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| Category | BANKING | Organ of Promulgation | The State Council | Status of Effect | Invalidated |
| Date of Promulgation | 1980-12-18 | Effective Date | 1981-03-01 | Date of Invalidation | 1996-04-01 |
|
Interim Regulations on Foreign Exchange Control of the People's Republic of China |
|---|
Article 1 These Regulations are formulated for the purpose of
strengthening foreign exchange control, increasing national foreign
exchange income and economizing on foreign exchange expenditure so as to
facilitate the development of national economy and safeguard the rights and
interest of the country.
All foreign exchange income and expenditure, the issuance and circulation
of all kinds of payment instrument in foreign currency, and the carrying of
foreign exchange, precious metals and payment instruments in foreign currency
into and out of the territory of the People's Republic of China shall be
governed by these regulations.
Article 2 Foreign exchange mentioned in these Regulations refers to:
a. foreign currencies,including banknotes, coins, etc.
b. securities in foreign currency, including government bonds, treasury
bills, corporate bonds and debentures, stocks, and interest coupons, etc.
c. instruments payable in foreign currency, including bills, drafts,
cheques, bank deposit certificates, postal savings certificates, etc.
d. other foreign exchange funds.
Article 3 The People's Republic of China pursues the policy of
centralized control and unified management of foreign exchange by the State.
The administrative agency of the People's Republic of China in change of
foreign exchange control is the State Administration of Foreign Exchange
Council (SAFEC) and its branch offices.
The specialized bank of the People's Republic of China engaged in foreign
exchange business is the Bank of China. No other financial institution shall
engage in foreign exchange business, unless approved by the SAFEC.
Article 4 All Chinese and foreign organizations or individuals within the
territory of the People's Republic of China must, unless otherwise stipulated
by law, decrees and these Regulations, sell their foreign exchange to the Bank
of China. Any foreign exchange they required is to be sold to them by the Bank
of China in accordance with the plans approved by the State or with relevant
provisions.
The circulation, use and mortgage of foreign currency, the unauthorized Article 5 All the foreign exchange incomes and expenditures of State Organizations within territory are permitted to hold their retained Article 6 Unless approved by the SAFEC or its branch offices, Article 7 Unless approved by the State Council, organizations within Article 8 With regard to loans to be accepted by organizations within The measures for examining and approving such loans shall be prescribed Article 9 Any foreign exchange held by organizations within territory, Article 10 When organizations within territory import or export goods, Article 11 State organs stationed abroad must use foreign exchange The profits derived from their business operations by enterprises and No organization stationed abroad is permitted to keep foreign exchange Article 12 Delegations and working groups sent temporarily to foreign Foreign exchange earned in their various business activities by the Article 13 Foreign exchange remitted from foreign countries or from the Article 14 Chinese, foreign nationals and stateless persons residing in The foreign exchange mentioned in the preceding paragraph shall not, If the owners need to sell the foreign exchange, they must sell it to the Article 15 When the foreign exchange that has been kept in foreign Article 16 When the foreign exchange belonging personally to individuals Article 17 The percentages of foreign exchange retention permitted under Foreign exchange retained by individuals as permitted under Articles 13, Article 18 The foreign exchange remitted or brought into China from Article 19 Chinese, foreign nationals and stateless persons residing When foreign experts, technicians, staff members and workers engaged to Article 20 Foreign exchange remitted or brought into China from foreign Article 21 The conversion into foreign currency, if required, of visa Article 22 All foreign exchange receipts of enterprises with overseas The enterprises mentioned in the preceding paragraph must periodically Article 23 Except where otherwise approved by the SAFEC or its branch Article 24 Enterprises with overseas Chinese capital, foreign-capital Where the enterprises and foreign joint venturers mentioned in the Article 25 An amount not exceeding 50% of their after-tax legitimate net Article 26 Enterprises with overseas Chinese capital, foreign-capital Article 27 No restriction as to the amount is imposed on the carrying To carry out of China foreign exchange or the foreign exchange previously To carry out of China precious metals and objects made from them or the Article 28 To bring into China Renminbi traveller's cheques, traveller's Article 29 Unless otherwise approved by the SAFEC or its branch offices, Article 30 The carrying or sending out of China of Renminbi instruments, Article 31 All units and individuals have the right to report any Article 32 The exchange control measures for special economic zones, for Article 33 Rules for the implementation of these Regulations shall be Article 34 These Regulations shall enter into effect on March 1, 1981.
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sales and purchases of foreign exchange, and the unlawful procurement of
foreign exchange or evasion of foreign exchange control by whatever means are
prohibited within the territory of the People's Republic of China.
Chapter II Foreign Exchange Control Relating to State Units and
Collective Economic Organizations
organs, units of the armed forces, nongovernmental bodies, schools, State
enterprises, institutions and urban and rural collective economic
organizations within China's territory (hereinafter referred to as
organizations within territory) are all subject to planned control.
foreign exchange in accordance with the relevant provisions.
organizations within territory shall not possess foreign exchange; deposit
foreign exchange abroad; offset foreign exchange expenditure against foreign
exchange income; or use the foreign exchange belonging to State organs
stationed abroad or enterprises and institutions established in foreign
countries or in the Hong Kong and Macao regions by the State, by way of
borrowing or acquisition.
territory shall not issue securities with foreign exchange value inside or
outside China.
territory from banks or enterprises in foreign countries or in the Hong Kong
and Macao regions, the relevant competent departments under the State Council
or the relevant people's governments of provinces, autonomous regions and
municipalities directly under the Central Government shall consolidate and
draw up overall annual plans for such loans which must be submitted to the
SAFEC and the Foreign Investment Control Commission for examination and
transmission to the State Council for approval.
separately.
including their retained foreign exchange, non-trade foreign exchange and
foreign exchange under compensatory trade received in advance and reserved for
later payments, funds borrowed in convertible foreign currencies and other
foreign exchange held with the approval of the SAFEC or its branch offices
must be placed in foreign currency deposit accounts or foreign currency quota
accounts to be opened with the Bank of China, and must be used within the
prescribed scope and be subject to the supervision of the Bank of China.
the banks handling the transactions shall check their foreign exchange
receipts and payments either against the import or export licenses duly
verified by the Customs or against the Customs declaration forms for imports
or exports.
according to the plan approved by the State.
institutions established in foreign countries or in the Hong Kong and Macao
regions, except for the portion kept there as working funds according to the
plan approved by the State, must be transferred back on schedule and be sold
to the Bank of China.
for organizations within territory without authorization.
countries or to the Hong Kong and Macao regions must use foreign exchange
according to their respective specific plans, and must, upon completion of
their missions and return, promptly transfer back to China their surplus
foreign exchange to be checked by and sold to the Bank of China.
delegations and working groups mentioned in the preceding paragraph and by
members thereof, must be promptly transferred back to China and must not be
kept abroad without the approval of the SAFEC or its branch offices.
Chapter III Foreign Exchange Control Relating to Individuals
Hong Kong and Macao regions to Chinese, foreign nationals and stateless
persons residing in China must be sold to the Bank of China, except the
portion retained as permitted by the State.
China shall be permitted to keep in their own possession foreign exchange
already in China.
without authorization, be carried or sent out of China either by owners or
by others or by post.
Bank of China and are permitted to retain a portion of the foreign exchange
according to the percentage prescribed by the State.
countries or in the Hong Kong and Macao regions by Chinese residing in China
prior to the founding of the People's Republic of China, by overseas Chinese
prior to their returning to and settling down in China, or by Hong Kong and
Macao compatriots prior to their returning to and settling down in their
native places, is transferred to China, the owners shall be permitted to
retain a portion of the foreign exchange according to the percentage
prescribed by the State.
sent to work or study in foreign countries or in the Hong Kong and Macao
regions is remitted or brought back to China, the owners, upon the completion
of their missions and return, shall be permitted to retain the entire amount
of the foreign exchange.
Articles 13, 14, and 15 of these Regulations shall be prescribed separately.
14,15, and 16 of these Regulations must be deposited with the Bank of China.
These foreign exchange deposits may be sold to the Bank of China or remitted
out of China through the Bank of China, or taken out of China against
certification by the Bank of China. It is however not permitted, without
authorization, to carry or send deposit certificates out of China either by
holders or by others or by post.
foreign countries or from the Hong Kong and Macao regions by foreign nationals
coming to China, by overseas Chinese and Hong Kong and Macao compatriots
returning for a short stay, by foreign experts, technicians, staff members and
workers engaged to work in organizations within China, and by foreign students
and trainees, may be kept in their own possession, or sold to or deposited
with the Bank of China, or remitted or taken out of China.
in China may apply to the local branch offices of the SAFEC for the purchase
of foreign exchange to be remitted or taken out of China. Upon approval of
such applications, the required foreign exchange shall be sold to the
applicants by the Bank of China.
work in organizations within territory are to remit or take out of China their
foreign exchange, the Bank of China shall handle the matter in accordance with
the stipulations as provided in the relevant contracts or agreements.
Chapter IV Foreign Exchange Control Relating to Foreign Resident
Representative Offices in China and Their Personnel
countries or from the Hong Kong and Macao regions by foreign diplomatic
missions, consular posts, commercial offices, offices of international
organization and nongovernmental bodies resident office in China, foreign
diplomatic and consular officers as well as other resident staff members of
the aforesaid missions, posts and offices, may be kept in their own
possession, or sold to or deposited with the Bank of China, or remitted or
taken out of China.
and certification fees received in Renminbi from Chinese citizens by foreign
diplomatic missions and consular posts in China, is subject to approval by
the SAFEC or its branch offices.
Chapter V Foreign Exchange Control Relating to Enterprises with Overseas
Chinese Capital, Foreign-Capital Enterprises, and Chinese-Foreign Equity
Joint Ventures and Their Personnel
Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint
ventures must be deposited with the Bank of China, and all their foreign
exchange disbursements must be effected from their foreign exchange deposit
accounts.
submit their statements of foreign exchange business to the SAFEC or its
branch offices, all of which are empowered to check on the movements of the
foreign exchange receipts and payments of these enterprises.
offices, Renminbi shall in all cases be used in the settlement of accounts
between enterprises with overseas Chinese capital, foreign-capital
enterprises, Chinese-foreign equity joint ventures on the one hand and other
enterprises or individuals residing in the People's Republic of China on the
other hand.
enterprises and foreign joint venturers in Chinese-foreign equity joint
ventures may apply to the Bank of China for remitting abroad their net profits
as well as other legitimate earnings after taxation according to law, by
debiting the foreign exchange deposit accounts of the enterprises concerned.
preceding paragraph are to transfer foreign exchange capital abroad, they
shall apply to the SAFEC or its branch offices for the transfer by debiting
the foreign exchange deposit accounts of the enterprises concerned.
earnings from wages, etc. may be remitted or taken out of China in foreign
currency by staff members and workers of foreign nationality and those from
the Hong Kong and Macao regions employed by enterprises with overseas Chinese
capital, foreign-capital enterprises and Chinese-foreign equity joint ventures.
enterprises and Chinese-foreign equity joint ventures which wind up operations
in accordance with legal procedure, shall be responsible for the liquidation,
within the scheduled period, of their outstanding liabilities and taxes due in
China under the joint supervision of the relevant competent departments and
the SAFEC or its branch offices.
Chapter VI Control Relating to Carrying Foreign Exchange, Precious Metals
and Payment Instruments in Foreign Currency into and out of China
into China of foreign exchange, precious metals and objects made from them,
but declaration to the Customs is required at the place of entry.
brought in shall be permitted by the Customs against certification by the
Bank of China or against the original declaration form filled out at the time
of entry.
precious metals and objects made from them previously brought in shall be
permitted by the Customs according to the specific circumstances as prescribed
by State regulations or against the original declaration form filled out at
the time of entry.
letters of credit and other Renminbi payment instruments convertible into
foreign currency shall be permitted by the Customs against the declaration
form filled out at the Customs; and to take the same out of China shall be
permitted by the Customs against certification by the Bank of China or against
the original declaration form filled out at the time of entry.
it is not permitted to carry or send out of China by holders or by others or
by post such certificates and deeds held by Chinese residing in China as
bonds, debentures, share certificates issued abroad; title deeds for real
estate abroad; other documents or deeds involving the disposal of creditor's
right, inheritance, real estate or other foreign exchange assets abroad.
such as Renminbi cheques, drafts, passbooks and deposit certificates, held by
Chinese or foreign nationals or stateless persons residing in China, is not
permitted, either by holders or by others or by post.
Chapter VII Supplementary Provisions
violation of these Regulations. Rewards shall be given to such units or
individuals according to the merits of the report. Violators shall be
penalized by the SAFEC, its branch offices or by public security organs, or by
administrative departments of industry and commerce, or by the Customs. In
light of the seriousness of the offence, the penalties may take the form of
compulsory exchange of the foreign currency for Renminbi, or fine or
confiscation of the properties or both, or punishment by judicial organs
according to law.
frontier trade and for personal dealings between inhabitants across the border
shall be formulated, in accordance with these Regulations, by the people's
governments of the provinces, autonomous regions and municipalities directly
under the Central Government in the light of actual local conditions, be
submitted to the State Council for approval and be enforced thereupon.
formulated by the SAFEC.
URL: http://www.asianlii.org/cn/legis/cen/laws/irofec454