State Administration of Foreign Exchange, Administration of Purchase of Foreign Exchange by Individual Residents Within China Implementing Rules

Issued: July 11 2002
Effective: August 1 2002
Interpreting authority: State Administration of Foreign Exchange

Main contents: The Rules state that designated foreign exchange banks fulfilling the business and technical conditions set out in Article 11 may apply to engage in the business of selling foreign exchange to individual residents. Foreign-funded banks and urban commercial banks should apply to the foreign exchange administration at the place where they are located. The foreign exchange administration will transmit the application to the State Administration of Foreign Exchange for approval (Article 13). The Rules also list the documents that a bank requires of a resident purchasing foreign exchange (Article 17).
Related legislation: PRC, Foreign Exchange Control Regulations (2nd Revision), Aug 5 2008, CLP 2008 No.8 p77 and Administration of Foreign Exchange of Individual Residents Within China Tentative Procedures (Revised), Sep 1 1998, CLP 1998 No.10 p7