authorization beyond the prescribed business scope for foreign exchange operations to redress the case， confiscate the illegal income， if any， and impose a penalty fine in the range of one to five times the amount of the illegal foreign exchange income； if no illegal income is involved， a penalty fine of 100， 000 to 500， 000 Yuan shall be imposed.

　　In case of serious offense or failure to redress the case in time， the exchange administration agencies shall order these institutions to rectify their business or revoke their license for foreign exchange operations. In case of criminal offense， a criminal suit shall proceed.

　　Article 42 In case that designated foreign exchange banks fail to comply with the government regulations on the sale and purchase of foreign exchange， the exchange administration agencies shall order the banks to redress the case， issue a public reprimand， confiscate the illegal income and impose a penalty fine in the range of 100， 000 to 500， 000 Yuan. In case of serious offense， operations for the sale and purchase of foreign exchange shall be suspended.

　　Article 43 In case that financial institutions act in violation of the regulations governing exchange rate， deposit and lending rates for foreign exchange and operations in foreign exchange market， the exchange administration agencies shall order the institutions to redress the case， issue a public reprimand， confiscate the illegal income and impose a penalty fine in range of one to five times the amount of the illegal income in question. If no illegal income is involved， a penalty fine in the range of 100， 000 to 500， 000 Yuan shall be imposed. In case of serious offense， the exchange administration agencies shall order the institutions to rectify their business or revoke their license for foreign exchange operations.

　　Article 44 To penalized any activity listed as follows undertaken by domestic entities in violation of the regulations governing external debt， the exchange administration agencies shall serve a warning， issue a public reprimand and impose a penalty fine in the range of 100， 000 to 500， 000 Yuan. In case of criminal offense， a criminal suit shall proceed：

　　1. to process external borrowing without authorization；

　　2. to issue bonds denominated in foreign cur rency abroad without authorization and in violation of the relevant government regulations；

　　3. to provide guarantee for external obligations without authorization and in violation of the relevant government regulations； and

　　4. other activities in violation of the regulations on external debt.

　　Article 45 In case that the domestic entities undertake any activity involving illicit use of foreign exchange listed as follows， the exchange administration agencies shall order these entities to redress the case， impose the conversion of foreign exchange， confiscate the illegal income and impose a penalty fine no more than the equivalent amount of foreign exchange in question. In case of criminal offense， a criminal suit shall proceed：

　　1. to use foreign exchange in China for pricing or settlement；

　　2. to pledge foreign exchange in lien without authorization； and

　　3. to change the designated use of foreign exchange without authorization； and

　　4. other types of illicit use of foreign exchange.

　　Article 46 To penalize unauthorized trading， disguised trading and illicit merchanting of foreign exchange， the exchange administration agencies shall serve a warning， impose the conversion of foreign exchange， and place a penalty fine in the range of more than 30 percent of and less than 3 times the amount of the foreign exchange in question. In case of criminal offense， a criminal suit shall proceed.

　　Article 47 In case that domestic entities open foreign exchange accounts in China or abroad without authorization， rent， transfer of arbitrage foreign exchange accounts in violation or the regulations

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