The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and national Chinese-owned banks:

      In order to facilitate settlement and sales of foreign exchange by banks, and based on the Administrative Measures for Foreign Exchange Settlement and Sales by Banks (People’s Bank of China Decree No. 2 [2014]), the State Administration of Foreign Exchange has formulated the Detailed Rules for Implementation of the Administrative Measures for Foreign Exchange Settlement and Sales by Banks (see Appendix 1). These Rules shall come into effect as of January 1, 2015, and at the same time the documents and provisions listed in Appendix 2 shall be cancelled. Please implement these accordingly.  

      After receiving this Circular, the branches and foreign exchange administrative departments of the SAFE shall timely forward it to the central sub-branches, sub-branches, and Chinese-foreign banks within their respective jurisdictions. For any problems arising from implementation, please contact the Department of the Balance of Payments of the SAFE in a timely fashion. Tel.: 010-68402313, 68402385.  

Appendices: 1. Detailed Rules for the Implementation of the Administrative Measures for Foreign Exchange Settlement and Sales by Banks  

                     2. Laws and Regulations on Foreign Exchange Administration to be Cancelled  

     State Administration of Foreign Exchange  

                                 December 25, 2014  

 
       FILE: Detailed Rules onImplementation of the Administrative Measures for Foreign Exchange Settlement and Sales by Banks

FILE: Laws and Regulations on Foreign Exchange Administration to be Cancelled