State Administration of Foreign Exchange, Implementation of Reform of Foreign Exchange Control of Domestic Foreign Exchange Loans Circular

国家外汇管理局关于实施国内外汇贷款外汇管理方式改革的通知

July 02, 2003 | BY

clpstaff &clp articles &

Issued: December 6 2002Effective: January 1 2003Applicability: The self-operational foreign exchange loans provided by a Chinese-funded financial institution…

Clp Reference: 3810/02.12.06 Promulgated: 2002-12-06 Effective: 2003-01-01

Issued: December 6 2002
Effective: January 1 2003
Applicability: The self-operational foreign exchange loans provided by a Chinese-funded financial institution to a domestic institution of a non-financial nature, excluding loans converted from foreign debts (Item Two).

Main contents: The State Administration of Foreign Exchange (SAFE) shall implement the reform of foreign exchange control of domestic foreign exchange loans nationwide. Instead of having the debtors register each foreign exchange loan borrowing with SAFE or its administrations, under the reform the creditors (i.e. wholly Chinese-owned financial institutions that grant domestic foreign exchange loans) shall centrally register foreign exchange loans and report the same to the foreign exchange administrations. Such wholly Chinese-owned financial institutions may, on their own, open accounts designated for domestic foreign exchange loans for the enterprise and verify the truthfulness and compliance of the repayment of principals and interest (Item One).
Repealed legislation: Implementation of Trial Reform of Foreign Exchange Control of Domestic Foreign Exchange Loans Circular, Aug 2001

clp reference:3810/02.12.06promulgated:2002-12-06effective:2003-01-01

This premium content is reserved for
China Law & Practice Subscribers.

  • A database of over 3,000 essential documents including key PRC legislation translated into English
  • A choice of newsletters to alert you to changes affecting your business including sector specific updates
  • Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
For enterprise-wide or corporate enquiries, please contact our experienced Sales Professionals at +44 (0)203 868 7546 or [email protected]