1. Current account revenue and expenditure control
Current account accounts for a large proportion in the balance of payments, and the current account balance of a country also has a great influence on its foreign exchange earning capacity and domestic economy, so the control of current account balance is usually the focus of foreign exchange control in various countries. The general method of its control is to stipulate that exporters and all residents who can obtain foreign exchange from abroad must sell the foreign exchange obtained at the official exchange rate to the foreign exchange bank designated by the foreign exchange administration department within a specified time; Importers and all residents who have to pay in foreign exchange must be approved by the foreign exchange administration department, and the designated foreign exchange banks will purchase foreign exchange at the official exchange rate.
Generally speaking, the following measures are taken for the foreign exchange management of export commodities: the exporter must first obtain an export license approved by the trade administration department, and before the goods pass through the port, the export license must also be approved by an authorized bank, declare the price, amount, settlement currency, foreign exchange collection method, destination and time limit of the export commodities to the authorized bank, and promise to hand over all foreign exchange income to the bank within a certain period of time. When an exporter asks a foreign importer to pay by draft through a bank, the draft must be discounted by an authorized bank, or foreign exchange can be collected by passing the draft through an authorized bank. This can ensure that authorized banks can obtain all foreign exchange income. Some countries combine the export settlement and sale of foreign exchange with the issuance of export licenses, which clearly state the price, amount and foreign exchange collection method of export commodities, and at the same time go through the procedures of submitting and reviewing letters of credit to prevent exporters from concealing export foreign exchange income.
The foreign exchange required by importers and other foreign exchange demanders shall be distributed by the foreign exchange administration department. The main methods are: first, the foreign exchange purchase license system, that is, foreign exchange demanders must first obtain the foreign exchange purchase license, and then buy a certain amount of foreign exchange in authorized banks; The second is the planned supply system, that is, according to the foreign exchange supply of credit transactions and the foreign exchange demand of principal and debit transactions in a certain period of time, the foreign exchange limit of each debit item is determined, and then the foreign exchange is allocated to the applicant in the order of applying for foreign exchange until the foreign exchange share of the item is allocated completely.
Foreign exchange earnings such as labor export, gifts and capital gains are difficult to control. The usual measures are to strengthen the inspection of international letters, prevent the entrainment of local and foreign currencies, strictly register foreign securities held by residents, and strengthen the management of non-residents' bank accounts in their own countries.
In limiting foreign exchange expenditure, some trade control measures, such as import quota system and import license system, are usually combined with foreign exchange control measures. In terms of restricting the import of goods, the import quota system and the import license system are similar to foreign exchange control, because they directly control the import of goods in a certain period of time, which will inevitably limit the foreign exchange needed for the import of goods in a certain period of time. If the price of imported goods or the credit provided by foreign exporters changes, the import volume will also change, so the import quota and import license system have a greater practical effect, but foreign exchange control is more comprehensive than trade control, which not only restricts the trade of goods,
2. Restrictions on capital import and export
When foreign capital flows in, it will generally be converted into local currency, so the foreign exchange supply will increase; When domestic capital flows out and needs to be converted into foreign currency, the demand for foreign exchange increases; Therefore, capital import and export directly affects a country's foreign exchange supply and demand and international payments, and capital import and export has become an important field of foreign exchange control. The main measures taken by western countries to restrict capital input are:
(1) stipulates that domestic banks must pay higher deposit reserve to absorb non-resident deposits. For example, the former Federal Republic of Germany stipulated that banks should pay 90%~ 100% deposit reserve to absorb non-resident deposits, which increased the cost for banks to absorb foreign capital, thus inhibiting the input of foreign capital.
(2) It is stipulated that banks shall not pay interest on non-resident demand deposits, or even charge a certain percentage of handling fees for deposits exceeding the prescribed balance. For example, Swiss banks stipulate that non-resident deposits exceeding 65,438+000,000 Swiss francs not only have to pay interest, but also charge 65,438+00% on a quarterly basis to restrict the import of foreign capital.
(3) Restrict commercial banks from selling their forward currency business to non-residents. For example, in June 1974, 165438+ 10, the Swiss government imposed restrictions on the commercial sale of forward Swiss francs to non-residents.
(4) Restrict non-residents from purchasing domestic securities, such as. For example, Japan has banned non-residents from buying Japanese securities since June 1992 10.
(5) Restrict domestic enterprises and multinational companies from borrowing foreign capital. For example, since February, 1973, the former Federal Republic of Germany 1973, the use of foreign capital and foreign loans exceeding DM 8,000 must be approved by the former Federal Republic of Germany Central Bank.
The restrictions on capital export in western countries are usually during the war and when the balance of payments is in crisis, accompanied by policies to encourage capital input. The usual measure is to restrict domestic loans to foreign long-term and short-term capital; Restrict foreign countries from issuing bonds in their own countries; Or limit the repayment of principal and interest of the original borrowed capital; Restrict foreign direct investment; Set the maximum amount of bank loans, etc.
3. Control of non-resident bank deposit accounts
The vast majority of international settlement is carried out in the form of non-cash settlement through the transfer and transfer of foreign exchange certificates, and finally through the transfer of bank deposits. The transfer of these bank deposits between residents and non-residents and between non-residents is directly related to foreign exchange receipts and payments, thus affecting the balance of payments of the country where the account is located to some extent. Therefore, foreign exchange control countries should not only control the foreign exchange transactions of their own residents, but also control the deposit use of foreign residents in their own banks. Countries generally control the deposits of non-residents in their own countries by setting up the following three types of accounts: First, free accounts. The main sources of funds for free accounts are non-resident gold sales income and other foreign exchange income, and account holders have the right to use account funds when handling all payments at home and abroad and transferring them to other non-resident accounts. The second is a limited account. Generally including domestic and external account. The income and expenditure of non-residents in China can only be transferred to domestic accounts or transfer accounts without prior agreement to be remitted abroad, and the funds in domestic accounts can only be used for purchasing goods or other payments in China. Funds in transfer accounts can also be transferred to transfer accounts held by other non-residents. The third is the title (or frozen account). Non-residents' money in this account cannot be converted into foreign currency and remitted abroad, nor can it be used to buy long-term bonds and real estate in their own country and pay for travel expenses in China. Germany took the lead in setting up a blocked account in 193 1, and Britain developed an account control system shortly after World War II, which also stipulated restrictions on mutual transfer between accounts. At present, developed countries have basically lifted the account restrictions, while in some economically underdeveloped countries and regions, account control is still implemented. Brazil has set up a multi-block account in Crousaz for non-residents. All funds that are not in compliance with the foreign capital registration law and are prohibited from being remitted abroad are transferred into this account, but these funds can be used to pay various fees charged in the name of non-residents in Brazil.
4. It is forbidden to export gold and cash.
Countries with foreign exchange controls generally prohibit private exports of gold, which are usually handled by the central bank when necessary. Domestic cash exports are also restricted. Usually, a maximum limit is set, within which you can take it out of the country freely, and it must be approved by the foreign exchange administration.