People's Bank of China, Measures for the Administration of the Handling of the Settlement and Sale of Foreign Exchange by Banks

中国人民银行银行办理结售汇业务管理办法

July 15, 2014 | BY

clpstaff &clp articles &

PBOC lowers thresholds for banks to engage in forex business.

Clp Reference: 3810/14.06.22 Promulgated: 2014-06-22 Effective: 2014-08-01

Promulgated: June 22 2014

Effective: August 1 2014


Main contents: Originally, the People's Bank of China had set eight conditions for a financial institution wishing to apply to engage in the business of spot settling and selling foreign exchange, now reduced to four in the new Measures. The four conditions set forth in the new Measures are as follows: having financial business qualifications; having sound business management systems; having the software and hardware equipment necessary to handle business; and having the senior management personnel and business personnel with relevant work experience (Article 6).

Related legislation: PRC Regulations for the Control of Foreign Exchange (2nd Revision), Aug 5 2008, CLP 2008 No.8 p.77

clp reference:3810/14.06.22promulgated:2014-06-22effective:2014-08-01

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