Circular on Revising the Policies on Control of Foreign Exchange on the Current Account

关于调整经常项目外汇管理政策的通知

Further procedure and restriction relief is given to foreign exchange control on the current account.

Clp Reference: 3810/06.04.13 Promulgated: 2006-04-13 Effective: 2006-05-01

(Issued by the State Administration of Foreign Exchange on April 13 2006 and effective as of May 1 2006.)

(国家外汇管理局于二零零六年四月十三日发布,自二零零六年五月一日起施行。)

Hui Fa [2006] No.19

汇发 [2006] 19号

Branches and offices of the State Administration of Foreign Exchange of each province, autonomous region and municipality directly under the central government and the Shenzhen, Dalian, Qingdao, Xiamen and Ningbo municipal branches of the State Administration of Foreign Exchange; Chinese-invested designated foreign exchange banks:

国家外汇管理局各省、自治区、直辖市分局、外汇管理部,深圳、大连、青岛、厦门、宁波市分局;各中资外汇指定银行:

With a view to further satisfying the demand of organizations and individuals in China for foreign exchange and facilitating trade, pursuant to the People's Bank of China, Announcement [2006] No.5, we hereby notify you concerning matters relevant to the revision of the policies on control of foreign exchange on the current account as follows:

为进一步满足境内机构和个人的用汇需求,促进贸易便利化,根据中国人民银行公告[2006]第5号,现就经常项目外汇管理政策调整的有关事宜通知如下:

1. Abolition of Advance Examination and Approval of the Opening of Current Account Related Foreign Exchange Accounts, and Increasing the Limits on Current Account Related Foreign Exchange Accounts

一、   取消经常项目外汇账户开户事前审批,提高经常项目外汇账户限额

(1) Foreign exchange bureaux shall no longer carry out advance examination and approval of the opening, modification and closing of the current account related foreign exchange accounts (Accounts) of organizations in China. If an organization in China has previously opened an Account and needs to open a new Account, it may carry out Account opening procedures directly with a designated foreign exchange bank (a Bank) on the strength of an Account opening application, its business licence (or social organization registration certificate) and its organization code certificate. If an organization has not previously opened an Account, it shall first register its basic particulars with the relevant foreign exchange bureau on the strength of its business licence (or social organization registration certificate) and its organization code certificate.

(一)  外汇局不再对境内机构经常项目外汇账户的开立、变更、关闭进行事先核准。境内机构凡已经开立过经常项目外汇账户的,如需开立新的经常项目外汇账户,可持开户申请书、营业执照(或社团登记証)和组织机构代码証直接到外汇指定银行(以下简称“银行”)办理开户手续;凡未开立过经常项目外汇账户的,应持营业执照(或社团登记証)和组织机构代码証先到外汇局进行机构基本信息登记。

(2) The limit on the amount of foreign exchange that may be retained in the Account of an organization in China shall be increased, and such limit shall be determined by adding 80% of the receipts in the Account and 50% of the expenditures from the Account in the previous year. If an organization in China did not have any current account related foreign exchange receipts and expenditures in the previous year and needs to open an Account, the initial limit on the opened Account shall be increased to no more than the equivalent of US$500,000.

(二)  提高境内机构经常项目外汇账户保留外汇的限额,按上年度经常项目外汇收入的80%与经常项目外汇支出的50%之和确定。对于上年度没有经常项目外汇收支且需要开立账户的境内机构,开立经常项目外汇账户的初始限额,调整为不超过等值50万美元。

(3) If an organization in China has a genuine trade background and needs to make payments to foreign parties, it may purchase foreign exchange from its Bank in advance on the strength of the valid vouchers and commercial documents specified in the Regulations for the Administration of the Settlement, Sale and Payment of Foreign Exchange and other relevant foreign exchange control regulations and deposit the same in its Account.

(三)  境内机构有真实贸易背景且有对外支付需要的,可在开户银行凭《结汇、售汇及付汇管理规定》及其它有关外汇管理法规规定的有效凭証和商业单据提前办理购汇,并存入其经常项目外汇账户。

2. Simplification of Foreign Exchange Sale and Payment Documents for Trade in Services, and Revision of the Authority for the Examination of Sales and Payments of Foreign Exchange in Relation to Trade in Services

二、   简化服务贸易售付汇凭証,调整服务贸易售付汇审核权限

(1) When making payment of a charge in relation to trade in services of not more than the equivalent of US$50,000 to an organization abroad or the equivalent of US$5,000 to an individual abroad, an organization or individual in China shall carry out foreign exchange purchase and payment procedures on the strength of the contract (agreement) or invoice (payment notice). For amounts exceeding the foregoing limits, procedures shall be carried out in accordance with existing provisions.

(一)  对境外机构支付等值5万美元以下(含5万美元),对境外个人支付等值5千美元以下(含5千美元)服务贸易项下费用的,境内机构和个人凭合同(协议)或发票(支付通知书)办理购付汇手续;超过上述限额的,按原规定办理。

(2) If an organization or individual in China makes a payment in relation to trade in services to a foreign party by electronic commerce means, such as the internet, it may carry out foreign exchange purchase and payment procedures on the strength of the relevant contract (agreement) or payment notice downloaded from the network and affixed with its/his/her stamp or signed with its/his/her signature.

(二)  境内机构和个人通过互联网等电子商务方式进行服务贸易项下对外支付的,可凭网络下载的相关合同(协议)、支付通知书,加盖印章或签字后,办理购付汇手续。

(3) For sales and payments of foreign exchange in relation to trade in services on which regulations are silent concerning the examination of the documents, if the amount is not more than the equivalent of US$10,000, the examination shall be carried out by the Bank and if the amount is more than the equivalent of US$10,000, the examination shall be carried out by the local foreign exchange bureau.

(三)  对法规未明确规定审核凭証的服务贸易项下的售付汇,等值10万美元以下(含10万美元)的由银行审核,等值10万美元以上的由所在地外汇局审核。

(4) When international maritime transport enterprises (including international shipping enterprises, non-vessel operating common carriers, shipping agents and freight forwarding agents) are to pay international maritime transport related freight and relevant charges, they may purchase foreign exchange directly from a Bank. A freight owner may, in line with its business requirements, directly pay the international maritime transport related freight and relevant charges to the transport enterprise abroad.

(四)  国际海运企业(包括国际船舶运输、无船承运、船舶代理、货运代理企业)支付国际海运项下运费及相关费用,可直接到银行购汇;货主根据业务需要,可直接向境外运输企业支付国际海运项下运费及相关费用。

3. Relaxation of Policies on the Purchase of Foreign Exchange by Resident Individuals of China, and Implementation of Control of the Total Annual Amount

三、   放宽境内居民个人购汇政策,实行年度总额管理

(1) Control of the total annual amount of foreign exchange purchased by a resident individual of China shall be implemented. The total annual amount shall be the equivalent of US$20,000 per person per year. When a resident individual of China wishes to purchase foreign exchange within the total annual amount, he/she shall carry out the procedures with a Bank on the strength of his/her genuine proof of identity and after declaring to the Bank the purpose of such foreign exchange. If he/she wishes to purchase foreign exchange in excess of the total annual amount, the Bank shall carry out the procedures after examining the document of genuine need specified in foreign exchange control provisions.

(一)  对境内居民个人购汇实行年度总额管理,年度总额为每人每年等值2万美元。境内居民个人在年度总额内购汇的,凭本人真实身份証明并向银行申报用途后办理;超过年度总额购汇的,经银行审核外汇管理规定的真实需求凭証后办理。

(2) The foreign exchange purchased within the total annual amount by a resident individual of China may be deposited into his/her foreign exchange account in China or used for a current account related foreign exchange payment. The remittance abroad of foreign exchange, the withdrawal of foreign currency cash and the carrying of foreign currency cash abroad shall continue to be handled in accordance with existing foreign exchange control provisions.

(二)  境内居民个人年度总额内所购外汇,可以存入本人境内外汇账户或用于经常项目外汇支出。凡外汇汇出境外、提取外币现钞或携带出境的,仍按原外汇管理规定办理。

(3) When a resident individual of China purchases foreign exchange within the total annual amount, he/she shall carry out the procedures himself/herself or entrust a direct relative to do so on his/her behalf. When the procedures are carried out by a direct relative, the proofs of identity of both the principal and the person carrying out the procedures on his/her behalf, proof of their familial relationship and the power of attorney from the principal shall be provided.

(三)  境内居民个人在年度总额内购汇,应由本人办理或委托其直系亲属代为办理。凡由直系亲属代为办理的,需提供委托人和代办人的身份証明、亲属关系証明,以及委托人的授权书。

(4) Foreign exchange bureaux shall no longer carry out verification and reconciliation on the purchase of foreign exchange by resident individuals of China.

(四)  外汇局对境内居民个人购汇不再实行核销管理。

4. Regulation of Administration of Business and Strengthening of Monitoring and Early Warning

四、   规范业务管理,加强监测预警

(1) Foreign exchange bureaux shall regulate the foreign exchange receipt and expenditure activities of organizations and individuals in China via information system, and, in line with the objective requirements of the foreign-related economic development and the state of international receipts and payments, revise the limits on Accounts and the total annual amount of foreign exchange that resident individuals of China may purchase.

(一)  外汇局通过信息系统对境内机构和个人外汇收支活动实施监管,并根据涉外经济发展和国际收支形势的客观需要,对经常项目外汇账户限额和境内居民个人购汇年度总额进行调整。

(2) Banks shall, as required, strengthen their review of the genuineness of the foreign exchange fund inflows of, and settlement of foreign exchange by, organizations and individuals in China and submit to the foreign exchange bureaux information on the opening and closing of foreign exchange accounts, receipts and payments of foreign exchange and the purchase of foreign exchange by individuals.

(二)  银行应按要求加强对境内机构和个人外汇资金流入和结汇的真实性审核,向外汇局报送外汇账户的开立、关闭和外汇收支以及个人购汇信息。

(3) Foreign exchange bureaux shall investigate and handle violations of this Circular in accordance with relevant foreign exchange control regulations.

(三)  对违反本通知规定的,外汇局依据有关外汇管理法规进行查处。

This Circular shall be effective as of May 1 2006. Matters not covered herein shall continue to be handled in accordance with current provisions. In the event of a conflict between this Circular and previous provisions, this Circular shall prevail.

本通知自2006年5月1日起执行。本通知未尽事宜仍按现行规定办理。以前规定与本通知规定相抵触的,按本通知规定执行。

Upon receipt of this Circular, all branches shall promptly transmit the same to sub-branches within their jurisdiction, foreign-invested banks, urban commercial banks and rural credit cooperative banks. Upon receipt of this Circular, the head offices of Chinese-invested designated foreign exchange banks shall promptly transmit the same to their branches and sub-branches. If any problems are encountered in the implementation hereof, you are asked to report the same to the State Administration of Foreign Exchange in a timely manner.

clp reference:3810/06.04.13prc reference:汇发 [2006] 19号promulgated:2006-04-13effective:2006-05-01

各分局收到本通知后,应尽快转发至所辖支局、外资银行、城市商业银行、农村信用合作银行;各中资外汇指定银行总行收到本通知后,应尽快转发所辖分支行。执行中如遇到问题,请及时向国家外汇管理局反馈。

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