State Administration of Foreign Exchange, Administrative Procedures Concerning Adjustment to the Limits of Foreign Exchange Accounts for Current Account Items Circular

Issued: February 4 2005
Effective: March 1 2005
Applicability: In the event of a conflict between previous provisions and this Circular, this Circular shall prevail (Item Four).

Main contents: In the case of the balance of the foreign exchange account for current account items of a domestic institution exceeding the verified limit, the Circular now extends the time limit for settlement from 10 working days to 90 working days (Item One). For import-export and production-type enterprises that truly need to fully retain foreign exchange income under current account items for real business needs, all foreign exchange branches may, on the basis of the actual need, verify the limits of foreign exchange accounts at 100% of the foreign exchange income (Item Two).