Article 2 The People's Bank of China and its branches, the State Administration of Foreign Exchange and its branches (hereinafter referred to as the foreign exchange bureau) are the supervisory and administrative organs of the bank's foreign exchange settlement and sale business.
Article 3 The meanings of the following terms in these Measures:
(1) Banks refer to commercial banks, urban credit cooperatives, rural credit cooperatives and other financial institutions and policy banks established in People's Republic of China (PRC) according to law.
(2) Settlement and sale of foreign exchange business refers to the exchange business between RMB and foreign exchange handled by banks for customers or for their own business activities, including spot settlement and sale of foreign exchange business and RMB and foreign exchange derivatives business;
(3) Spot settlement and sale of foreign exchange means settlement and sale of foreign exchange within two working days after the transaction is concluded, and the settlement price is the exchange rate on the day of the transaction;
(4) RMB and foreign exchange derivatives business refers to forward settlement and sale of foreign exchange, RMB and foreign exchange futures, RMB and foreign exchange swaps, RMB and foreign exchange options and other businesses and their combinations;
(5) The comprehensive position of foreign exchange settlement and sale refers to the foreign exchange position held by banks, which is formed by banks handling foreign exchange settlement and sale business with customers and themselves, participating in inter-bank foreign exchange market transactions and other transactions between RMB and foreign exchange.
Article 4 A bank's handling of foreign exchange settlement and sale business shall be approved by the foreign exchange bureau.
Article 5 Banks shall abide by these Measures and other relevant provisions on the administration of foreign exchange settlement and sale when handling foreign exchange settlement and sale business. Article 6 A bank applying for spot settlement and sale of foreign exchange shall meet the following conditions:
(1) Having financial business qualifications;
(2) Having a sound business management system;
(3) Having the necessary software and hardware equipment for handling business;
(4) Having senior managers and business personnel with corresponding business experience.
Article 7 A bank applying for RMB and foreign exchange derivatives business shall meet the following conditions:
(1) Having the qualification of spot settlement and sale of foreign exchange;
(2) Having a sound business management system;
(3) Having senior managers and business personnel with corresponding business experience;
(4) Conforming to the provisions of the banking regulatory agency on engaging in the trading of financial derivatives.
Article 8 Banks may apply for spot settlement and sale of foreign exchange business and qualification for RMB and foreign exchange derivatives business according to their business needs.
Article 9 Banks applying for spot settlement and sale of foreign exchange or RMB and foreign exchange derivatives business qualifications shall apply uniformly by their head offices, except for branches of foreign banks.
Policy banks and national commercial banks applying for spot foreign exchange settlement and sale business or RMB and foreign exchange derivatives business qualifications shall be examined and approved by the State Administration of Foreign Exchange; Other banks shall be examined and approved by the local branches of the State Administration of Foreign Exchange and the foreign exchange administration department.
Article 10 A branch of a bank shall obtain the authorization of a higher-level institution with corresponding business qualifications when handling spot settlement and sale of foreign exchange or RMB and foreign exchange derivatives business, and report it to the local branch of the State Administration of Foreign Exchange for the record.
Article 11 If a bank is merged or divided during the settlement and sale of foreign exchange, the newly established bank shall re-apply to the foreign exchange bureau for the qualification of settlement and sale of foreign exchange; Change of name, change of business address, merger or division of branches engaged in foreign exchange settlement and sale business. , it shall be reported to the foreign exchange bureau for filing within 30 days from the date of change.
Article 12 Where a bank stops handling spot settlement and sale of foreign exchange or RMB and foreign exchange derivatives business, it shall report to the foreign exchange bureau for filing within 30 days from the date of suspension.
Article 13 If a bank is revoked or declared bankrupt according to law, its qualification for foreign exchange settlement and sale will be automatically lost. Article 14 A bank shall establish and improve the risk management system of foreign exchange settlement and sale business, and establish a regular evaluation mechanism for the operation and risk management of foreign exchange settlement and sale business.
The foreign exchange bureau shall regularly evaluate the implementation of foreign exchange management regulations in the foreign exchange settlement and sale business of banks.
Article 15 A bank shall designate a special department as the lead management department of foreign exchange settlement and sale business, and be responsible for supervising and coordinating the implementation of the foreign exchange management regulations of the bank and its branches.
Article 16 Banks should strengthen the training of foreign exchange management policies for managers, managers, salesmen, traders and other relevant business personnel of foreign exchange settlement and sale business to ensure that they have the necessary knowledge of policies and regulations.
Article 17 A bank shall set up accounting subjects for settlement and sale of foreign exchange, distinguish spot settlement and sale of foreign exchange from RMB and foreign exchange derivatives, and account for settlement and sale of foreign exchange to customers, settlement and sale of foreign exchange by itself and inter-bank market transactions respectively.
Article 18 When handling foreign exchange settlement and sale business, banks shall examine relevant vouchers or commercial documents in accordance with the principle of "knowing the business, knowing the customers and doing their duty". Where the State Administration of Foreign Exchange has explicit provisions, such provisions shall prevail.
Article 19 When handling RMB and foreign exchange derivatives business, banks should conduct derivatives transactions with customers who have real demand background and are suitable for their risk ability, and abide by the provisions of the State Administration of Foreign Exchange on customers, products and trading positions.
Article 20 Banks shall abide by the provisions on the management of comprehensive positions in foreign exchange settlement and sale, and keep the comprehensive positions in foreign exchange settlement and sale within the approved limits within the prescribed time limit.
The limit of the comprehensive position of bank settlement and sale of foreign exchange shall be uniformly approved according to the international balance of payments, the foreign exchange business operation of the bank and the macro-prudential management, and the branches of foreign banks shall be regarded as legal persons.
Article 21 A foreign-funded bank that has not obtained the qualification of RMB business shall, after obtaining the qualification of spot settlement and sale of foreign exchange, apply to the local branch of the People's Bank of China for opening a special RMB account for settlement and sale of foreign exchange, which is used exclusively for RMB transactions in settlement and sale of foreign exchange. The provisions of Article 20 of these Measures on the management of comprehensive positions in settlement and sale of foreign exchange shall not apply.
Article 22 When handling foreign exchange settlement and sale business, banks can decide their own listed currencies according to their business needs, and implement the relevant provisions of the People's Bank of China and the State Administration of Foreign Exchange on bank exchange rate management.
Article 23 A bank shall, in accordance with the provisions of the State Administration of Foreign Exchange, timely, accurately and completely submit data on foreign exchange settlement and sale, comprehensive position data and other relevant statements and materials, and regularly check and correct mistakes in time as required.
Article 24 A bank shall establish a custody system for foreign exchange settlement and sale documents, and keep relevant documents separately according to the types of business. The storage period shall not be less than 5 years.
Article 25 A bank shall cooperate with the supervision and inspection of the foreign exchange bureau, truthfully explain the relevant situation and provide relevant documents and materials, and shall not refuse, obstruct or conceal them.
Article 26 The foreign exchange bureau shall strengthen the supervision and management of the bank's foreign exchange settlement and sale business through off-site supervision and on-site inspection, and establish and improve the supervision information file of the bank's foreign exchange settlement and sale business. Article 27 If a bank handles the foreign exchange settlement and sale business without approval, the foreign exchange bureau or the relevant competent department shall punish it according to the provisions of the first paragraph of Article 46 of the Regulations on Foreign Exchange Control.
Article 28 In any of the following circumstances, a bank shall be punished by the foreign exchange bureau according to Article 47 of the Regulations on Foreign Exchange Control:
(1) Failing to examine relevant vouchers or commercial documents when handling foreign exchange settlement and sale business;
(2) Failing to control the comprehensive position of foreign exchange settlement and sale within the approved limit.
(3) Failing to implement the exchange rate management regulations of the People's Bank of China and the State Administration of Foreign Exchange.
Article 29 If a bank fails to submit data such as settlement and sale of foreign exchange, comprehensive position and other relevant statements and materials to the foreign exchange bureau according to the provisions of the State Administration of Foreign Exchange, the foreign exchange bureau shall impose penalties according to Article 48 of the Regulations on Foreign Exchange Control. Article 30 If a bank that has not obtained the qualification of foreign exchange settlement and sale business handles foreign exchange settlement and sale business for its own needs, it shall do so through a bank that has the qualification of foreign exchange settlement and sale business.
Article 31 Non-bank financial institutions shall handle foreign exchange settlement and sale business with reference to these Measures, unless otherwise stipulated by the State Administration of Foreign Exchange.
Article 32 The People's Bank of China shall be responsible for the interpretation of these Measures.
Article 33 These Measures shall come into force as of August 1 day, 2065. Where the previous provisions are inconsistent with these Measures, these Measures shall prevail. The Interim Measures for the Administration of Settlement and Sale of Foreign Exchange by Designated Foreign Exchange Banks (Order No.4 of the People's Bank of China [2002]) and the Notice of the People's Bank of China on the Administration of Settlement and Sale of Foreign Exchange (Yinfa [2004] No.62) shall be abolished at the same time.