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Administration of Foreign Exchange Accounts |
Article 15 In-area entities, when opening a foreign exchange account, shall acquire approval of the SAFE Branches.
Article 16 Foreign exchange accounts of in-area entities shall not be classified as settlement accounts and specialized accounts. All foreign exchange receipts shall be deposited in a unified foreign exchange account; and all foreign exchange expenditures shall be made from the account.
Article 17 In-area entities shall open foreign exchange accounts with in-area financial institutions in principle. In case of no in-area financial institutions, they shall open accounts with out-area financial institutions designated by the SAFE Branches.
The SAFE Branches shall independently determinate the number of foreign exchange accounts and out-area financial institutions with which the accounts shall be opened according to in-area entities' operation needs and their own supervising ability.
In-area entities, if they want to open overseas foreign exchange accounts, shall conform to Procedures on the Administration of Overseas Foreign Exchange Accounts.
Article 18 In-area entities, if they want to open foreign exchange accounts, shall first apply with the SAFE Branches by presenting application and the Registration Certificate. They shall open accounts with the financial institutions by presenting Account-opening Notice issued by the SAFE Branches and the Registration Certificate.
Article 19 The financial institutions, when opening foreign exchange accounts for in-area entities, shall fill in the related blanks of the Registration Certificate with their own name, account number, currency denomination and date of opening, and affix their seal to the Registration Certificate.
Article 20 The account-opening financial institutions, when opening foreign exchange accounts for in-area entities, shall add a "C" to the account number to differentiate from other entities strictly.
Financial institutions shall not add a "C" to other entities' account number.
Article 21 In-area entities, if they want to alter relevant items of the foreign exchange accounts, shall apply with the SAFE Branches by presenting relevant documents.
Article 22 In-area entities, if they want to close a foreign exchange account, shall handle formalities of closing accounts with the SAFE Branches by presenting the Registration Certificate and the account-closed certificate issued by account-opening financial institution within 10 days after the account closed.
In case of opening a new account after a current one closed, foreign exchange in the current one shall be transferred into the approved new one. In case of terminating operation, foreign exchange in the accounts belonging to foreign investors shall be transferred or remitted abroad. Those belonging to domestic investors shall be repatriated to outside areas and be disposed according to relevant regulations.
Article 23 In-area entities shall open and use foreign exchange accounts according to this set of procedures. They shall not open foreign exchange accounts without permission, rent or lend their foreign exchange accounts, and shall not use their accounts collecting, depositing, or making payment in foreign exchange for other entities as well as individual either. |
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