1994.01.01
PEOPLE'S BANK OF CHINA
ANNOUNCEMENT OF THE PEOPLE'S BANK OF CHINA ON FURTHER REFORMING
THE FOREIGN EXCHANGE MANAGEMENT SYSTEM
(Promulgated by the People's Bank of China on December 28, 1993)
CHAPTER ONE TO INTRODUCE THE SYSTEM OF SURRENDERING FOREIGN
EXCHANGE INCOME AND ABOLISH THE FOREIGN EXCHANGE SHARING PRACTICE.
CHAPTER TWO TO INTRODUCE THE SALES OF EXCHANGE BY BANKS,
ALLOWING RENMINBI TO BE CONDITIONALLY CONVERTIBLE UNDER THE
CURRENT PAYMENT ITEMS.
CHAPTER THREE TO ESTABLISH INTER-BANK FOREIGN EXCHANGE MARKETS
AND IMPROVE THE FORMATION OF EXCHANGE RATES IN ORDER TO MAINTAIN
RATIONAL AND RELATIVELY STABLE RENMINBI EXCHANGE RATES.
CHAPTER FOR TO STRENGTHEN LEGAL OPERATIONS AND SERVICE FUNCTIONS
OF AUTHORIZED BANKS.
CHAPTER FIVE TO TIGHTEN FOREIGN DEBT MANAGEMENT, ESTABLISH A
DEBT PAYMENT FUND IN ORDER TO ENSURE CHINA'S REPUTATION ABROAD.
CHAPTER SIX THE CURRENT FOREIGN EXCHANGE CONTROL METHODS
CONCERNING FOREIGN-FUNDED ENTERPRISES WILL KEEP ON IMPLEMENTATION.
CHAPTER SEVEN TO STOP THE PRICING AND SETTLEMENT IN FOREIGN
CURRENCIES AND CIRCULATION OF FOREIGN CURRENCIES WITHIN CHINA.
CHAPTER EIGHT TO STRENGTHEN THE MACRO-CONTROL OVER
INTERNATIONAL PAYMENT.
In order to promote the institution of a socialist market economy
and opening to the outside world so as to ensure a sustainable, fast
and healthy development of the national economy, further steps will be
taken to reform the foreign exchange management system starting from
January 1, 1994 according to a decision by the State Council. It
is hereby announced:
Chapter One To Introduce the System of Surrendering Foreign
Exchange Income and Abolish the Foreign Exchange Sharing Practice.
The foreign exchange income derived from all sources by all
enterprises and institutions, government organs and people's
organizations within the territory of the People's Republic of China
must be transferred back to the territory of the People's Republic of
China. Foreign exchange income of the following categories (except
foreign-funded enterprises) must be cleared and sold to authorized
banks according to the pegged exchange rate:
(1) Foreign exchange income derived from exports or transit goods
and other trading activities;
(2) Foreign exchange income derived from transportation, posts
and telecommunications, tourism and insurance services and
exchange of government institutions;
(3) Net income of banks derived from foreign exchange businesses
that should be turned over to the State and foreign exchange profits
derived from providing labor services abroad and investment overseas
that should be called back;
(4) Foreign-exchange derived from other sources that should
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