Legal analysis: The State Administration of Foreign Exchange and its branches (hereinafter referred to as the SAFE) supervise and manage the foreign exchange receipts and payments and foreign exchange registration of overseas direct investment by domestic institutions.

Legal basis: Interim Measures for the Administration of Foreign Exchange Accounts

Article 1 These Measures are formulated to standardize the opening and use of foreign exchange accounts and strengthen supervision and management.

Article 2 The term "domestic institutions" as mentioned in these Measures refers to enterprises, institutions, organs and social organizations in China.

The term "institutions in China" as mentioned in these Measures refers to foreign embassies and consulates in China, international organizations and non-governmental organizations, as well as institutions in China of other overseas legal persons.

Article 3 The term "opening bank" as mentioned in these Measures refers to a financial institution that engages in foreign exchange business with the approval of the State Administration of Foreign Exchange.

Article 4 The term "foreign exchange account" as mentioned in these Measures refers to the freely convertible currency account opened by domestic institutions and domestic institutions in the deposit bank.

Article 5 The State Administration of Foreign Exchange shall formulate relevant provisions on the management of foreign exchange accounts.

The State Administration of Foreign Exchange and its branches (hereinafter referred to as "SAFE") are responsible for the opening, use management, account cancellation and annual inspection of foreign exchange accounts of domestic institutions.