Foreign exchange accounts refer to freely convertible currency accounts opened by domestic institutions, domestic institutions and individuals in banks and non-bank institutions that are allowed to engage in foreign exchange deposit business in accordance with relevant account management regulations.
1. The account-opening unit must issue a certificate for the use of foreign exchange account to the bank when handling account receipt and payment. The bank that opens an account handles account receipts and payments for the account opening unit according to the scope of account receipts and payments specified in the foreign exchange account use certificate. Without the approval of the foreign exchange bureau, no account opening unit or bank may use the account beyond the scope.
2. The account-opening entity shall use the account in accordance with the provisions of the Approval Letter for Opening a Foreign Exchange Account and the Certificate for Using a Foreign Exchange Account on the maximum amount of the account, service period and settlement method, and shall not use the account beyond the scope and time limit. For accounts whose net income needs to be settled, the account opening unit shall handle the settlement in time. Accounts that need to be postponed due to the progress of the project shall be applied to the foreign exchange bureau in advance, and shall not be postponed without approval.
3. Approved foreign exchange accounts must participate in the annual inspection. The account-opening entity shall abide by the Provisions on Annual Inspection of Foreign Exchange Accounts in Current Account of Chinese-funded Enterprises in Domestic Institutions and relevant supplementary provisions. The annual inspection time is1~ April every year. The specific inspection of the account shall be carried out by the accounting firm entrusted by the account opening unit. The foreign exchange bureau shall verify the list of designated accounting firms once a year and announce it to the account opening unit. The account-opening unit chooses its own accounting firm to conduct annual inspection on its account.