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Article 1. These Rules are formulated in order to implement the provisions of Chapter III of the Interim Regulations on Foreign Exchange Control of the People's Republic of China. Article 2. When Chinese, foreign nationals or stateless persons residing in China receive foreign exchange remitted from foreign countries or from Hongkong, Macao or other regions, they must sell it to the Bank of China; they shall be permitted to retain 10% in foreign exchange of each single large remittance that is equivalent to 3,000 yuan or more in Renminbi. All owners shall enjoy the relevant preferential treatment for overseas Chinese remittances with respect to the Renminbi that they receive through sales of foreign exchange remittances to the Bank of China mentioned above. Article 3. When entrusting the Bank of China to repatriate the foreign exchange that was kept in foreign countries or in Hongkong, Macao or other regions by Chinese residing in China prior to the founding of the People's Republic of China, by overseas Chinese prior to their returning to take up residence in the country or by Hongkong and Macao compatriots prior to their returning to take up residence in their native places, or to repatriate the foreign exchange received by inheriting property in foreign countries or in Hongkong, Macao or other regions by Chinese residing in China after the founding of the People's Republic of China, by overseas Chinese after their returning to take up residence in the country or by Hongkong and Macao compatriots after their returning to take up residence in their native places, the owners shall be permitted to retain 30% of the foreign exchange. As to the Renminbi received after the remaining 70% is converted, the owners may enjoy the relevant preferential treatment for overseas Chinese remittances. Foreign nationals and stateless persons residing in China who entrust the Bank of China to repatriate foreign exchange that they have kept abroad or that they have received by inheriting property outside China shall be permitted to retain a portion of the foreign exchange in accordance with the percentage stipulated in the preceding paragraph. Article 4. When overseas Chinese and Hongkong and Macao compatriots, return to take up residence in the country or in their native places, they shall be permitted to retain 30% of any foreign exchange that they remit or bring in, if they apply to the Bank within two months after their entry. As to the Renminbi received after the remaining 70% is converted, the owners may enjoy the relevant preferential treatment for overseas Chinese remittances. The application for permission to retain a portion of the foreign exchange brought in mentioned above can be made only after producing the relevant Customs declaration. Article 5. When personnel sent by the State to work in foreign countries or to Hongkong, Macao or other regions return home after completion of their missions, they must promptly remit or bring back to China the remaining foreign exchange from wages, allowances, etc. that belongs to them, and it may not be kept abroad; they shall be permitted to retain the foreign exchange on the strength of certification by our institutions functioning abroad. Article 6. Students, trainees, postgraduate students, scholars, teachers, coaches and other personnel who are sent by the State to study in foreign countries or in Hongkong, Macao or other regions must, upon their return, promptly remit or bring back to China what remains of the foreign exchange they have received during their stay abroad, and it may not be kept abroad; they shall be permitted to retain the foreign exchange that they are entitled to receive, on the strength of certification by our institutions functioning abroad. Article 7. The foreign exchange from fees for publication, copyright royalties, awards, subsidies, author's remuneration, etc. earned by individuals for making public or publishing abroad their inventions, writings and the like, for speeches and lectures made in their own name outside China, for their contributions to foreign newspapers, magazines and specialized journals, must promptly be repatriated and may not be kept abroad; individuals shall be permitted to keep that part of the earnings in foreign exchange which they are entitled to receive according to the relevant provisions approved by the State Council or the ministries or commissions concerned, or with the approval of the State General Administration of Exchange Control. Article 8. The foreign exchange that individuals are permitted to retain under the preceding articles must be deposited in the Bank of China. Such deposits in foreign currency may be remitted abroad or may be taken abroad on the strength of certification by the Bank of China. If these deposits are converted into Renminbi, the owners may enjoy the relevant preferential treatment for overseas Chinese remittances. However, these deposit certificates may not, without authorization, be taken abroad in person or sent abroad through others or by mail. The foreign exchange retained by individuals may not be dealt with in violation of the provisions of Article 4, Paragraph 2 of the Interim Regulations on Foreign Exchange Control of the People's Republic of China. Article 9. Chinese, foreign nationals and stateless persons residing in China shall be permitted to hold in their own possession the foreign exchange that they keep in China. However, such foreign exchange may not, without authorization, be taken abroad in person or sent abroad through others or by mail. If the owners need to sell the foreign exchange they must sell it to the Bank of China, and the matter shall be handled in accordance with the provisions of Article 2 of these Rules. Article 10. Foreign exchange that is remitted or brought in from foreign countries or from Hongkong, Macao or other regions by foreigners visiting China, by overseas Chinese or Hongkong and Macao compatriots returning for a short stay, by foreign experts, technicians or staff and workers engaged to work in domestic institutions in China, or by foreign students or trainees, may be kept in their own possession, may be sold to or deposited in the Bank of China, or may be remitted or taken abroad on the strength of the original Customs declaration made at the time of entry. Article 11. When foreign experts, technicians or staff and workers engaged to work in domestic institutions in China need to apply for foreign exchange to be remitted or taken abroad, the Bank of China shall handle the matter in accordance with the relevant provisions of the contracts or agreements. Article 12. These Rules shall be promulgated and put into effect by the State General Administration of Exchange Control after approval by the State Council. |
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