Measures for the Administration of Renminbi Settlement Matters Relating to Foreign Direct Investment

Article 2: These Measures shall govern the handling of renminbi settlement matters relating to foreign direct investment by Banks.

第二条银行办理外商直接投资人民币结算业务，适用本办法。

Article 3: When a foreign enterprise, economic organisation or individual (hereinafter collectively referred to as “Foreign Investors”) invests in China in renminbi, it shall comply with the laws of the People's Republic of China on foreign direct investment.

第三条境外企业、经济组织或个人（以下统称境外投资者）以人民币来华投资应当遵守中华人民共和国外商直接投资法律规定。

Article 4: The People's Bank of China (the PBOC) shall be responsible for the administration of renminbi settlement matters relating to foreign direct investment in accordance herewith.

第四条中国人民银行根据本办法对外商直接投资人民币结算业务实施管理。

Part Two: Handling of matters

第二章业务办理

Article 5: When a Foreign Investor wishes to carry out the procedures for renminbi settlement matters relating to foreign direct investment, it may, in accordance with provisions for the administration of bank settlement accounts such as the Measures for the Administration of Renminbi Settlement Accounts and the Measures for the Administration of the Renminbi Settlement Accounts of Foreign Institutions (issued with document Yin Fa [2010] No.249), apply to open a renminbi settlement account for a foreign institution. In accordance with the principle of the dedicated use of dedicated accounts, a dedicated renminbi startup cost deposit account and a dedicated renminbi reinvestment deposit account shall be opened, and renminbi startup cost funds relating to an investment project and renminbi funds derived from profit distribution, liquidation, capital reduction, equity transfer, early recovery of investment, etc. that are to be used for domestic reinvestment shall be deposited into such accounts respectively. Cash receipt and payment may not be carried out through such accounts.

第五条境外投资者办理外商直接投资人民币结算业务，可以按照《人民币银行结算账户管理办法》、《境外机构人民币银行结算账户管理办法》（银发〔2010〕249号文印发）等银行结算账户管理规定，申请开立境外机构人民币银行结算账户。其中,与投资项目有关的人民币前期费用资金和通过利润分配、清算、减资、股权转让、先行回收投资等获得的用于境内再投资人民币资金应当按照专户专用原则，分别开立人民币前期费用专用存款账户和人民币再投资专用存款账户存放，账户不得办理现金收付业务。

Article 6: After a Bank has reviewed materials such as the payment instruction, fund use explanation and written fund use undertaking submitted by a Foreign Investor, it shall handle the payment of the startup costs into the domestic renminbi settlement account for it. Once the foreign-invested enterprise has been established, the remaining unused startup costs shall be transferred into a dedicated renminbi capital deposit account opened in accordance with Article 8 hereof or returned by way of the original route.

第六条银行应当在审核境外投资者提交的支付命令函、资金用途说明、资金使用承诺书等材料后，为其办理前期费用向境内人民币银行结算账户的支付。外商投资企业设立后，剩余前期费用应当转入按本办法第八条规定开立的人民币资本金专用存款账户或原路退回。

Article 7: A foreign-invested enterprise (whether newly established or established as a result of an acquisition) shall, within 10 working days after collection of its business licence, submit the following materials to the PBOC (sub-)branch of the place where it is registered to apply for the registration of corporate information:

第七条外商投资企业（含新设和并购）在领取营业执照后10个工作日内，应当向注册地中国人民银行分支机构提交以下材料，申请办理企业信息登记。

(1) a photocopy of the approval certificate of a foreign-invested enterprise; and

（一）外商投资企业批准证书复印件;

(2) the duplicate of its business licence and its organisation code certificate.

（二）营业执照副本、组织机构代码证。

A foreign-invested partnership is not required to submit the document specified in Item (1).

外商投资合伙企业无需提交前述第（一）项材料。

The PBOC (sub-)branch of the place where the foreign-invested enterprise is registered shall complete the corporate information registration procedures within 10 working days from the date of receipt of the application materials.

外商投资企业注册地中国人民银行分支机构应当在收到申请材料之日起10个工作日内完成企业信息登记手续。

If a change in a basic particular of a registered foreign-invested enterprise, such as in its name, term of operation, capital contribution method, partner or joint venture method occurs, or a material change, such as a capital increase, capital reduction, equity transfer or swap, or merger or division occurs, it shall submit the information concerning the change to the PBOC (sub-)branch of the place where it is registered within 15 working days after registration or record filing of the change by the administration for industry and commerce.

已登记外商投资企业发生名称、经营期限、出资方式、合作伙伴及合资合作方式等基本信息变更，或发生增资、减资、股权转让或置换、合并或分立等重大变更的，应当在经工商行政管理部门变更登记或备案后15个工作日内将上述变更情况报送注册地中国人民银行分支机构。

Article 8: A foreign-invested enterprise shall, in accordance with provisions on the administration of bank settlement accounts such as the Measures for the Administration of Renminbi Settlement Accounts, submit materials such as its business licence to a Bank to apply to open a renminbi settlement account. In accordance with the principle of the dedicated use of dedicated accounts, a dedicated renminbi capital deposit account shall be opened and the renminbi-denominated registered capital remitted inward by the Foreign Investor or the renminbi-denominated capital contribution paid by it shall be deposited into such account. Cash receipt and payment may not be carried out through such account.

第八条外商投资企业应当按照《人民币银行结算账户管理办法》等银行结算账户管理规定，向银行提交营业执照等材料，申请开立人民币银行结算账户。其中，境外投资者汇入的人民币注册资本或缴付人民币出资应当按照专户专用原则，开立人民币资本金专用存款账户存放，该账户不得办理现金收付业务。

Where a Foreign Investor acquires an enterprise in China with renminbi, establishing a foreign-invested enterprise therewith, the Chinese shareholder of the acquired enterprise in China shall, in accordance with provisions on the administration of bank settlement accounts such as the Measures for the Administration of Renminbi Settlement Accounts, apply to open a dedicated renminbi acquisition deposit account that shall be used exclusively to deposit the renminbi-denominated acquisition funds remitted by the Foreign Investor. Cash receipt and payment may not be carried out through such account.

境外投资者以人民币并购境内企业设立外商投资企业的，被并购境内企业的中方股东应当按照《人民币银行结算账户管理办法》等银行结算账户管理规定，申请开立人民币并购专用存款账户，专门用于存放境外投资者汇入的人民币并购资金，该账户不得办理现金收付业务。

Where a Foreign Investor pays the consideration for an equity transfer to the Chinese shareholder of a domestic foreign-invested enterprise in renminbi, the Chinese shareholder shall, in accordance with provisions on the administration of bank settlement accounts such as the Measures for the Administration of Renminbi Settlement Accounts, apply to open a dedicated renminbi equity transfer deposit account that shall be used exclusively to deposit the renminbi-denominated equity transfer consideration remitted by the Foreign Investor. Cash receipt and payment may not be carried out through such account.

境外投资者以人民币向境内外商投资企业的中方股东支付股权转让对价款的，中方股东应当按照《人民币银行结算账户管理办法》等银行结算账户管理规定，申请开立人民币股权转让专用存款账户，专门用于存放境外投资者汇入的人民币股权转让对价款，该账户不得办理现金收付业务。

Article 9: When a Foreign Investor is carrying out the procedures for the inward remittance of renminbi investment funds from abroad, it shall submit relevant materials such as the approval or record filing document of the relevant state department to the Bank. The Bank shall conduct a thorough review, and may log on to the information management system for cross-border receipts and payments of renminbi to check relevant information.

第九条境外投资者在办理境外人民币投资资金汇入业务时，应当向银行提交国家有关部门的批准或备案文件等有关材料。银行应当进行认真审核，可以登入人民币跨境收付信息管理系统查询有关信息。

When a foreign-invested enterprise in the real property sector carries out the procedures for the inward remittance of renminbi capital in connection with a foreign direct investment, the Bank shall additionally log on to the Ministry of Commerce's website to verify whether the enterprise has passed through the record filing procedures with the Ministry of Commerce.

对于房地产业外商投资企业办理外商直接投资人民币资本金汇入业务时，银行还需登陆商务部网站，验证该企业是否通过商务部备案。

Article 10: In accordance with relevant provisions, a foreign-invested enterprise shall engage an accounting firm to verify and confirm the payment by the Foreign Investor of the registered capital, capital contribution or whether the renminbi funds for an equity acquisition have been paid in. After it has sought confirmation from the Bank where the account is held, the accounting firm may issue a capital verification report.

第十条外商投资企业应当根据有关规定，委托会计师事务所对境外投资者缴付的注册资本、出资和股权收购人民币资金的实收情况进行验资询证。会计师事务所在向账户开户银行进行询证后，可以出具验资报告。

The Bank shall actively cooperate in the work by the accounting firm. Once it has received the Bank confirmation letter, it shall carefully check the relevant data and information, expressly sign its opinion, affix its business stamp that has statutory evidentiary effect and reply in writing within five working days from the date of receipt of the confirmation letter.

开户银行应当积极配合会计师事务所的工作，在收到银行询证函之后，认真核对有关数据资料，明确签署意见，加盖对外具有法定证明效力的业务专用章，并在收到询证函之日起５个工作日内回函。

Article 11: In accordance with relevant provisions for the administration of foreign direct investment, a Bank shall monitor the lawful use of renminbi capital by foreign-invested enterprises and examine the fund payments made through their dedicated renminbi capital deposit accounts. A Bank may not make payments of renminbi funds to third parties for dedicated renminbi capital deposit accounts for which capital verification procedures have not been completed.

第十一条银行应当依据相关外商直接投资业务管理规定，监督外商投资企业依法使用人民币资本金，审查通过人民币资本金专用存款账户办理的资金支付业务。银行不得为未完成验资手续的人民币资本金专用存款账户办理人民币资金对外支付业务。

Article 12: Where a Foreign Investor wishes to remit the renminbi profits it has earned out of China, the Bank may directly carry out the procedures after examining the relevant materials, such as the profit disposal resolution of the foreign-invested enterprise and proof of payment of taxes.

第十二条境外投资者将其所得的人民币利润汇出境内的，银行在审核外商投资企业有关利润处置决议及纳税证明等有关材料后可直接办理。

Article 13: Where a Foreign Investor wishes to remit renminbi funds derived from a capital reduction, equity transfer, liquidation, early recovery of investment, etc. out of China, the Bank shall carry out the renminbi fund remittance procedures for it after examining the approval or record filing document of the relevant state department and proof of payment of taxes.

第十三条境外投资者将因减资、转股、清算、先行回收投资等所得人民币资金汇出境内的，银行应当在审核国家有关部门的批准或备案文件和纳税证明后为其办理人民币资金汇出手续。

Article 14: Where a Foreign Investor wishes to use renminbi funds derived from a distribution of profits in renminbi, early recovery of investment, liquidation, capital reduction, equity transfer, etc. to reinvest or make a registered capital increase in China, it may deposit the renminbi funds into its dedicated renminbi reinvestment deposit account and carry out the relevant settlement matters in accordance herewith. The Bank shall carry out the procedures for the payment of renminbi funds to a third party after examining the approval or record filing document of the relevant state department and proof of payment of taxes.

第十四条境外投资者将因人民币利润分配、先行回收投资、清算、减资、股权转让等所得人民币资金用于境内再投资或增加注册资本的，境外投资者可以将人民币资金存入人民币再投资专用存款账户，按照本办法办理有关结算业务。银行应当在审核国家有关部门的核准或备案文件和纳税证明后办理人民币资金对外支付。

Article 15: Where a foreign-invested company with an investment nature, foreign-invested venture investment enterprise, foreign-invested equity investment enterprise, or a foreign-invested partnership whose main business is investment wishes to launch an investment business in China with renminbi in accordance with the law, its investee enterprise shall, in accordance with provisions on the administration of bank settlement accounts such as the Measures for the Administration of Renminbi Settlement Accounts, apply to open a dedicated renminbi capital deposit account that shall be used exclusively to deposit renminbi registered capital or capital contribution funds, and shall carry out the relevant fund settlement matters. Cash receipt and payment may not be carried out through such account.

第十五条外商投资性公司、外商投资创业投资企业、外商股权投资企业和以投资为主要业务的外商投资合伙企业在境内依法以人民币开展投资业务的，其所投资企业应当按照《人民币银行结算账户管理办法》等银行结算账户管理规定，申请开立人民币资本金专用存款账户，专门用于存放人民币注册资本或出资资金并办理相关资金结算业务，该账户不得办理现金收付业务。

Article 16: Where a Foreign Investor makes its capital contribution in both renminbi funds and foreign exchange funds, the Bank shall carry out the renminbi fund settlement procedures in accordance herewith and carry out the foreign exchange fund settlement procedures in accordance with relevant exchange control provisions. The exchange rate for translation between renminbi and the foreign currency shall be the median of the renminbi exchange rate posted by the PBOC on the date of capital verification for company registration.

第十六条境外投资者同时使用人民币资金和外汇资金出资的，银行应当按照本办法办理人民币资金结算手续，按照外汇管理有关规定办理外汇资金结算手续。人民币与外币的折算汇率为注册验资日当日中国人民银行公布的人民币汇率中间价。

Article 17: The renminbi borrowings and foreign exchange borrowings by a foreign-invested enterprise from its foreign shareholders, affiliates within the group and foreign financial institutions shall be calculated together to obtain the total size thereof.

第十七条外商投资企业向其境外股东、集团内关联企业和境外金融机构的人民币借款和外汇借款应当合并计算总规模。

Article 18: Pursuant to Article 12 of the Measures for the Administration of Renminbi Settlement Accounts, a foreign-invested enterprise shall, on the strength of the renminbi loan contract, apply to open a general renminbi deposit account that it shall use exclusively to deposit the renminbi proceeds borrowed from abroad.

第十八条外商投资企业应当按照《人民币银行结算账户管理办法》第十二条规定，凭人民币贷款合同，申请开立人民币一般存款账户，专门用于存放从境外借入的人民币资金。

Article 19: A Bank shall examine the genuineness and compliance of the use of renminbi registered capital and borrowed renminbi funds by a foreign-invested enterprise and monitor the foreign-invested enterprise's lawful use of the renminbi funds. When carrying out settlement matters, a Bank shall, in accordance with relevant prudential oversight provisions, require the enterprise to provide materials such as payment instructions and proof of the purpose of the funds, and examine them carefully.

第十九条银行应当对外商投资企业人民币注册资本金和人民币借款资金使用的真实性和合规性进行审查，监督外商投资企业依法使用人民币资金。在办理结算业务过程中，银行应当根据有关审慎监管规定，要求企业提供支付命令函、资金用途证明等材料，并进行认真审核。

Article 20: If a foreign-invested enterprise wishes to use renminbi to repay the principal of and pay the interest on an offshore renminbi loan, it may do so directly at a Bank on the strength of materials such as the loan contract, payment instructions and proof of payment of taxes.

第二十条外商投资企业用人民币偿还境外人民币借款本息的，可以凭贷款合同和支付命令函、纳税证明等材料直接到银行办理。

Part Three: Oversight

第三章监督管理

Article 21: A Bank shall duly perform its information submission obligation, accurately and in a timely manner submitting complete information on the opening of renminbi settlement accounts of foreign institutions, dedicated renminbi capital deposit accounts, dedicated renminbi acquisition deposit accounts, dedicated renminbi equity transfer deposit accounts and renminbi general deposit accounts opened in accordance herewith, as well as information on the cross-border and domestic renminbi fund receipts and payments carried out through such accounts to the information management system for cross-border receipts and payments in renminbi.

第二十一条银行应当认真履行信息报送义务，及时、准确、完整地向人民币跨境收付信息管理系统报送依据本办法开立的境外机构人民币银行结算账户、人民币资本金专用存款账户、人民币并购专用存款账户、人民币股权转让专用存款账户和人民币一般存款账户的开立信息，以及通过上述账户办理的跨境和境内人民币资金收入和支付信息。

Article 22: A Bank shall carry out renminbi settlement account matters for deposit holders such as Foreign Investors, foreign-invested enterprises and their Chinese shareholders in accordance with provisions on the administration of bank settlement accounts such as the Measures for the Administration of Renminbi Settlement Accounts, the Implementing Rules for the Measures for the Administration of Renminbi Settlement Accounts (issued with document Yin Fa [2005] No.16) and the Measures for the Administration of the Renminbi Settlement Accounts of Foreign Institutions.

第二十二条银行应当按照《人民币银行结算账户管理办法》、《人民币银行结算账户管理办法实施细则》（银发〔2005〕16号文印发）和《境外机构人民币银行结算账户管理办法》等银行结算账户管理规定，为境外投资者、外商投资企业及其中方股东等存款人办理人民币银行结算账户业务。

Article 23: When carrying out procedures for renminbi settlement matters relating to foreign direct investment, Banks and foreign-invested enterprises shall carry out the reporting of international receipts and payments in accordance with relevant provisions such as the Measures for Reporting Statistics on International Receipts and Payments.

第二十三条在办理外商直接投资人民币结算业务时，银行和外商投资企业应当按照《国际收支统计申报办法》等有关规定办理国际收支申报。

Article 24: When carrying out procedures for renminbi settlement matters relating to foreign direct investment, Banks shall duly perform their anti-money laundering and anti-terrorist financing obligations in accordance with the PRC Anti-money Laundering Law and relevant PBOC provisions so as to prevent the use of renminbi settlement relating to foreign direct investment to engage in illegal and criminal activities such as money laundering and terrorist financing. A Bank shall collect anti-money laundering and anti-terrorist financing information of the place where a Foreign Investor is located, understand who the natural person actually controlling the investment is and who the true beneficiary of the investment is, assess the money laundering and terrorist financing risks of the investment and take appropriate risk management measures.

第二十四条银行在办理外商直接投资人民币结算业务时，应当按照《中华人民共和国反洗钱法》和中国人民银行的有关规定,切实履行反洗钱和反恐融资义务，预防利用外商直接投资人民币结算进行洗钱、恐怖融资等违法犯罪活动。银行应当收集境外投资者所在地的反洗钱和反恐融资信息，了解实际控制投资的自然人和投资真实受益人，评估投资的洗钱和恐怖融资风险，并采取适当的风险管理措施。

Article 25: The PBOC and relevant departments shall establish the necessary information sharing and management mechanisms, intensify their after-the-fact inspection efforts and effectively oversee renminbi settlement activities relating to foreign direct investment.

第二十五条中国人民银行和有关部门建立必要的信息共享和管理机制，加大事后检查力度，有效监管外商直接投资人民币结算业务活动。

Article 26: The PBOC, together with relevant departments, will conduct onsite and offsite inspections of the renminbi settlement activities relating to foreign direct investment of Banks and foreign-invested enterprises as well as extended inspections of the use of funds and procure the due performance by Banks of duties such as the review of the genuineness of transactions, information submission and anti-money laundering.

第二十六条中国人民银行会同有关部门对银行、外商投资企业的外商直接投资人民币结算业务活动进行现场检查和非现场检查，以及资金使用的延伸检查，督促银行切实履行交易真实性审核、信息报送、反洗钱等职责。

Article 27: If a Bank or foreign-invested enterprise violates relevant provisions of these Measures, the PBOC, together with relevant departments, may circulate a notice of criticism of it or impose penalties in accordance with the law. If the circumstances are serious, it may temporarily halt or prohibit the Bank or foreign-invested enterprise from continuing to carry out cross-border renminbi business.

第二十七条银行、外商投资企业违反本办法有关规定的，中国人民银行会同有关部门可以依法对其进行通报批评或处罚；情节严重的，可以暂停或禁止银行、外商投资企业继续开展跨境人民币业务。

Article 28: If a Bank violates relevant prudential oversight provisions in the course of handling renminbi settlement matters relating to foreign direct investment, the relevant department shall deal with the matter in accordance with the law. If it violates administrative provisions such as those on the administration of renminbi settlement accounts, anti-money laundering or anti-terrorist financing, the PBOC will deal with the matter in accordance with the law.

第二十八条银行在办理外商直接投资人民币结算业务时违反有关审慎监管规定的，由有关部门依法进行处理；违反有关人民币银行结算账户和反洗钱、反恐融资等管理规定的，由中国人民银行依法进行处理。

Part Four: Supplementary provisions

第四章附则

Article 29: The PBOC is in charge of interpreting these Measures.

第二十九条本办法由中国人民银行负责解释。

Article 30: These Measures shall be effective as of the date of issuance. In the event of a discrepancy between these Measures and previous relevant provisions, these Measures shall prevail.

clp reference:2300/11.10.13 prc reference:人民银行公告 [2011] 第23号 promulgated:2011-10-13 effective:2011-10-13

(Issued by the People's Bank of China on, and effective as of, October 13 2011.)

第三十条本办法自发布之日起施行。此前有关规定，与本办法不一致的，以本办法为准。

Announcement of the PBOC [2011] No. 23

Part One: General provisions

Article 1: These Measures have been formulated pursuant to relevant laws, administrative regulations and rules such as the PRC People's Bank of China Law and the Measures for the Administration of Renminbi Settlement Accounts (issued with Order of the People's Bank of China [2003] No.5) in order to further expand the scope of use of the renminbi in cross-border trade and investment, and regulate the handling of renminbi settlement matters relating to foreign direct investment by financial institutions of the banking sector (Banks).