1989.10.30
STATE ADMINISTRATION OF FOREIGN EXCHANGE CONTROL
THE REGULATIONS ON SOME ISSUES OF FOREIGN CURRENCIES EXCHANGE
(Promulgated by the State Administration of Exchange Control on
October 30, 1989)
These Regulations are instituted in order to strengthen the
control over foreign currencies exchange:
@@ Article 1. Banks handing foreign exchange business
(hereinafter referred to as bank) should, in line with the
approved regulations on foreign exchange deposits, open foreign
currencies accounts or a special account in Renminbi for foreign
diplomatic missions, consulates, commercial offices and international
organizations and non-government bodies resident in China
(hereinafter referred to as resident organization), and supervise the
receipt and payment of the accounts. No account holders should handle
the receipt or payment on behalf of other organizations. When the
resident organizations draw Foreign Exchange Certificates (FEC) from
their accounts, the bank should put a Stamp " Inconvertible to
foreign exchange" on the certificates exchange memo, the unspent
FEC cannot be exchanged back to foreign currency and must be used only
in China.
@@ Article 2. The banks should, in line with the approved
regulations on handling foreign exchange deposits, open accounts in
foreign exchange or a special account in Renminbi, for the
resident employees of the above mentioned organizations
(hereinafter referred to as resident employees). When the resident
employees want to draw FEC from their accounts, the bank should mark
"account of resident employees" on the memo. If the resident
employees wish, on their departure, to exchange the unspent FEC
back to foreign currencies to the remitted or brought out from China,
they have to present their exit certificate, or plane ticket and
memo within the valid term to the bank, and only part of the foreign
exchange (not exceeding half the original converted amount at
most) can be exchanged back to foreign currencies. Resident employees
staying in China cannot exchange the FEC unspent to foreign
currencies and must use them only in China.
@@ Article 3. For foreign tourists, overseas Chinese and
compatriots from Hong Kong, Macao and Taiwan on a short visit to
China who come to convert foreign currencies into FEC, the bank
should mark the person's name and passport number on the memo, and
the person have to present to the bank their valid memo, exit
certificate or plane ticket if they want to exchange the unspent FEC
into foreign currencies and they are permitted to exchange for only
once (not exceeding half the original converted amount at most) and
the bank shall withdraw the memo instant[1] [2] 下一页
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