Foreign exchange is a payment certificate expressed in foreign currency for international financial settlement. The following are the new regulations on foreign exchange management that I have compiled for you. I hope it will be useful to you!

New regulations on foreign exchange management

Chapter 1 General Provisions

The first article is To standardize and facilitate the foreign exchange business operations of banks and individuals, these detailed rules are formulated in accordance with the "Personal Foreign Exchange Management Measures". ? Article 2 The annual total amount of individual foreign exchange settlement and domestic individual foreign exchange purchase shall be managed. The annual total is equivalent to US$50,000 per person per year respectively. The State Administration of Foreign Exchange may adjust the annual total based on the balance of payments. ?

The foreign exchange settlement and purchase within the personal annual total shall be handled at the bank with the person's valid identity document; if the annual total is exceeded, the current account shall be subject to Articles 10, 11 and 10 of these detailed rules. Article 2 shall be handled, and capital account items shall be handled in accordance with the relevant provisions of these Detailed Rules and Individual Foreign Exchange Administration under Capital Accounts. ?

Article 3 Foreign exchange purchased by individuals can be remitted abroad, deposited into their own foreign exchange savings accounts, or carried out of the country in accordance with relevant regulations.

Article 4 If an individual purchases or settles foreign exchange within the annual total, he or she may entrust his or her immediate family members to handle it on his or her behalf; for purchases or settlements exceeding the annual total, as well as overseas personal purchases of foreign exchange, the individual may, in accordance with the provisions of these rules, present relevant certificates. Entrust others to handle the materials. ?

Article 5 Individuals carrying foreign currency cash into and out of the country must abide by relevant national management regulations. ?

Article 6: Each designated foreign exchange bank (hereinafter referred to as the bank) shall conduct authenticity verification of personal foreign exchange business in accordance with the provisions of these rules, and shall not forge or alter transactions. ?

Banks should handle personal foreign exchange purchase and settlement business through the personal foreign exchange settlement and sales management information system (hereinafter referred to as the personal foreign exchange settlement and sales system), and enter relevant information truly, accurately and completely. ?

Article 7 The State Administration of Foreign Exchange and its branches (hereinafter referred to as the foreign exchange bureau) are responsible for statistics, monitoring, management and inspection of individual foreign exchange business. ?

Chapter 2 Personal Foreign Exchange Management under the Current Account?

Article 8 Foreign exchange receipts and payments under the individual current account are divided into operating foreign exchange receipts and non-operating foreign exchange receipts and payments. ?

Article 9 Operating foreign exchange receipts and payments under individual current accounts shall be handled in accordance with the following provisions: ?

(1) Individual foreign trade operators handle foreign trade purchases, payments, and receipts. Foreign exchange settlement should be done through one's foreign exchange settlement account; foreign exchange receipts and payments, import and export verification, and balance of payments declarations are managed by institutions. ?

Individual foreign trade operators refer to those who have gone through industrial and commercial registration or other practice procedures in accordance with the law, obtained individual industrial and commercial business licenses or other practice certificates, and, in accordance with the regulations of the competent commerce department of the State Council, completed registration and obtained foreign trade operations. Rights, individuals engaged in foreign trade activities. ?

(2) If an individual industrial and commercial household entrusts an enterprise with foreign trade rights to handle imports, the individual shall purchase foreign exchange based on the import agency contract or agreement signed with the agent enterprise, and the purchased foreign exchange shall be purchased through his/her own foreign exchange account. The settlement account is directly transferred to the agency enterprise's current account foreign exchange account. ?

If an individual industrial and commercial household entrusts an enterprise with foreign trade rights to handle exports, it can collect and settle foreign exchange through its own foreign exchange settlement account. Foreign exchange settlement shall be handled based on the export agency contract or agreement signed with the agency enterprise and the export goods customs declaration form of the agency enterprise. After the agency company reports the individual industrial and commercial household's name, account number and other materials required for write-off to the local foreign exchange bureau, it can use the individual industrial and commercial household's account collection notice as the write-off voucher. ?

(3) Foreign exchange settlement under the overseas personal travel and shopping trade method shall be handled with the person’s valid identity document and personal travel and shopping customs declaration form. ?

Article 10 If the non-operating foreign exchange settlement under the current account of a domestic individual exceeds the annual total, it should be handled at the bank with his or her valid identity document and the following supporting materials: ?

(1) Donation: Notarized donation agreement or contract. Donations must comply with national regulations;?

(2) Family support: Proof of direct family relationship or notarized proof of support relationship, relevant income proof of the overseas payor, such as bank deposit certificate, personal income tax certificate, etc. ;?

(3) Inheritance income: legal documents or notarial certificates of inheritance; (4) Insurance foreign exchange income: insurance contracts and payment certificates from insurance operating agencies. Foreign exchange insurance must comply with national regulations; ?

(5) Use of exclusive rights and franchise income: proof of payment, agreement or contract; ?

(6) Law, accounting, consulting Income from services related to public relations: proof of payment, agreement or contract;

(7) Employee remuneration: employment contract and income certificate;

(8) Overseas investment income : Overseas investment foreign exchange registration certification documents, profit distribution resolutions or dividend payment letters or other income certificates;?

(9) Others: relevant certificates and payment vouchers.

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Article 11 If the non-operating foreign exchange settlement under the current account of an overseas individual exceeds the annual total, it should be handled at the bank with his valid identity document and the following supporting materials: ?

(1 ) Rent expenditures: house rental contracts, invoices or payment notices registered by the housing management department;?

(2) Living consumption expenditures: contracts or invoices;

(3) Expenses for medical treatment, study, etc.: Proof of domestic hospital (school) fees;?

(4) Others: relevant certificates and payment vouchers. ?

If the above-mentioned foreign exchange settlement is worth more than US$50,000 in a single transaction, the RMB funds obtained from the foreign exchange settlement shall be directly transferred to the domestic RMB account of the counterparty. ?

Article 12 If the non-operating foreign exchange purchase under the current account of domestic individuals exceeds the annual total, it should be handled at the bank with the person's valid identity document and relevant certification materials of transaction volume.

Article 13 The purchase of foreign exchange with legal RMB income from overseas individuals’ current account and the redemption of unused RMB shall be handled in accordance with the following provisions:?

(1) Current account obtained within the territory of China With legal RMB income from the project, you can purchase foreign exchange with your valid identity document and relevant certification materials (including tax certificates) showing the transaction amount. ?

(2) To exchange the unused RMB for foreign currency from the original exchange, you must present your valid identity document and the original exchange receipt. The redemption period of the original exchange receipt is 24 months from the date of exchange. ; For exchanges where the cumulative exchange value on the day does not exceed the equivalent of US$500 (inclusive) and the cumulative exchange value on the same day does not exceed the equivalent of US$1,000 (inclusive) at places outside the country before leaving the country, you can handle it with your valid identity document. ?

Article 14 The remittance of foreign exchange abroad by domestic individuals for current expenditures shall be handled in accordance with the following provisions: ?

The cumulative equivalent of the foreign exchange remitted overseas in the foreign exchange savings account on the day is 5 If the amount is less than 10,000 U.S. dollars (inclusive), it should be handled at the bank with your valid identity document; if the amount exceeds the above, it should be handled with the authenticity certificate showing the transaction amount under the current account. ?

If the accumulated foreign currency cash equivalent on the day of remittance is less than 10,000 U.S. dollars (inclusive), it must be handled at the bank with your valid identity document; if the amount exceeds the above, the transaction amount under the current account must be A certificate of authenticity, the Customs Declaration Form for Inbound Passenger Luggage and Items signed by the customs, or the foreign currency cash withdrawal receipt from the original deposit bank is required. ?

Article 15 Overseas individual current account foreign exchange remittance abroad shall be handled at the bank in accordance with the following regulations: ?

(1) Foreign exchange remittance in the foreign exchange savings account shall be valid for the person in question. Identity document processing;

(2) If you hold foreign currency cash and remit it, and the cumulative equivalent of less than 10,000 U.S. dollars (inclusive) on that day is required, you must present your valid identity document; if the amount exceeds the above, you must also provide The Customs Declaration Form for Inbound Passenger Luggage and Items signed by the customs or the foreign currency cash withdrawal document from the original deposit bank is required. ?

Chapter 3 Individual Foreign Exchange Management under Capital Accounts?

Article 16 Overseas direct investment by domestic individuals shall be handled in accordance with relevant national regulations. After the required foreign exchange is approved by the local foreign exchange bureau, it can purchase foreign exchange or remit it with its own foreign exchange, and go through the corresponding foreign exchange registration procedures for overseas investment. ?

If domestic individuals and overseas individuals who habitually reside in China due to economic interests establish or control special purpose companies abroad and make return investments, the foreign exchange receipts and payments involved shall be in accordance with the "State Administration of Foreign Exchange Regulations" Domestic residents shall handle matters related to foreign exchange management of financing and round-trip investment through overseas special purpose companies and other relevant regulations. ?

Article 17 Domestic individuals can use foreign exchange or RMB to make overseas fixed income, equity and other financial investments through qualified domestic institutional investors such as banks and fund management companies. ?

Article 18 Domestic individuals who participate in foreign exchange businesses such as employee stock ownership plans and stock option plans of overseas listed companies must apply to the foreign exchange bureau for approval through their affiliated companies or domestic agencies. ?

Foreign exchange income earned by domestic individuals from selling stocks under employee stock ownership plans, stock option plans, etc. and from dividends can be settled after being remitted back to the domestic special foreign exchange account opened by the affiliated company or domestic agency. It can also be transferred to the employee's personal foreign exchange savings account. ?

Article 19 When domestic individuals pay foreign exchange premiums to domestic insurance institutions approved to operate foreign exchange insurance business, they shall go through the procedures for purchasing and paying foreign exchange with the insurance contract and the payment notice from the insurance operating institution. ?

The compensation or benefits received under foreign exchange insurance by domestic individuals as insurance beneficiaries can be deposited into their own foreign exchange savings accounts or settled in foreign exchange. ?

Article 20: The transfer of domestic property abroad by domestic individuals who have immigrated abroad before they obtained legal immigration status, and the foreign transfer of domestic property inherited by foreign citizens in accordance with the law, shall be governed by the Interim Administration of the Foreign Exchange Sales and Payment of Overseas Transfer of Personal Property. Measures and other relevant regulations.

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Article 21 The foreign exchange management involved in the domestic purchase and sale of commercial housing by overseas individuals and the merger and acquisition of domestic real estate enterprises through equity transfers shall be governed by the "State Administration of Foreign Exchange and the Ministry of Construction's Regulation on Issues Related to the Foreign Exchange Management of the Real Estate Market" Notice" and other relevant regulations. ?

Article 22 Overseas individuals may invest in domestic B-shares in accordance with relevant regulations; investment in other various financial products issued and circulated within the country shall be handled through qualified foreign institutional investors.

Article 23: Based on the process of RMB capital account convertibility, domestic individuals will gradually be liberalized from providing loans overseas, borrowing foreign debts, providing external guarantees, and directly participating in overseas commodity futures and financial derivatives transactions. Management, specific measures will be formulated separately. ?

Chapter 4 Management of Personal Foreign Exchange Accounts and Foreign Currency Cash?

Article 24 The foreign exchange bureau shall manage personal foreign exchange accounts according to the category of account entities and the nature of transactions. When a bank opens a foreign exchange account for an individual, it should distinguish between domestic individuals and overseas individuals. Accounts are divided into foreign exchange settlement accounts, foreign exchange savings accounts, and capital account accounts according to the nature of transactions.

Article 25 Foreign exchange settlement account refers to the account opened by individual foreign trade operators and individual industrial and commercial households in accordance with regulations to handle operating foreign exchange receipts and payments under current accounts. Its opening, use and closing are managed according to institutional accounts. ?

Article 26 When an individual opens a foreign exchange savings account in a bank, he or she shall present his or her valid identity document, and the name of the account opened shall be consistent with the name recorded on the person's valid identity document.

Article 27: Capital account foreign exchange accounts opened by individuals such as special accounts for foreign investors, special accounts for special purpose companies, special accounts for investment and mergers and acquisitions, and domestic transfers and overseas remittances of funds in the accounts shall be Approved by the Foreign Exchange Administration. ?

Article 28 Domestic transfers of funds from personal foreign exchange savings accounts shall be handled in accordance with the following regulations: ?

(1) Fund transfers between personal accounts must be made with valid identity documents Handling;?

(2) Fund transfers between the accounts of individuals and their immediate relatives must be handled with valid identity documents and proof of direct family relationship of both parties;?

(3) Domestic individuals and Fund transfers between overseas personal accounts are managed as cross-border transactions.

Article 29 Funds can be transferred between an individual’s foreign exchange settlement account and foreign exchange savings account, but transfers from the foreign exchange savings account to the foreign exchange settlement account are limited to external payments on the day of transfer, and settlement of foreign exchange after the transfer is not allowed . ?

Article 30 If an individual withdraws foreign currency cash with a cumulative equivalent of less than 10,000 U.S. dollars (inclusive) on the day, it can be handled directly at the bank; if the amount exceeds the above, the individual must present his or her valid identity document and the purpose of withdrawing the cash. Proofs and other materials must be reported in advance to the foreign exchange bureau where the bank is located. The bank handles the procedures for withdrawing foreign currency cash for individuals based on their valid identity documents and the "Foreign Currency Cash Withdrawal Registration Form" (Attachment 1) signed by the Foreign Exchange Bureau. ?

Article 31 If an individual deposits foreign currency cash into a foreign exchange savings account, and the accumulated equivalent on that day is less than 5,000 US dollars (inclusive), it can be processed directly at the bank; if the amount exceeds the above amount, it must be valid in person. Identity documents, the Customs Declaration Form for Entry Passenger Luggage and Items signed by the customs, or the foreign currency cash withdrawal receipt from the original deposit bank can be processed at the bank. The bank should mark the deposit bank name, deposit amount and deposit date on the relevant documents.

Chapter 5 Personal Foreign Exchange Settlement and Sales Management Information System?

Article 32 Banks that are qualified to operate foreign exchange settlement and sales business and have accessed and used the personal foreign exchange settlement and sales system , handle personal foreign exchange settlement and sales business directly through the personal foreign exchange settlement and sales system. ?

Article 33 All bank head offices and branches that apply for access to the personal foreign exchange settlement and sales system shall meet the technical access conditions for the personal foreign exchange settlement and sales management information system (Appendix 2) and have trained personnel. Technical personnel and business operators, and can maintain the normal operation of the system. ?

Article 34 Banks shall fill in the bank branch information registration form for the personal foreign exchange settlement and sales system in accordance with regulations, and submit an application for system access to the foreign exchange bureau. The foreign exchange bureau will grant access after passing the bank's application inspection. ?

Article 35 Except for the following circumstances, banks’ personal foreign exchange settlement and sales business should be included in the personal foreign exchange settlement and sales system:?

(1) Through foreign currency exchange points Foreign exchange settlements and sales that occur;?

(2) Foreign exchange settlements of less than the equivalent of 100 U.S. dollars (including 100 U.S. dollars) through bank counter zero settlements, interest transfer settlements, etc.;?

( 3) Foreign exchange settlement for domestic consumption with foreign currency cards;

(4) Withdrawal of RMB cash using overseas cards through self-service banking equipment;

(5) Use of domestic cards overseas to purchase foreign exchange for repayment.

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Article 36 When a bank handles foreign exchange settlement and sales business for individuals, it shall follow the following procedures: ?

(1) Inquire about individual settlement and sales through the personal foreign exchange settlement and sales system

(2) Review the certification materials provided by individuals in accordance with regulations;

(3) Enter the foreign exchange settlement and sales business data on a transaction-by-transaction basis in the personal foreign exchange settlement and sales system;

(4) Print the "Foreign Exchange Settlement/Forex Purchase Notice" through the personal foreign exchange settlement and sales system, and keep it as an accounting voucher for future reference. ?

Article 37 The foreign exchange bureau is responsible for assessing and inspecting the standardization of banking business operations within its jurisdiction, and the completeness and accuracy of business data entry.

Introduction to foreign exchange

Broad foreign exchange

Refers to all assets owned by a country expressed in foreign currencies. The International Monetary Fund (IMF) defines this as: Foreign exchange is a currency used by monetary administrations (central banks, monetary management agencies, foreign exchange stabilization funds and the Ministry of Finance) in the form of bank deposits, Treasury bills, long-term and short-term government securities, etc. Claims held that can be used when the balance of payments is in deficit. ?

The "Foreign Exchange Management Regulations" revised and promulgated by China in 1997 stipulates: "Foreign exchange refers to the following means of payment and assets expressed in foreign currencies that can be used for international settlements: 1. Foreign currency, including coinage, Banknotes, etc.; 2. Foreign currency payment certificates, including bills, bank deposit certificates, postal savings certificates, etc.; 3. Foreign currency securities, including government bonds, treasury bills, corporate bonds, stocks, coupons, etc.; 4. Special Drawing Rights, European Monetary Units ;5 other foreign exchange assets. ?

The dynamic concept of foreign exchange refers to the flow of currency among countries and the exchange of one country's currency into another country's currency to settle international claims and debts. A specialized operation Activity. It is the abbreviation of International Exchange (ForeignExchange).

Summary, foreign exchange is actually held by the monetary administration (central bank, monetary management agency, foreign exchange stabilization fund and Ministry of Finance) in the form of bank deposits, Ministry of Finance treasury bills, long-term and short-term government bonds, etc. Claims that can be used in the event of a balance of payments deficit include bonds that are not circulated in the market and are issued by central bank and intergovernmental agreements, whether expressed in the currency of the debtor country or the currency of the creditor country.

The meaning of foreign exchange

The concept of foreign exchange has a double meaning, that is, it is dynamic and static.

The static concept of foreign exchange is divided into a narrow foreign exchange concept and a broad foreign exchange concept.

Narrow foreign exchange

Refers to various payment methods expressed in foreign currencies, generally accepted by all countries, and can be used for international settlement of claims and debts.

It must have three characteristics:

Affordability (the asset must be expressed in foreign currency)

Availability (must be available abroad) Compensatory claims)

Convertibility (must be a foreign currency asset that can be freely converted into other means of payment).

Foreign exchange market characteristics and trading time

Market characteristics

From the perspective of the regional scope and surrounding speed of foreign exchange transactions, the foreign exchange market has spatial unity and time Two basic characteristics are continuity.

The so-called spatial unity means that because the foreign exchange markets of various countries use modern communication technology (telephone, telegraph, telex, etc.) to conduct foreign exchange transactions, the connections between them are very close, and the entire world is becoming more and more Vietnam is linked together to form a unified world foreign exchange market.

The so-called time continuity means that various foreign exchange markets in the world alternate with each other in business hours, forming a sequential cyclic operation pattern. The component of the foreign exchange market is the bill trading company or individual, which uses its own funds to buy and sell foreign exchange bills and obtain the bid-ask price difference.

Most foreign exchange traders are trust companies, banks and other concurrent institutions that operate 24 hours a day. The market is characterized by a global market and 24-hour timeliness.

Foreign exchange trading hours

Opening hours of the foreign exchange market:

London? 3 a.m. to 12 noon Eastern Time (daylight saving time) 15:00 pm to 24:00 pm Beijing time); accounting for about 35% of the total foreign exchange trading volume

New York (New York)? 8:00 am to 17:00 pm Eastern Time (Beijing time in the evening during daylight saving time) 20:00 to 5:00 am the next day); accounting for about 20% of the total foreign exchange trading volume

Sydney? 17:00 pm Eastern Time to 2:00 am the next day (5:00 am Beijing time in daylight saving time) to 14:00 p.m.); accounting for about 4% of the total foreign exchange trading volume

Tokyo (Tokyo) ? 19:00 p.m. Eastern Time to 4:00 a.m. the next day (7:00 a.m. to 16:00 p.m. Beijing time during daylight saving time) points); accounting for about 6% of total foreign exchange trading volume

Weekend trading

The foreign exchange market is never strictly closed, but in fact all major banks and dealers are It is closed on weekends. The liquidity during the weekend is so small that it does not provide traders with many trading opportunities.

When some fundamental news is released over the weekend, some price changes may occur, but basically the changes in currency pairs are negligible, and the trading volume is very small, which makes trade execution difficult. And the spread is huge.

As a result, FXCM’s trading platform will close at 5:00 pm ET on Friday and reopen at 5:00 pm ET on Sunday.