State Administration of Foreign Exchange, Measures for Foreign Exchange Control in Zones under Special Customs Surveillance

Applicability:

For the purposes of these Measures, the term “zones under special customs surveillance” (ZUSCS) includes bonded zones, export processing zones, bonded logistics parks, cross-border industrial zones, bonded port zones, comprehensive bonded zones and other such specific areas where customs effects closed surveillance (Article 2)

Main contents:

Transactions under the trade in goods effected between a ZUSCS and an area inside the PRC outside the ZUSCS may be denominated and settled in renminbi or a foreign currency; whereas transactions under the trade in services shall be denominated and settled in renminbi. Transactions between organisations in a ZUSCS may be denominated and settled in renminbi or a foreign currency; official fees charged by an administrative authority in a ZUSCS shall be denominated and settled in renminbi (Article 5)

Related legislation:

Guiding Opinions on Promoting the Rational Development of Zones under Special Customs Surveillance, Oct 27 2012, CLP 2012 No.8 p.50

Repealed legislation:

Measures for the Control of Foreign Exchange in Bonded and Supervised Zones, Aug 15 2007, CLP 2007 No.9 p.40; Operational Rules for the Measures for the Control of Foreign Exchange in Bonded and Supervised Zones, 2007, Official Reply on Issues Relevant to Foreign Exchange Control in Respect of the Shanghai Diamond Exchange, 2002 and the Official Reply on the Tentative Measures for Foreign Exchange Control in Respect of the Shanghai Diamond Exchange, 2000