State Administration of Foreign Exchange, Circular on the Work Related to Facilitating the Conduct of Reviews of Trade Documents by Banks

Issued: April 4 2017

Effective: May 1 2017

Main contents: When handling a payment of foreign exchange to a foreign party (other than in connection with offshore resale) amounting to more than the equivalent of US$100,000 in connection with the trade in goods, the bank, while reviewing the relevant trade documents in accordance with current provisions, shall, in principle, carry out verification procedures in respect of the relevant electronic import customs declaration information through the system's “customs declaration information verification” module. If the bank can confirm that the enterprise's payment of foreign exchange to the foreign party is genuine and lawful, it is free not to carry out the verification procedure (Article 1).