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In order to further regulate the management of turnover positions of foreign exchange settlement and sales operations by foreign-funded banks within the territory of China, according to the relevant provisions such as the Interim Measures for the Administration of Foreign Exchange Settlement and Sales Operations by Designated Foreign Exchange Banks (Order No. 4 [2004] of the People's Bank of China), we hereby notify the relevant issues as follows: 1. For a foreign-funded bank within the territory of China, including a solely-capital bank, a joint-equity bank and the branch of a foreign bank, the parent bank of a foreign-funded bank or foreign bank or the regional administrative headquarters thereof may authorize a branch within the territory (hereinafter referred to as the authorized branch) to implement a centralized balance of transactions and uniform management over all the branches and sub-branches within the territory of China. 2. An authorized branch shall, when filing an application for the centralized management mode of turnover positions of foreign exchange settlement and sales operations, submit the following materials: (1) The authority letter as granted by the parent bank thereof to approve the centralized management mode of turnover positions of foreign exchange settlement and sales operations; (2) The approval document of the China Banking Regulatory Commission for the resident office of the foreign-funded financial organization within the territory of China; (3) The accounts of the foreign-funded bank on the internal management system, accounting methods and technical support for the centralized management mode of turnover positions of foreign exchange settlement and sales operations; (4) The certification of the seat of the authorized branch in the China Foreign Exchange Trade System; and (5) The certifications that the foreign exchange settlement and sales operations of all the branches and sub-branches of the foreign-funded bank comply with the relevant regulations, which have been affixed with seals of the relevant local foreign exchange bureaus (including such aspects as the management of turnover positions of foreign exchange settlement and sales operations and the report of relevant statistical data) 3. The branch or the administrative department of foreign exchange of the State Administration of Foreign Exchange shall, within 20 workdays as of receiving an application of the authorized branch of a foreign-funded bank for the centralized management mode of turnover positions of foreign exchange settlement and sales operations, carry out an examination thereon and shall report it to the State Administration of Foreign Exchange for the qualification archival filing. 4. An authorized branch shall submit the following materials when applying for the total turnover position of foreign exchange settlement and sales operations: (1) An Application Form of the Total Turnover Position of Foreign Exchange Settlement and Sales Operations (see attachment); (2) The number of branches and sub-branches of the foreign bank in the inland of China; the working capital in RMB and foreign currencies of all branches; the written certification document as produced by the relevant foreign exchange bureau where a branch thereof is located that the specific branch has obtained the qualification of foreign exchange settlement and sales operations; and (3) The data of foreign exchange settlement and sales operations of all branches and sub-branches of the foreign-funded bank in the first 6 months, including the daily average margin, a single maximum foreign exchange settlement or sale, daily maximum foreign exchange settlement or sale, etc. (the aforesaid data of a branch or sub-branch in a different place shall be affixed with the seal of the local branch or sub-branch of the State Administration of Foreign Exchange for confirmation). 5. The branch or the administrative department of foreign exchange of the State Administration of Foreign Exchange shall, within 20 workdays as of receiving an application of an authorized branch for the total turnover position of foreign exchange settlement and sales operations, verify the total turnover position of foreign exchange settlement and sales operations of the relevant foreign-funded bank. The total turnover position of foreign exchange settlement and sales operations of an authorized branch with the qualification of non-US dollar market maker shall be reported by the branch or the administrative department of foreign exchange of the State Administration of Foreign Exchange where the authorized branch is located to the State Administration of Foreign Exchange for verification. 6. The measures for verifying the total turnover position of foreign exchange settlement and sales operations shall be implemented according to the Detailed Rules for Implementing the Foreign Exchange Settlement, Sale and Payment Operations of Foreign-funded Banks (No. 202 [1996] of the People's Bank of China). To be specific, a foreign-funded bank as authorized to open a special RMB account for foreign exchange settlement and sale upon approval may sell less than 20% of the registered capital or working capital in foreign exchange within the territory of China in the inter-bank foreign exchange trade market and purchase RMB currency into the special RMB account for foreign exchange settlement and sale as turnover capital. 7. For a foreign-funded bank that implements the centralized management mode of turnover positions of foreign exchange settlement and sales operations, the original positions of all the branches and sub-branches thereof within the territory of China shall be incorporated into the management of the total turnover position of foreign exchange settlement and sales operations of the authorized branch. The authorized branch shall distribute the total turnover position of foreign exchange settlement and sales operations as acquired among all branches and sub-branches within the jurisdiction thereof and report the specific distribution and adjustment to the foreign exchange bureau where the corresponding branch or sub-branch is located in a timely manner. 8. An authorized branch shall, within the authorized scope, carry out the management of the daily position of foreign exchange settlement and sales operations of other branches and sub-branches of the foreign-funded bank. Where the position of any foreign exchange settlement and sales operation of any other branch or sub-branch goes beyond the authorized scope, the authorized branch shall supervise and urge the said branch or sub-branch to report it to the foreign exchange bureau where it is located for archival filing. 9. The branch or the administrative department of foreign exchange of the State Administration of Foreign Exchange where an authorized branch is located shall carry out daily verification of the total turnover position of foreign exchange settlement and sales operations according to the electronic information of foreign exchange settlement and sales operations (including the transactions on behalf of others or for oneself through the internal system or the China Foreign Exchange Trade System in the previous workday) as reported by banks in the previous day. All branches and administrative departments of foreign exchange of the State Administration of Foreign Exchange shall, according to the relevant provisions of the Interim Measures for the Administration of Foreign Exchange Settlement and Sales Operations by Designated Foreign Exchange Banks (No. 4 [2002] of the People's Bank of China), carry out the management on the total position of foreign exchange settlement and sales operations of the authorized branches of foreign-funded banks within the jurisdiction thereof. 10. The branch or the administrative department of foreign exchange of the State Administration of Foreign Exchange where an authorized branch is located shall take charge of the administration of the daily total position as reported by the bank and give treatment to any overstepping of authorization in a timely manner according to the relevant provisions. The branch or the administrative department of foreign exchange shall, when verifying the total position of foreign exchange settlement and sales operations, pay a visit to the business site of the relevant authorized branch so as to inspect and check and accept the support of technical system for the centralized management mode of turnover positions of foreign exchange settlement and sales operations on the spot. 11. For any foreign-funded bank that hasn't implemented the centralized management mode of turnover positions of foreign exchange settlement and sales operations, the turnover positions of foreign exchange settlement and sales operations thereof shall be managed and verified according to the provisions in force. 12. The present Circular shall come into force as of August 1, 2005. All the branches and administrative departments of foreign exchange of the State Administration of Foreign Exchange shall, after receiving the present Circular, forward it to all the center sub-branches and foreign-funded banks within the jurisdiction. When encountering any problem, if any, the relevant organ or bank shall contact the State Administration of Foreign Exchange in a timely manner. Contact telephone numbers: 010-68402304 and 010-68402099. Attachment: omitted. |
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