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Regulations for Administration of Buy and Sale of Spot and ForwardForeign Exchange by Financial Institutes on Clients' Behalf

Regulations for Administration of Buy and Sale of Spot and ForwardForeign Exchange by Financial Institutes on Clients' Behalf (Approved by the State Council on December 13, 1987. Promulgatedby the State Administration of Exchange Control on Feb. 13, 1988) Whole Doc.

Article 1 The present Regulations are formulated in order to guard against the risks of foreign exchange rate, stabilize the costs of import and export trade (including other foreign economic activities) and develop the businesses of buy and sale of spot and forward foreign exchange.

Article 2 The Bank of China can be entrusted to buy and sell spot and forward foreign exchange by departments, organizations, enterprises, institutes and other units (hereinafter referred to as the client) in the territory of China.

Other financial institutes intending to conduct the businesses mentioned in the preceding paragraph shall be approved by the State Administration of Exchange Control.

Article 3 Buy and Sale of foreign exchange referred in the present Regulations is the buy and sale of foreign exchange among all kinds of convertible currencies. gated on March 10, 1983 shall be abrogated on the same date.

Article 4 The client intending to entrust the Bank of China or other financial institutes approved by the State Administration of Exchange Control (hereinafter referred to as the designated financial institute) on its behalf to buy and sell spot and forward foreign exchange shall be approved by the State Administration of Exchange Control or its local bureau except for the following two situations: 1) Professional banks, financial institutes and foreign invested enterprises with approval to conduct foreign exchange businesses, for their self-owned or self-raised capitals of foreign exchange, may buy and sell spot or forward foreign exchange by themselves in the international financial market or entrust the designated financial institutes to handle such businesses.

2) Other clients not stipulated in the above paragraph who borrow foreign exchange in cash within or out of China and receive, with permission, donated foreign exchange, upon the approval to open cash account of foreign exchange in financial institutes within China, may entrust the designated financial institutes on their behalf to buy and sell spot or forward foreign exchange according to the foreign trade contracts or other economic agreements.

Article 5 The principle of voluntariness shall be adhered to in the transactions of buy and sale of spot and forward foreign exchange.

Article 6 The designated financial institute who is entrusted by the client to buy and sell spot and forward foreign exchange shall base on the foreign trade contracts or economic agreements signed by the clients, but transactions of the financial institutes with approval to conduct foreign exchange and foreign invested enterprises shall not be included.

Article 7 When the designated financial institute is entrusted by the client to buy and sell spot or forward foreign exchange, the client shall provide performance guarantee. Mortgage of foreign exchange quota or advance payment of performance bond in cash can be used as the performance guarantee.

The letter of guarantee for CNY at equal value issued by the deposit bank shall be simultaneously provided in case the foreign exchange quota is mortgaged as guarantee.

In case the foreign exchange quota is ahead of time settled into foreign exchange in cash to pay the performance bond advance, the settlement is limited to US. dollar only.

Article 8 When the client buy and sell forward foreign exchange, application and copies of trade contracts or other economic agreements shall be submitted to the local department of exchange control in accordance with the stipulation of Article 6. After examined and approved by the department of exchange control, the client may entrust the designated financial institute to buy forward foreign exchange by presenting the approval documents of the department of exchange control.

Article 9 In case the foreign exchange quota is ahead of time settled into foreign exchange in cash to pay the performance bond in advance the department of exchange control shall sign the date and affix stamp on the payment notice of foreign exchange quota issued by the client and shall deduct the foreign exchange ration. The client in the same city shall within three working days after the date of the signature (seven working days for the client in a different city) buy US. dollars from the quota and deposit them into the account of "specific guarantee deposit" in the designated financial institute.

In case the foreign exchange quota is mortgaged, the department of exchange control shall transfer the foreign exchange quota mortgaged by the client to the account of foreign exchange quota in the designated financial institute.

In case the option transaction is entrusted by the client, only foreign exchange quota can be mortgaged as guarantee, but the insurance premium of option which should be paid upon conclusion of the deal may in advance pay settled into foreign exchange in cash.

Article 10 When the designated financial institute is entrusted to buy and sale spot and forward foreign exchange, if the client uses the foreign exchange quota to settle ahead of time into foreign exchange in cash and pay the performance bond in advance for buy and sale of forward, the designated financial institute shall check and calculated through the account of "specific guarantee deposit"; but if the client uses the cash of foreign exchange originally owned to pay the performance bond in advance for buy and sale of forward foreign exchange, the designated financial institute shall still check and calculate through the account of "guarantee deposit" Article 11 In case the date of import payment is behind the date of delivery, if the foreign exchange quota is ahead of time settled into foreign exchange in cash, the designated financial institute shall re-deposit temporarily the cash position derived from the delivery into the account of "specific guarantee deposit"; and if the cash of foreign exchange originally owned is used, the designated financial institute shall re-deposit the cash position derived from the delivery into the account of "guarantee deposit".

Article 12 The authority to interpret the present Regulations resides in the State Administration of Exchange Control.

Article 13 The present Regulations will enter into force from the date of promulgation.


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