ChineseEnglish
    SAFE News
    • Index number:
      000014453-2012-00139
    • Dispatch date:
      2012-05-15
    • Publish organization:
      State Administration of Foreign Exchange
    • Exchange Reference number:
    • Name:
      The SAFE Holds a Briefing on Foreign Exchange Inspections of Financial Institutions
    The SAFE Holds a Briefing on Foreign Exchange Inspections of Financial Institutions

    The State Administration of Foreign Exchange (SAFE) recently held a briefing on foreign exchange inspections of financial institutions; the relevant persons-in-charge of 20 Chinese-funded banks, 9 foreign-funded banks, 3 insurance companies, and 2 finance companies attended the briefing.

    The briefing pointed out that in 2011 the foreign exchange authorities conscientiously implemented the decisions and arrangements of the CPC Central Committee and the State Council, firmly focused on the key channels for cross-border capital flows, i.e., financial institutions, specifically carried out multiple special inspections of foreign exchange businesses, rigorously cracked down on activities in violation of the foreign exchange laws and regulations, and guarded against the risks of unusual flows of foreign exchange funds. According to the results of the inspections, in terms of foreign exchange business, in general compliance was improving; however, there were still some financial institutions that emphasized business expansion but made light of lawful operations and carried out some irregular activities.

    The briefing circulated information on the irregular activities in the foreign exchange business of financial institutions, mainly including that some banks, in handling business of behalf of clients, failed to carry out their responsibility of conducting examinations of the authenticity of the business, handled foreign exchange settlement of capital and individual foreign exchange settlement and sales in violation of the regulations on foreign exchange administration, violated the provisions on the administration of foreign exchange accounts and external guarantees, and failed to handle the receipts and payments of funds under the current account and the capital account in accordance with the applicable provisions; that some banks, upon handling their own foreign exchange business, violated the provisions on foreign exchange administration in such areas as external debt, the synthetic positions concerning foreign exchange settlement and sales, market access and the filing of the foreign exchange business, and gold lending; that some non-bank financial institutions violated the provisions on foreign exchange administration in such areas as external debt, foreign exchange settlement and sales, external guarantees, foreign exchange accounts, and market access to foreign exchange business. In addition, there are some banks that maintained high foreign exchange loan-to-deposit ratios, whose off-balance sheet business innovations evaded supervision and whose domestic and overseas business, were coordinated to engage in arbitrage.

    The briefing mandating that financial institutions enhance macro awareness and awareness of the overall situation , conscientiously establish the idea of sound operations and scientific development, correctly deal with the relationship between self-interest and national interest, between short-term interest and long-term interest, between business development and lawful operations, and between internal management and external supervision, actively assume their social responsibilities, and strictly comply with the foreign exchange administration policies.

    The briefing stressed that in 2012 the foreign exchange authorities will, in accordance with the decisions and arrangements of the CPC Central Committee and the State Council, continue to earnestly perform their supervisory responsibilities, maintain the risk limits, further expand the scope of inspections of financial institutions, increase the frequency of the inspections, increase efforts to disclose information on irregular activities, guard against the risks of unusual flows of foreign exchange funds, and effectively safeguard the economic and financial security of China.





    The English translation may only be used as a reference. In case a different interpretation of the translated information contained in this website arises, the original Chinese shall prevail.

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