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Questions related to the adjustment of the administration of foreign currency banknotes are hereby notified as follows: I. In setting the nominal rate of exchange for US dollars, the trading price of spot exchange set forth by the designated foreign exchange banks shall not be 0.17% higher or lower than the transaction middle price published by the People¡¯s Bank of China; the purchasing price of banknotes shall not be 0.75% higher or lower than the trading middle price of the corresponding spot exchange, and the selling price of banknotes shall be equal to the that of the spot exchange. II. In setting the nominal rate of exchange, the purchasing price of HK dollar banknotes set forth by the designated foreign exchange banks shall not be 0.75% higher or lower than the trading middle price of the corresponding spot exchange, the purchasing prices of Euro and Japanese Yen banknotes shall not be 1% higher or lower than the trading middle prices of the corresponding spot exchange; the selling prices of the aforesaid banknotes shall be equal to those of the corresponding spot exchange; the existing Policies on the difference between the purchasing price and selling price of spot exchange shall remain valid. With respect to the range between the prices of banknotes and those of spot exchange, the existing policies shall also remain valid. The nominal rate of exchange set forth by the designated foreign exchange banks may fluctuate within the ranges determined in the preceding paragraphs, and may be different according to the markets of different areas within the aforesaid ranges in order to provide more competitive and high-quality services to the clients. III. The branches and sub-branches of the designated foreign exchange banks in border trade areas of Heilongjiang, Inner Mongolia, Xinjiang, Tibet, Yunnan and Guangxi, may post the exchange rates of Renminbi against the currencies of the bordering countries. The difference between the purchasing and selling prices may be determined by the banks themselves, and the foreign currencies collected may be disposed of by themselves. IV. This Notice shall come into force on October 1, 2002. If any previous provisions conflicts with the contents of this Notice, this Notice shall prevail. The branches of the SAFE shall, upon receiving this Notice, forward it as soon as possible to the sub-branches and the commercial banks (including foreign-funded banks) under their respective jurisdictions. Each bank shall report its daily nominal rate of exchange to the SAFE before 9 am every day. If any problem is encountered in the implementation of this Notice, please report to the SAFE in a timely manner. Contact entity: Department of International Payment of the SAFE Contact telephone number: (010) 68402160 |
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