Article 2 All branches of the State Administration of Foreign Exchange (hereinafter referred to as branches) are responsible for the management, organization and implementation of foreign currency clearing business in various places.
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Article 3 The foreign currency clearing services provided by branches include foreign currency bills clearing in the same city and foreign currency clearing in different places.
Article 4 The contents of foreign currency clearing business include:
Transfer and settlement of foreign currency fund positions among members;
Management of foreign currency clearing funds of members;
Statistical monitoring of foreign currency clearing business;
Other business matters approved by the State Administration of Foreign Exchange.
Article 5 Sub-branches shall provide fixed places for foreign currency clearing business, adopt centralized exchange method, and the opening ceremony shall not be held on national statutory holidays.
Article 6 The foreign currency clearing business adopts the membership system. Financial institutions that are approved to engage in foreign currency clearing business (including network institutions that operate foreign currency credit cards) must apply to local branches, and only after obtaining approval can they become foreign currency clearing members, and the branches uniformly issue clearing member numbers.
Article 7 Financial institutions authorized to engage in foreign exchange business (including network institutions engaged in foreign currency credit cards) shall provide:
Application;
License to operate foreign exchange business;
Department and supervisor reserve seals;
Power of attorney of members to liquidator.
Article 8 The foreign currency clearing business follows the principle of "at your own risk". Members participating in foreign currency clearing business must pay a certain amount of deposit, which will be deposited into the special account set up by the branch; The payment amount is 0.5%-2% of the monthly average settlement amount of the previous year, but not less than 50,000 USD. The branch regularly evaluates the liquidation credit status of members, and adjusts the amount of liquidation margin paid by members once a year according to the assessment results and the liquidation business volume of the previous year.
Article 9 The settlement deposit belongs to the members, but it can only be used with the consent of the branch offices, and can only be used to temporarily make up the settlement position.
Article 10 The foreign currency clearing business has the nature of collecting and paying on behalf of others, and in principle, no branch office may advance the fund position. When the balance of the settlement account is insufficient to pay after the exchange of member bills, it can be made up in the following ways:
Transfer money from domestic or overseas to cover positions before 3 pm that day.
If the position is not transferred in time, it shall be paid in advance from the member's clearing deposit. If the deposit is still insufficient, the club will refund the insufficient part, and the consequences will be borne by the members. Members shall make up the settlement deposit before the next working day. Before the liquidation margin is replenished, the used margin does not bear interest, and the branch will stop accepting the bills presented by it.
Article 11 If there is insufficient payment in a member's account, a penalty interest will be charged at LIBOR+4%, and the position will be replenished before the next working day. Branches have the right to stop accepting bills submitted by members before the funds in their accounts are replenished.
Article 12 The amount confirmed by telegraphic transfer of the member on the same day shall not be withdrawn with the withdrawal slip unless the amount has been recorded in advance. If, after the confirmation of telegraphic transfer is provided, the date when the funds actually reach the overseas account in China is later than the value date when the account expires, interest will be charged to the member banks according to the compensation rules of LaSalle. If the member's position in the deposit account on that day is insufficient, a penalty interest will be charged at LIBOR+4% for the insufficient position.
Article 13 The value of overseas funds under foreign currency settlement shall be determined in accordance with international practice.
Article 14 The branch will send the statement to the members every month, and the members will feed back the confirmed statement within 5 working days.
Fifteenth branches of each member account funds every six months according to the interest rate stipulated by the State Administration of interest.
Article 16 A member who withdraws from liquidation shall notify the branch one month in advance. After the account is checked correctly, the branch will fully refund the foreign currency settlement funds of the members, including the settlement deposit.
Article 17 Matters not covered in these Rules shall be implemented in accordance with the relevant provisions of document Yinfa [1999] No.240 of the People's Bank of China and the State Administration of Foreign Exchange.