State Administration of Foreign Exchange, Circular on Issues Relevant to Foreign Exchange Control Involved in the Restructuring of Foreign-invested Banks

Issued: March 20 2007

Main Contents: The Circular covers the following foreign exchange control issues involved in the restructuring of branches of foreign banks into wholly foreign-owned banks:

(1) business qualifications: qualifications for engaging in businesses of spot settlement and sale of foreign exchange, forward settlement and sale of foreign exchange, swaps between renminbi and foreign currencies, and other derivatives between renminbi and foreign currencies; membership in the foreign exchange market; QFII custodian business qualifications and QDII business qualifications (Article 1);