Laws of the People's Republic of China

    Article 1  These Rules are formulated in order to implement the provisions
of Chapter III of the Interim Regulations on Foreign Exchange Control of the
People's Republic of China.

    Article 2  When Chinese, foreign nationals and stateless persons residing
in China, receive foreign exchange remitted from foreign countries or from
Hong Kong, Macao or other regions, they must sell it to the Bank of China;
they shall be permitted to retain 10% in foreign exchange of each single large
remittance that is equivalent to 3,000 yuan or more in Renminbi.

    All owners shall enjoy the relevant preferential treatment for overseas
Chinese remittances with respect to the Renminbi that they receive through
sales of foreign exchange remittances to the Bank of China as mentioned above.

    Article 3  When entrusting the Bank of China, to repatriate the foreign
exchange that was kept in foreign countries or in Hong Kong, Macao or other
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, and to repatriate the
foreign exchange received by inheriting property in foreign countries or in
Hong Kong, Macao or other regions by Chinese residing in China after the
founding of the People's Republic of China, by overseas Chinese after their
returning to and settling down in China, or by Hong Kong and Macao compatriots
after their returning to and settling down in their native places, the owners
shall be permitted to retain 30% of the foreign exchange; as to the Renminbi
received after the remaining 70% is converted, the owners may enjoy the
relevant preferential treatment for overseas Chinese remittances.

    Foreign nationals and stateless persons residing in China, when entrusting
the Bank of China to repatriate foreign exchange that they have kept abroad
or that they have received by inheriting property outside China, shall be
permitted to retain a portion of the foreign exchange in accordance with
the percentage as stipulated in the preceding paragraph.

    Article 4  When overseas Chinese and Hong Kong and Macao compatriots, etc.
return to and settle down in China or in their native places, they shall be
permitted to retain 30% of the foreign exchange that they remit or bring into,
if they apply to the Bank within two months after their entry; as to the
Renminbi received after the remaining 70% is converted, the owners may enjoy
the relevant preferential treatment for overseas Chinese remittances. The
application for permission to retain a portion of the foreign exchange brought
into as mentioned above can be made only on the strength of the relevant
Customs declaration form.

    Article 5  When personnel sent by the State to work in foreign countries
or in Hong Kong, Macao or other regions return home upon completion of their
missions, they must promptly remit or bring back to China the remaining
foreign exchange from wages, allowances, etc. that belongs to them, and it
shall not be kept abroad; they shall be permitted to retain the foreign
exchange on the strength of certification issued by Chinese organizations
stationed abroad.

    Article 6  Students, trainees, postgraduate students, scholars, teachers,
coaches and other personnel who are sent by the State to study in foreign
countries or in Hong Kong, Macao or other regions must, upon their return,
promptly remit or bring back to China the remaining amount of the foreign
exchange that they have received during their stay abroad, and it shall not be
kept abroad; they shall be permitted to retain the foreign exchange that they
are entitled to receive, on the strength of certification issued by Chinese
organizations stationed abroad.

    Article 7  The foreign exchange from fees for publication, copyright
royalties, awards, stipend, author's remuneration, etc. earned by individuals
for publications of their inventions, writings and the like abroad, for
speeches and lectures made in their own names outside China, for their
contributions to foreign newspapers, magazines and specialized journals, etc.,
must promptly be repatriated and shall not be kept abroad; individuals shall
be permitted to retain the foreign exchange that they are entitled to receive
according to the relevant provisions approved by the State Council or the
ministries or commissions concerned, or with the approval of the State
Administration of Foreign Exchange Control.

    Article 8  The foreign exchange that individuals are permitted to retain
under the preceding Articles must be deposited with the Bank of China. Such
deposits in foreign currency may be remitted abroad or may be taken abroad on
the strength of certification issued by the Bank of China; if these deposits
are converted into Renminbi, the owners may enjoy the relevant preferential
treatment for overseas Chinese remittances. However, these deposit
certificates may not, without authorization, be carried or sent out of China
either by holders or by others or by post.

    The foreign exchange retained by individuals may not be dealt with in
violation of the provisions in paragraph 2, Article 4 of the Interim
Regulations on Foreign Exchange Control of the People's Republic of China.

    Article 9  Chinese, foreign nationals and stateless persons residing in
China shall be permitted to keep in their own possession the foreign exchange
already in China. However, such foreign exchange shall not, without
authorization, be carried or sent out of China by owners or others or by post;
if the owners need to sell the foreign exchange, they must sell it to the Bank
of China, and the matter shall be handled by applying mutatis mutandis the
provisions of Article 2 of these Rules.

    Article 10  The foreign exchange remitted or brought into China from
foreign countries or from Hong Kong, Macao or other 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
and workers engaged to work in China, and by foreign students and trainees,
etc., may be kept in their own possession, may be sold to or deposited with
the Bank of China, or may be remitted or taken out of China on the strength of
the original Customs declaration form filled out at the time of entry.

    Article 11  When foreign experts, technicians, staff members and workers
engaged to work in organizations within China need to apply for remitting or
taking abroad their foreign exchange, the Bank of China shall handle the
matter in accordance with the stipulations as provided in the relevant
contracts or agreements.

    Article 12  These Rules shall be promulgated and put into effect by the
State Administration of Foreign Exchange Control upon approval by the State
Council.