Analysis:

This is a professional term in import and export trade. Foreign exchange refers to foreign exchange, currencies other than RMB.

Foreign exchange settlement: Generally refers to the process by which an enterprise that receives foreign exchange converts the foreign currency in the account into domestic currency after receiving the foreign currency remittance from abroad to the bank account.

Foreign exchange collection: generally refers to the process in which receivables incurred by export enterprises when exporting goods or providing services, etc., are transferred from foreign currency remitted from abroad to the foreign currency account of a designated domestic foreign exchange collecting bank.

Payment Foreign exchange: Generally refers to the process in which an importing enterprise needs to pay the payment from its foreign exchange account to abroad when doing import business.

Since our country is a country with foreign exchange control, all entry, exit or use of foreign exchange requires foreign exchange. Approval or filing by the State Administration of Foreign Exchange.

The difference is very obvious.

First, foreign exchange settlement: it is the conversion of foreign exchange into domestic currency, but it requires the approval of the State Administration of Foreign Exchange.

Second, foreign exchange collection: It is the foreign exchange income generated from exporting goods or providing labor services. It is equivalent to payment receipt.

Third, foreign exchange payment: It is the foreign exchange payment due to import business, etc. The business of paying foreign exchange is equivalent to payment.

Regulations on the Settlement, Sales and Payment of Foreign Exchange

Chapter 1 General Provisions

Article 1 is the norm These regulations are specially formulated for the settlement, sale and payment of foreign exchange to realize the convertibility of RMB under the current account.

Article 2 Banks engaged in foreign exchange business shall handle foreign exchange settlement, foreign exchange sales, foreign exchange account opening and external payment business in accordance with these regulations and the business scope approved by the People's Bank of China and the State Administration of Foreign Exchange.

Article 3 The foreign exchange earnings of domestic institutions shall be transferred back to the territory of China in a timely manner, unless otherwise provided by the state.

Article 4 Domestic institutions, resident individuals, institutions in China and personnel coming to China shall handle foreign exchange settlement, purchase of foreign exchange, opening of foreign exchange accounts and external payments in accordance with these regulations.

Article 5 When domestic institutions and resident individuals handle external receipts and payments through banks that engage in foreign exchange business, they shall declare balance of payments statistics in accordance with the "Measures for Declaring Balance of Payments Statistics" and relevant regulations

Chapter 2 Foreign Exchange Settlement, Sales and Payment under the Current Account

Article 6 In addition to the scope and quantity limited by Articles 7, 8 and 10 of these Provisions, domestic institutions The following foreign exchange obtained shall be settled:

(1) Foreign exchange earned from exporting or paying first and then receiving re-exported goods and other transactions. Among them, the foreign exchange for trade exports settled by documentary letter of credit/letter of guarantee and documentary collection can be settled with valid commercial documents, and the foreign exchange for trade exports settled by remittance can be settled with the verification document of export foreign exchange receipts;

(2) Foreign exchange income from winning international tenders under overseas loans;

(3) Foreign exchange income from domestic sales of duty-free commodities under customs supervision;

(4) Transportation (including various foreign exchange income from goods or services provided by various modes of transportation) and ports (including airports), postal and telecommunications (excluding international remittances), advertising, consulting, exhibitions, consignment, maintenance and other industries and various agency businesses;

(5) Various foreign exchange fees, fines and confiscations received by administrative and judicial agencies;

(6) Intangibles such as land use rights, copyrights, trademark rights, patent rights, non-patented technologies, goodwill, etc. Foreign exchange income from asset transfers, but the above-mentioned intangible assets are owned by individuals and do not need to be settled;

(7) Foreign exchange profits repatriated by overseas investment enterprises, foreign exchange recovered under foreign financial aid and foreign exchange from overseas assets Income;

(8) Foreign exchange income from external claims, returned foreign exchange deposits, etc.;

(9) Foreign exchange income from leasing real estate and other foreign exchange assets;

(10) Foreign exchange income from insurance institutions accepting foreign exchange insurance;

(11) Net income from foreign exchange business of financial institutions that have obtained the "Foreign Exchange Business License";

( 12) Foreign exchange from foreign donations, funding and aid;

(13) Other foreign exchange that should be settled as prescribed by the State Administration of Foreign Exchange.

Article 7 Domestic institutions (excluding foreign-invested enterprises) may apply to the State Administration of Foreign Exchange and its branches (hereinafter referred to as the "Foreign Exchange Bureau") for the following foreign exchange, and issue it at a bank engaged in foreign exchange business. Open a foreign exchange account and handle foreign exchange settlement in accordance with regulations:

(1) For companies that engage in overseas contracting projects, provide labor services, technical cooperation and other services to overseas, business transactions received during the course of the above-mentioned business projects Foreign exchange;

(2) Foreign exchange collected and paid by institutions engaged in agency foreign or overseas business;

(3) Foreign exchange temporarily received to be paid or temporarily received to be settled. , including bidding deposits and performance bonds remitted from abroad, re-export trade collections that are received first and paid later, foreign exchange remittances handled by postal and telecommunications departments for international remittance business, foreign exchange prepaid by foreign tourism agencies collected by first-class travel agencies, and overseas price insurance handled by railway departments. Foreign exchange collected from transportation business, foreign exchange deposits and mortgages collected by customs, etc.;

(4) Insurance institutions accept foreign exchange insurance, overseas reinsurance and unsettled premiums.

The net income from the above-mentioned foreign exchange items shall all be sold to designated foreign exchange banks within the specified time.

Article 8 The foreign exchange used for overseas payments as stipulated in the donation, funding and aid contracts may be retained only with the approval of the foreign exchange bureau.

Article 9 The following scope of foreign exchange can be retained:

(1) Foreign exchange from foreign embassies and consulates in China, international organizations and other overseas legal entities in China;

(2) Foreign exchange of individual residents and people coming to China.

Article 10 Foreign-invested enterprises may retain foreign exchange earnings under the current account within the maximum amount approved by the foreign exchange bureau. The excess shall be sold to designated foreign exchange banks or sold through foreign exchange swap centers.

Article 11 For the settlement of foreign exchange in cash exceeding the equivalent of 10,000 U.S. dollars, the foreign exchange buyer shall provide a true identity certificate and proof of foreign exchange source to the designated foreign exchange bank. The designated foreign exchange bank shall register the foreign exchange settlement and then report it to the foreign exchange bureau for record. .

Article 12 Domestic institutions and resident individuals, institutions in China and personnel coming to China that are allowed to open foreign exchange accounts in Articles 7, 8, 9 and 10 of these Regulations shall follow the relevant regulations on foreign exchange account management. Go to a bank that operates foreign exchange business to go through the account opening procedures.

Article 13 Domestic institutions that use foreign exchange for the following trade and non-trade operations shall pay from their foreign exchange account or to a designated foreign exchange bank with valid commercial documents corresponding to the payment method and the listed valid certificates. Redemption:

(1) For trade imports settled by documentary letter of credit/letter of guarantee, if you need to purchase foreign exchange when issuing a L/C, you must present the import contract, import foreign exchange payment verification form, and L/C issuance application; If you need to purchase foreign exchange when paying foreign exchange, you should also provide valid commercial documents required by the letter of credit settlement method. When writing off, the original import goods declaration form must be presented;

(2) For trade imports settled by documentary collection, the import contract, import foreign exchange payment verification form, import foreign exchange payment notice and Valid commercial documents required by documentary collection settlement method. When writing off, the original imported goods customs declaration form must be presented;

(3) For trade imports settled by remittance, the import contract, import foreign exchange payment verification form, invoice, original imported goods customs declaration form, original For transport documents, if the "picker" on the bill of lading and the "business unit" on the customs declaration are inconsistent with the name of the buyer listed in the import contract, an agency agreement between the two should also be provided;

(IV) ) The advance payment under the import item does not exceed 15% of the total contract value or exceeds 15% but does not exceed the equivalent of 100,000 US dollars, with the import contract and import foreign exchange payment verification form;

The above (1) ) to (4) for goods imported under import quota management or import management for specific products, a license or import certificate issued by the relevant department shall also be provided; for goods imported under an automatic registration system, a completed registration form shall also be provided .

(5) For transportation fees and insurance premiums under import items, please present the import contract, original transportation fee receipts and insurance premium receipts;

(6) For export items, the total amount of transportation fees and insurance premiums shall not exceed The amount is 2% of the hidden commission (hidden deduction) and 5% of the explicit commission (exposed deduction), or the commission exceeds the above ratio but does not exceed the equivalent of 10,000 US dollars, with the export contract or commission agreement, exchange settlement invoice or bill collection notice ; For transportation fees and insurance premiums under export, the export contract, original transportation fee receipt and insurance premium receipt are required;

(7) The balance payment under import is required to present the import contract and the import foreign exchange payment verification form , Inspection certificate;

(8) Material fees, technical fees, information fees and other ancillary fees under import and export items shall be paid with the import contract or export contract, import foreign exchange payment verification form or export foreign exchange collection. Verification form, invoice or charging document and instructions signed by the person in charge of the import or export unit;

(9) The foreign exchange used to purchase goods from the bonded area and purchase overseas entry exhibition exhibits shall be held from (1) to (8) ) Valid vouchers and valid commercial documents as stipulated in item );

(10) For the import of intangible assets such as patents, copyrights, trademarks, computer software, etc., an import contract or agreement shall be held;

( 11) For foreign exchange compensation under the export item, the foreign exchange settlement receipt or collection notice, claim agreement, claim settlement certificate and proof that the export proceeds have been offset and written off;

(12) Overseas contracted projects The required bid bond is held by the bidding documents, and the performance bond and advance payment for the project are held by the contract.

Article 14 For the following external payments for trade and non-trade operations made by domestic institutions, the bank engaged in foreign exchange business shall first pay or cash out the payment from its foreign exchange account based on the payment list provided by the user, and conduct subsequent verification:

(1) Duty-free goods companies approved by the State Council engage in import payment of duty-free goods within the prescribed scope;

(2) Civil aviation, shipping, and railway departments (institutions) pay for overseas international joint freight and equipment Maintenance fees, station and port usage fees, fuel supply fees, insurance premiums, non-financing lease fees and other service fees;

(3) Civil aviation, shipping, railway and other departments (institutions) pay international operating personnel Food and allowance subsidies;

(4) The post and telecommunications department shall pay international postal and telecommunications business expenses.

Article 15: The foreign exchange used by domestic institutions for the following external payments shall be paid from their foreign exchange account or cashed at a designated foreign exchange bank after the foreign exchange bureau has verified its authenticity:

(1) ) Advance payment exceeding the proportion and amount specified in Article 13 (4) of these Regulations;

(2) Commission exceeding the proportion and amount specified in Article 13 (6) of these Regulations;

(3) External payments under re-export trade that are paid first and received later;

(4) Repayment of foreign debt interest;

(5) Cash exceeding the equivalent of US$10,000 Withdrawal of banknotes.

Article 16 To repay the interest on foreign exchange loans of domestic Chinese-funded financial institutions, domestic institutions shall pay from their foreign exchange accounts with the "Foreign Exchange (Transfer) Loan Registration Certificate", the loan contract and the creditor's interest payment notice. Or pay at a designated foreign exchange bank.

Article 17 Non-trade and non-business use of foreign exchange by agencies, institutions and social groups within the fiscal budget shall be handled in accordance with the "Interim Provisions on the Financial Management of Non-Trade and Non-Business Foreign Exchange".

Article 18 The following non-operational uses of foreign exchange by domestic institutions outside the fiscal budget shall be paid from their foreign exchange account or cashed at a designated foreign exchange bank with the valid certificates listed:

( 1) To use foreign exchange for holding exhibitions, attracting investment, training, and filming films and television films overseas, the contract, payment notice from the overseas institution, and approval documents from the competent department are required;

(2) External publicity fees and foreign aid fees , external donations of foreign exchange, international organization dues, registration fees and application fees for participating in international conferences, with approval documents and relevant letters from the competent authorities;

(3) Start-up expenses for establishing representative offices or offices overseas and annual budgetary funds, with the approval documents and budget documents approved by the competent department for the establishment of the institution;

(4) The foreign examination coordination agency of the State Education Commission pays overseas examination fees, with foreign contracts and documents from foreign examination institutions. Bill or settlement notice;

(5) Fees required for overseas trademark, copyright registration, patent application, legal and consulting services, etc., with contracts and invoices;

( 6) Expenses for traveling abroad on official business must be approved by the state authorized department for overseas missions.

Non-business use of foreign exchange other than the above items (1) to (6) shall be paid from the foreign exchange account

or to a designated foreign exchange agency after the foreign exchange bureau has verified its authenticity. Cashed by bank.

Article 19: Private use of foreign exchange by individual residents shall be handled in accordance with the "Measures for Foreign Exchange Exchange by Domestic Residents for Private Purposes" and the "Regulations on Domestic Residents' Foreign Exchange Deposits Remitted Abroad".

Article 20: After an individual resident emigrates out of the country, the following legal RMB income must be cashed at a designated foreign exchange bank authorized by the foreign exchange bureau with his/her identity certificate and the listed valid certificates:

(1) ) RMB deposit interest, please hold the RMB deposit interest list;

(2) Rental income from property rental, please hold the property rental contract and the certificate from the property rental management department;

(3) Others For income from assets, please provide relevant supporting documents and a list of income.

Article 21: Foreign investors of foreign-invested enterprises must remit profits and dividends after paying taxes in accordance with the law, and pay from their foreign exchange accounts or cash them at designated foreign exchange banks with the profit distribution resolution of the board of directors.

The RMB wages and other legitimate income of foreign, overseas Chinese, Hong Kong, Macao and Taiwan employees in foreign-invested enterprises after paying taxes in accordance with the law must be cashed at designated foreign exchange banks with certification materials.

Article 22 Dividends that should be paid in foreign currency according to regulations shall be paid from their foreign exchange account or cashed at a designated foreign exchange bank with the profit distribution resolution of the board of directors after paying taxes in accordance with the law.

Article 23 When the legitimate RMB income of institutions stationed in China and personnel coming to China needs to be remitted overseas, the payment must be made to a designated foreign exchange bank authorized by the foreign exchange bureau with supporting documents and a charge list.

Article 24: When the RMB funds obtained from the sales of items, equipment, utensils, etc. brought in from overseas or purchased within the country by institutions stationed in China and personnel coming to China need to be remitted overseas, they must hold a business license The registration certificate or personal identity certificate and sales voucher must be redeemed at a designated foreign exchange bank authorized by the foreign exchange bureau.

Article 25 Foreigners, overseas Chinese, and compatriots from Hong Kong, Macao and Taiwan who come to China temporarily can redeem unused RMB when leaving the country with their passports and original exchange receipts (valid for 6 months) Foreign exchange, taken abroad.

Chapter 3 Settlement, sale and payment of foreign exchange under the capital account

Article 26 The foreign exchange under the capital account of domestic institutions shall be Open a foreign exchange account in a bank with foreign exchange business.

Article 27 Domestic institutions shall not settle foreign exchange within the following scope without the approval of the foreign exchange bureau:

(1) Foreign exchange remitted by overseas legal persons or natural persons as investments;

(2) Foreign exchange obtained from overseas borrowings and issuance of foreign currency bonds and stocks;

(3) Foreign exchange income from other capital projects approved by the State Administration of Foreign Exchange.

Domestic foreign exchange loans other than export bills and international commercial loans borrowed by Chinese-funded enterprises are not allowed to be settled in foreign exchange.

Article 28 The foreign exchange earned by domestic institutions from selling real estate and other assets overseas shall be sold to designated foreign exchange banks in addition to the amount limited by Article 10 of these regulations.

Article 29 To repay the principal of foreign exchange loans to domestic Chinese-funded financial institutions, domestic institutions shall hold the "Foreign Exchange (Transfer) Loan Registration Certificate", the loan contract and the principal repayment notice of the creditor institution, and obtain the foreign exchange loan principal from its foreign exchange (conversion) loan registration certificate. Pay in your account or cash at a designated foreign exchange bank.

Article 30 The following foreign exchange uses under the capital account of domestic institutions shall apply to the foreign exchange bureau with the valid certificates listed, and shall be paid from their foreign exchange account or cashed at a designated foreign exchange bank with the approval document of the foreign exchange bureau:

(1) To repay the principal of foreign debt, hold the "Foreign Debt Registration Certificate", loan contract and principal repayment notice of the creditor institution;

(2) To use foreign exchange for performance of external guarantee, hold the guarantee The contract, the "Foreign Exchange Guarantee Registration Certificate" issued by the foreign exchange bureau and the payment notification from overseas institutions;

(3) The remittance of overseas investment funds shall be subject to the approval documents of the national competent authorities and Investment contract;

(4) The registered capital that Chinese investors of foreign-invested enterprises need to invest in foreign exchange after approval must have approval documents and contracts from the national competent authorities.

Article 31 The increase, transfer or other disposal of foreign exchange capital of a foreign-invested enterprise shall be based on the resolution of the board of directors and the approval of the foreign exchange bureau, and shall be paid from its foreign exchange account or issued by the foreign exchange bureau. The foreign exchange sales notice must be redeemed at a designated foreign exchange bank: the foreign exchange capital of investment-oriented foreign-invested enterprises is invested in the country and the profits earned by foreign parties are increased or reinvested in the country, and the approval documents of the foreign exchange bureau are required.

Chapter 4 Supervision of Foreign Exchange Settlement, Sales and Payment

Article 32 Foreign-invested enterprises may handle foreign exchange settlement and sales at designated foreign exchange banks, and may also handle foreign exchange transfers at designated foreign exchange banks. The center buys and sells foreign exchange, and other domestic institutions, resident individuals, institutions in China and people coming to China can only settle and sell foreign exchange at designated foreign exchange banks.

Article 33 When making external payments from a foreign exchange account, the bank engaged in foreign exchange business shall review and handle the payment in accordance with the prescribed scope of receipts and expenditures of the foreign exchange account and the corresponding provisions of Chapters 2 and 3 of these Regulations. .

Article 34 After a designated foreign exchange bank handles the sale and payment of foreign exchange, it shall sign and seal the corresponding valid vouchers and valid commercial documents and keep them for future reference.

Article 35 Designated foreign exchange banks shall determine the foreign exchange buying and selling prices for customers based on the central parity rate of the RMB exchange rate announced daily by the People's Bank of China and the prescribed buying and selling spread, and handle foreign exchange settlement and sales businesses.

Article 36 Payment from a foreign exchange account or purchase of foreign exchange shall be made on the date specified in the relevant settlement method or contract, and no external payment shall be made in advance; except for foreign exchange and credit used for repayment of principal and interest, Except for the guarantee/letter of guarantee deposit, foreign exchange is not allowed to be purchased in advance.

Article 37 In order to enable foreign exchange users with forward payment contracts or debt repayment agreements to avoid exchange rate risks, designated foreign exchange banks may handle forward transactions between RMB and foreign currencies and other matters for them in accordance with relevant regulations. Hedging business.

Article 38 For imports under barter trade, foreign exchange may not be purchased or paid from a foreign exchange account without the approval of the foreign exchange bureau.

Article 39 Banks engaged in foreign exchange business shall submit reports on foreign exchange settlement, foreign exchange sales and foreign exchange payments to the foreign exchange bureau in accordance with regulations. Designated foreign exchange banks shall establish an internal supervision system for foreign exchange settlement and sales, and shall promptly report to the local branch of the State Administration of Foreign Exchange if there are any abnormalities in foreign exchange settlement and sales.

Article 40 Domestic institutions shall choose a bank that engages in foreign exchange business in their place of registration to open a foreign exchange account and handle foreign exchange settlement, purchase and payment business in accordance with these regulations. Domestic institutions must apply to the foreign exchange bureau to open foreign exchange accounts in other places or overseas. For foreign exchange income under the current account of foreign-invested enterprises, upon approval, they can open a foreign exchange settlement account in a bank that engages in foreign exchange business in the place of registration.

Article 41 Banks engaged in foreign exchange business and domestic institutions engaged in foreign exchange settlement, purchase and payment business shall unconditionally accept the supervision and inspection of the foreign exchange bureau and present and provide relevant materials. For those who violate these regulations, the foreign exchange bureau may impose warnings, confiscate illegal income, and impose fines; for banks that violate these regulations and engage in foreign exchange business in serious cases, the foreign exchange bureau may suspend them

Penalties for foreign exchange settlement and sales business.

Chapter 5 Supplementary Provisions

Article 42 The State Administration of Foreign Exchange is responsible for the interpretation of these regulations.

Article 43 These regulations will come into effect on July 1, 1996. The "Interim Provisions on the Administration of Foreign Exchange Settlement, Sales and Payment of Foreign Exchange" promulgated on March 26, 1994 were abolished at the same time. If other provisions conflict with these provisions, these provisions shall prevail.

Note: The "Reply of the State Administration of Foreign Exchange on the Issue of Advance Purchase of Foreign Exchange with Margin under Letter of Credit/Letter of Guarantee" (Huifu [2001] No. 73) has been modified.