State Administration of Foreign Exchange, Issues Relevant to the Administration of Foreign Currency Bank Cards Circular

Issued: May 12 2003
Effective: June 1 2003

Main contents: Parts One and Two cover the use and foreign exchange settlement of foreign and domestically issued foreign-currency bank cards. The Circular allows holders of foreign-issued foreign currency bank cards to withdraw only renminbi cash from bank counters or automated teller machines (Section One(1)). Holders of domestic individual bank cards, on the other hand, may withdraw foreign currencies from bank counters (Section Two(1)). A holder of domestically issued foreign currency bank cards may withdraw a maximum of US$1000 a day and US$5000 a month while abroad. Part Three allows a holder of a domestic bank card to purchase foreign exchange for repayment of his lawful overdraft. Part Four requires the reporting of any large amount of foreign exchange deposits, withdrawals or consumption transactions by holders of domestic bank cards. Part Five concerns statistics on transactions related to foreign currency bank cards.