Regulations of the People's Republic of China on Foreign Exchange Control

中华人民共和国外汇管理条例

 

Promulgating Institution:   State Council

Document Number:    Decree No. 532 of the State Council of the People's Republic of China

Promulgating Date:    08/05/2008

Effective Date:    08/05/2008

颁布机关:     国务院

文    号:   国务院令第532号

颁布时间:     08/05/2008

实施时间:     08/05/2008

 

Decree No. 532 of the State Council of the People's Republic of China

The Regulations of the People's Republic of China on Foreign Exchange Control, revised and adopted at the 20th executive meeting of the State Council on August 1, 2008, is hereby promulgated after revision and shall become effective from the date of promulgation.

Premier, Wen Jiabao

August 5, 2008

   中华人民共和国国务院令

第532号

   《中华人民共和国外汇管理条例》已经2008年8月1日国务院第20次常务会议修订通过，现将修订后的《中华人民共和国外汇管理条例》公布，自公布之日起施行。  

   总理温家宝

   二○○八年八月五日

Regulations of the People's Republic of China on Foreign Exchange Control

    中华人民共和国外汇管理条例

Chapter 1: General Provisions

第一章 总则

Article 1   These Regulations are formulated for the purpose of strengthening foreign exchange control, facilitating equilibrium in the balance of international payments, and promoting the healthy development of the national economy.

    第一条 为了加强外汇管理,促进国际收支平衡,促进国民经济健康发展,制定本条例。

Article 2   The foreign exchange control department of the State Council and its branches (hereinafter uniformly referred to as "foreign exchange control organs") shall perform the functions of foreign exchange control according to law and be responsible for the implementation of these Regulations.

    第二条 国务院外汇管理部门及其分支机构(以下统称外汇管理机关)依法履行外汇管理职责,负责本条例的实施。

Article 3   For the purposes of these Regulations, foreign exchange means the following payment instruments and assets denominated in foreign currencies which may be used in international settlement:

(1) Foreign currencies in cash, including paper currencies and coins;

(2) Payment instruments denominated in foreign currencies or payment tools, including negotiable instruments, bank deposit certificates, bank cards, etc.;

(3) Valuable securities denominated in foreign currencies, including bonds, stocks, etc.;

(4) Special drawing rights;

(5) Other assets denominated in foreign currencies.

    第三条 本条例所称外汇,是指下列以外币表示的可以用作国际清偿的支付手段和资产:

   (一)外币现钞,包括纸币、铸币;

   (二)外币支付凭证或者支付工具,包括票据、银行存款凭证、银行卡等;

   (三)外币有价证券,包括债券、股票等;

   (四)特别提款权;

   (五)其他外汇资产。

Article 4   These Regulations shall be applicable to the receipts and payments of foreign exchange or foreign exchange operation activities of domestic institutions or individuals and the receipts and payments of foreign exchange or foreign exchange operation activities in China of overseas institutions or individuals.

    第四条 境内机构、境内个人的外汇收支或者外汇经营活动,以及境外机构、境外个人在境内的外汇收支或者外汇经营活动,适用本条例。

Article 5   The State shall not restrict the payment in foreign exchange and transfer of foreign exchange for current international transactions.

    第五条 国家对经常性国际支付和转移不予限制。

Article 6   The State shall practice a system for declaring statistics on international receipts and payments.

The foreign exchange control department of the State Council shall conduct statistics on and monitoring of the international receipts and payments, and shall publicize the status of international receipts and payments on a regular basis.

    第六条 国家实行国际收支统计申报制度。

   国务院外汇管理部门应当对国际收支进行统计、监测,定期公布国际收支状况。

Article 7   Financial institutions engaged in foreign exchange business shall open foreign exchange accounts for their clients in accordance with the provisions of the foreign exchange control department of the State Council, and shall conduct the foreign exchange business through foreign exchange accounts.

A financial institution engaged in foreign exchange business shall report to the relevant foreign exchange control organs in accordance with the law on its client's foreign exchange receipts and payments and the changes to the client's foreign exchange account.

    第七条 经营外汇业务的金融机构应当按照国务院外汇管理部门的规定为客户开立外汇账户,并通过外汇账户办理外汇业务。

   经营外汇业务的金融机构应当依法向外汇管理机关报送客户的外汇收支及账户变动情况。

Article 8   The circulation of foreign currencies is prohibited and foreign currencies shall not be used in price quotations or in settlements within the territory of the People's Republic of China, except otherwise specified by the State.

    第八条 中华人民共和国境内禁止外币流通,并不得以外币计价结算,但国家另有规定的除外。

Article 9   Foreign exchange receipts of domestic institutions or individuals may be transferred to China or deposited abroad; the conditions for transfer to China or overseas deposit, time limit, etc., shall be specified by the foreign exchange control department of the State Council according to the international receipts and payments status and requirements of foreign exchange control.

    第九条 境内机构、境内个人的外汇收入可以调回境内或者存放境外;调回境内或者存放境外的条件、期限等,由国务院外汇管理部门根据国际收支状况和外汇管理的需要作出规定。

Article 10   The foreign exchange control department of the State Council shall legally hold, manage, operate the State's foreign exchange reserve and follow the principles of safety, circulation and value addition.

    第十条 国务院外汇管理部门依法持有、管理、经营国家外汇储备,遵循安全、流动、增值的原则。

Article 11   In the event that severe balance disorder occurs or is likely to occur in international receipts and payments, or severe crisis strikes or is likely to strike the national economy, the State may take necessary measures to safeguard or control the international receipts and payments.

    第十一条 国际收支出现或者可能出现严重失衡，以及国民经济出现或者可能出现严重危机时，国家可以对国际收支采取必要的保障、控制等措施。

Chapter 2: Foreign Exchange Control for Current Account Transactions

第二章 经常项目外汇管理

Article 12   Foreign exchange receipts and payments for current account transactions shall be based on truthful and legal transactions. Financial institutions engaged in settlement or sale of foreign exchange shall conduct rational examination on authenticity of transaction documents and the consistency between the transaction documents and the receipts and payments of foreign exchange.

The foreign exchange control organs shall be entitled to supervise and inspect the aforesaid items.

    第十二条 经常项目外汇收支应当具有真实、合法的交易基础。经营结汇、售汇业务的金融机构应当按照国务院外汇管理部门的规定,对交易单证的真实性及其与外汇收支的一致性进行合理审查。

   外汇管理机关有权对前款规定事项进行监督检查。

Article 13   Foreign exchange receipts for current account transactions may be retained or sold to financial institutions engaged in settlement or sale of foreign exchange according to relevant provisions of the State.

    第十三条 经常项目外汇收入,可以按照国家有关规定保留或者卖给经营结汇、售汇业务的金融机构。

Article 14   Foreign exchange payments for current account transactions shall be made, in accordance with the provisions of the foreign exchange control department of the State Council on the administration of payment and purchase of foreign exchange and by presenting valid documents, with their own foreign exchange or through purchasing foreign exchange from financial institutions engaged in settlement or sale of foreign exchange.

    第十四条 经常项目外汇支出,应当按照国务院外汇管理部门关于付汇与购汇的管理规定,凭有效单证以自有外汇支付或者向经营结汇、售汇业务的金融机构购汇支付。

Article 15   Limit for the amount of foreign currencies in cash that is permitted to be carried or declared for entering/exiting the territory of China shall be set forth by the foreign exchange control department of the State Council.

    第十五条 携带、申报外币现钞出入境的限额，由国务院外汇管理部门规定。

Chapter 3: Foreign Exchange Control for Capital Account Transactions

第三章 资本项目外汇管理

Article 16   Overseas institutions or individuals that propose to make direct investment in China shall go through the formalities for registration with the foreign exchange control organs after the relevant competent departments approve the proposals.

Overseas institutions or individuals that are engaged in distribution or deal of valuable securities or derivative products in China shall comply with the provisions of the State on market access and go through the formalities for registration in accordance with the provisions of the foreign exchange control department of the State Council.

    第十六条 境外机构、境外个人在境内直接投资,经有关主管部门批准后,应当到外汇管理机关办理登记。

   境外机构、境外个人在境内从事有价证券或者衍生产品发行、交易,应当遵守国家关于市场准入的规定,并按照国务院外汇管理部门的规定办理登记。

Article 17   Domestic institutions or individuals that make direct investment abroad or are engaged in distribution or deal of overseas valuable securities or derivative products shall go through the formalities for registration in accordance with the provisions of the foreign exchange control department of the State Council. The said institutions or individuals shall go through the formalities for examination and approval or record-filing prior to foreign exchange registration, if they shall be subject to the approval of or record-filing with the relevant competent departments in advance as required by the State.

    第十七条 境内机构、境内个人向境外直接投资或者从事境外有价证券、衍生产品发行、交易,应当按照国务院外汇管理部门的规定办理登记。国家规定需要事先经有关主管部门批准或者备案的,应当在外汇登记前办理批准或者备案手续。

Article 18   The State shall adopt scale administration for external debts. External debts shall be borrowed in accordance with the relevant provisions of the State and registered with the relevant foreign exchange control organs.

The foreign exchange control department of the State Council shall be responsible for statistics and monitoring of national external debts and publicize the status of external debts on a regular basis.

    第十八条 国家对外债实行规模管理。借用外债应当按照国家有关规定办理,并到外汇管理机关办理外债登记。

   国务院外汇管理部门负责全国的外债统计与监测,并定期公布外债情况。

Article 19   Provision of external guaranty shall be subject to filing application with the relevant foreign exchange control organs which shall, based on the status of applicants' assets and liabilities, decide whether or not to approve the application. If the State specifies that the business scope is subject to approval of the relevant competent departments, the approval formalities shall be completed prior to the filing of the application with the relevant foreign exchange control organs. After signing external guaranty contracts, the applicants shall go through the formalities for external guaranty registration with the relevant foreign exchange control organs.

The provisions in the preceding paragraph shall not apply to the circumstance where the external guaranty is provided upon approval of the State Council for transfer of loans for the purposes of using the loans of foreign governments or international financial organizations.

    第十九条 提供对外担保,应当向外汇管理机关提出申请,由外汇管理机关根据申请人的资产负债等情况作出批准或者不批准的决定;国家规定其经营范围需经有关主管部门批准的,应当在向外汇管理机关提出申请前办理批准手续。申请人签订对外担保合同后,应当到外汇管理机关办理对外担保登记。

   经国务院批准为使用外国政府或者国际金融组织贷款进行转贷提供对外担保的,不适用前款规定。

Article 20   Banking financial institutions may directly provide commercial loans abroad within the approved business scope. Other domestic institutions that propose to provide commercial loans abroad shall file an application with the relevant foreign exchange control organs which shall, based on the status of applicants' assets and liabilities, decide whether or not to approve the application. If the State specifies that the business scope is subject to approval of the relevant competent departments, the approval formalities shall be completed prior to the filing of the application with the foreign exchange control organs.

Registration formalities for provision of commercial loans abroad shall be completed according to the provisions of the foreign exchange control department of the State Council.

    第二十条 银行业金融机构在经批准的经营范围内可以直接向境外提供商业贷款。其他境内机构向境外提供商业贷款,应当向外汇管理机关提出申请,外汇管理机关根据申请人的资产负债等情况作出批准或者不批准的决定;国家规定其经营范围需经有关主管部门批准的,应当在向外汇管理机关提出申请前办理批准手续。

   向境外提供商业贷款,应当按照国务院外汇管理部门的规定办理登记。

Article 21   If foreign exchange receipts for capital account transactions are to be retained at or sold to financial institutions engaged in settlement or sale of foreign exchange, the retaining or sale shall be subject to approval of foreign exchange control organs, except those not subject to approval as specified by the State.

    第二十一条 资本项目外汇收入保留或者卖给经营结汇、售汇业务的金融机构,应当经外汇管理机关批准,但国家规定无需批准的除外。

Article 22   Foreign exchange payments for capital account transactions shall be made, in accordance with the provisions of the foreign exchange control department of the State Council on administration of payment and purchase of foreign exchange, with their own foreign exchange or with foreign exchange purchased from financial institutions engaged in settlement or sale of foreign exchange, by presenting valid documents. If the State specifies that the payment is subject to the approval of the foreign exchange control organs, the approval formalities shall be completed prior to payment of foreign exchange.

After a foreign-invested enterprise that is terminated in accordance with the law undergoes liquidation and pays taxes pursuant to the relevant provisions of the State, the Renminbi amount owned by a foreign investor may be remitted out of China through the relevant financial institutions engaged in the settlement or sale of foreign exchange by purchase of foreign currencies.

    第二十二条 资本项目外汇支出,应当按照国务院外汇管理部门关于付汇与购汇的管理规定,凭有效单证以自有外汇支付或者向经营结汇、售汇业务的金融机构购汇支付。国家规定应当经外汇管理机关批准的,应当在外汇支付前办理批准手续。

   依法终止的外商投资企业,按照国家有关规定进行清算、纳税后,属于外方投资者所有的人民币,可以向经营结汇、售汇业务的金融机构购汇汇出。

Article 23   Foreign exchange for capital account transactions and funds for foreign exchange settlement shall be used according to the purpose of use as approved by the relevant competent departments and foreign exchange control organs. The foreign exchange control organs shall have the right to supervise and inspect the use and account change situations of foreign exchange for capital account transactions and funds for foreign exchange settlement.

    第二十三条 资本项目外汇及结汇资金，应当按照有关主管部门及外汇管理机关批准的用途使用。外汇管理机关有权对资本项目外汇及结汇资金使用和账户变动情况进行监督检查。

Chapter 4: Control of Foreign Exchange Operations of Financial Institutions

第四章 金融机构外汇业务管理

Article 24   Financial institutions' operation or termination of the operation of settlement or sale of foreign exchange shall be subject to the approval of foreign exchange control organs; financial institutions' operation or termination of the operation of other foreign exchange businesses shall be respectively subject to the approval of foreign exchange control organs or financial industry regulatory institutions according to the division of duties.

    第二十四条 金融机构经营或者终止经营结汇、售汇业务,应当经外汇管理机关批准;经营或者终止经营其他外汇业务,应当按照职责分工经外汇管理机关或者金融业监督管理机构批准。

Article 25   Foreign exchange control organs shall implement the comprehensive position management of foreign exchange business of financial institutions. Specific measures shall be formulated by the foreign exchange control department of the State Council.

    第二十五条 外汇管理机关对金融机构外汇业务实行综合头寸管理,具体办法由国务院外汇管理部门制定。

Article 26   Conversion between Renminbi and a foreign currency for capital fund or profits of a financial institution or due to the mismatch between a financial institution's assets denominated in Renminbi and foreign currencies shall be subject to the approval of the foreign exchange control organs.

    第二十六条 金融机构的资本金、利润以及因本外币资产不匹配需要进行人民币与外币间转换的，应当经外汇管理机关批准。

Chapter 5: Administration of Renminbi Exchange Rate and the Foreign Exchange Market

第五章 人民币汇率和外汇市场管理

Article 27   The exchange rate for Renminbi follows a managed floating exchange rate system based on market demand and supply.

    第二十七条 人民币汇率实行以市场供求为基础的、有管理的浮动汇率制度。

Article 28   Financial institutions that are engaged in the settlement or sale of foreign exchange and other institutions that meet the conditions specified by the foreign exchange control department of the State Council may conduct foreign exchange transactions in the inter-bank foreign exchange market in accordance with the provisions of the foreign exchange control department of the State Council.

    第二十八条 经营结汇、售汇业务的金融机构和符合国务院外汇管理部门规定条件的其他机构,可以按照国务院外汇管理部门的规定在银行间外汇市场进行外汇交易。

Article 29   The trades of foreign exchange on the foreign exchange market shall comply with the principles of openness, equality, fairness and honesty and credibility.

    第二十九条 外汇市场交易应当遵循公开、公平、公正和诚实信用的原则。

Article 30   The types and forms of currencies traded on the foreign exchange market shall be specified by the foreign exchange control department of the State Council.

    第三十条 外汇市场交易的币种和形式由国务院外汇管理部门规定。

Article 31   The foreign exchange control department of the State Council shall be responsible for supervising and administrating the nationwide foreign exchange market in accordance with the law.

    第三十一条 国务院外汇管理部门依法监督管理全国的外汇市场。

Article 32   The foreign exchange control department of the State Council shall, in light of the fluctuations in the foreign exchange market and according to requirements of the monetary policy, adjust the foreign exchange market in accordance with the law.

    第三十二条 国务院外汇管理部门可以根据外汇市场的变化和货币政策的要求，依法对外汇市场进行调节。

Chapter 6: Supervision and Administration

第六章 监督管理

Article 33   The foreign exchange control organs shall perform their duties in accordance with the law and have the right to take the following measures:

(1) Conduct on-site inspection of the financial institutions engaged in foreign exchange business;

(2) Get into the place where the suspected illegal acts relating to foreign exchange occur for the purposes of conducting investigation and obtaining evidence;

(3) Make inquiries of institutions or individuals that involve in foreign exchange receipts and payment activities or foreign exchange operating activities to require them to make statements on issues directly relating to illegal foreign exchange activities under investigation;

(4) Consult and duplicate the transaction documents and other materials directly relating to illegal foreign exchange activities under investigation;

(5) Consult and duplicate the financial and accounting materials and relevant documents of the parties concerned of the illegal foreign exchange activities under investigation and those of organizations or individuals that are directly related to the activities, and may seal up the documents and materials that are likely to be transferred, suppressed, or damaged;

(6) Subject to approval of the foreign exchange control department of the State Council or the responsible person of relevant provincial foreign exchange control organ, check the bank accounts of the parties concerned involved in the illegal foreign exchange activities under investigation and bank accounts of organizations or individuals that are directly related to the activities, excluding such person's personal savings accounts;

(7) May apply to the people's courts for freezing or sealing up the case-related properties or important evidence if having evidence to prove that the case-related properties, such as illegal funds, have been or may be transferred or concealed, or the important evidence has been or may be suppressed, forged, or damaged.

The relevant organizations and individuals shall give assistance in supervision and inspection conducted by the foreign exchange control organs, truthfully clarify the relevant situations and provide relevant documents and materials, and shall not refuse and impede the supervision or inspection or conceal the relevant information.

    第三十三条 外汇管理机关依法履行职责,有权采取下列措施:

   (一)对经营外汇业务的金融机构进行现场检查;

   (二)进入涉嫌外汇违法行为发生场所调查取证;

   (三)询问有外汇收支或者外汇经营活动的机构和个人,要求其对与被调查外汇违法事件直接有关的事项作出说明;

   (四)查阅、复制与被调查外汇违法事件直接有关的交易单证等资料;

   (五)查阅、复制被调查外汇违法事件的当事人和直接有关的单位、个人的财务会计资料及相关文件,对可能被转移、隐匿或者毁损的文件和资料,可以予以封存;

   (六)经国务院外汇管理部门或者省级外汇管理机关负责人批准,查询被调查外汇违法事件的当事人和直接有关的单位、个人的账户,但个人储蓄存款账户除外;

   (七)对有证据证明已经或者可能转移、隐匿违法资金等涉案财产或者隐匿、伪造、毁损重要证据的,可以申请人民法院冻结或者查封。

   有关单位和个人应当配合外汇管理机关的监督检查,如实说明有关情况并提供有关文件、资料,不得拒绝、阻碍和隐瞒。

Article 34   If the foreign exchange control organs conduct supervision and inspection or investigation, the personnel of supervision and inspection or investigation shall not be less than two persons and shall present their credentials. In the case of less than two supervision and inspection or investigation persons or a failure to present their credentials, the organizations or individuals under supervision and inspection or investigation shall have the right to refuse the supervision and inspection or investigation.

    第三十四条 外汇管理机关依法进行监督检查或者调查,监督检查或者调查的人员不得少于2人,并应当出示证件。监督检查、调查的人员少于2人或者未出示证件的,被监督检查、调查的单位和个人有权拒绝。

Article 35   Domestic institutions that carry out foreign exchange operation activities shall submit financial and accounting reports, statistic statements, and other materials in accordance with the provisions of the foreign exchange control department of the State Council.

    第三十五条 有外汇经营活动的境内机构,应当按照国务院外汇管理部门的规定报送财务会计报告、统计报表等资料。

Article 36   If any financial institution engaged in foreign exchange business discovers any of its client's illegal act relating to foreign exchange, it shall report the act to the relevant foreign exchange control organ in time.

    第三十六条 经营外汇业务的金融机构发现客户有外汇违法行为的,应当及时向外汇管理机关报告。

Article 37   The foreign exchange control department of the State Council, for the purpose of performing its foreign exchange control duties, may obtain necessary information from the relevant departments or agencies of the State Council. The relevant department of the State Council shall provide the relevant information as required.

The foreign exchange control department of the State Council shall report the situations of foreign exchange control work to the relevant departments or agencies of the State Council.

    第三十七条 国务院外汇管理部门为履行外汇管理职责,可以从国务院有关部门、机构获取所必需的信息,国务院有关部门、机构应当提供。

   国务院外汇管理部门应当向国务院有关部门、机构通报外汇管理工作情况。

Article 38   Any organization or individual shall have the right to report any illegal act relating to foreign exchange.

Foreign exchange control organ shall keep the confidentiality of persons who report the illegal acts, and shall, pursuant to relevant provisions, give rewards to the persons or any organization or individual that has rendered great service in assisting the investigation and imposition of a penalty for an illegal act.

    第三十八条 任何单位和个人都有权举报外汇违法行为。

   外汇管理机关应当为举报人保密，并按照规定对举报人或者协助查处外汇违法行为有功的单位和个人给予奖励。

Chapter 7: Legal Liability

第七章 法律责任

Article 39   If any one commits any act of foreign exchange evasion, such as transfer of domestic foreign exchange out of China in violation of the relevant provisions or transfer of domestic capital out of China in fraudulent way, the relevant foreign exchange control organ shall order it to repatriate the foreign exchange involved within a specified time limit and shall impose a fine of not more than 30% of the amount of the foreign exchange involved; in serious cases, the relevant foreign exchange control organ shall impose a fine of more than 30% and not more than the equivalent amount of the foreign exchange involved; it shall be subject to criminal liability if the act constitutes a criminal offence.

    第三十九条 有违反规定将境内外汇转移境外,或者以欺骗手段将境内资本转移境外等逃汇行为的,由外汇管理机关责令限期调回外汇,处逃汇金额30%以下的罚款;情节严重的,处逃汇金额30%以上等值以下的罚款;构成犯罪的,依法追究刑事责任。

Article 40   If any one commits any act of illegal purchase of foreign exchange, such as collecting and paying funds in foreign exchange in violation of the relevant provisions while such funds are required to be collected and paid in Renminbi, or purchasing foreign exchange from financial institutions engaged in settlement or sale of foreign exchange in fraudulent way by using fake or invalid transaction documents, the relevant foreign exchange control organ shall order it to convert the foreign exchange compulsorily and shall impose a fine of not more than 30% of the amount of the illegally purchased foreign exchange; in serious cases, the relevant foreign exchange control organ shall impose a fine of more than 30% and not more than the equivalent amount of the illegally purchased foreign exchange; it shall be subject to criminal liability if the act constitutes a criminal offence.

    第四十条 有违反规定以外汇收付应当以人民币收付的款项,或者以虚假、无效的交易单证等向经营结汇、售汇业务的金融机构骗购外汇等非法套汇行为的,由外汇管理机关责令对非法套汇资金予以回兑,处非法套汇金额30%以下的罚款;情节严重的,处非法套汇金额30%以上等值以下的罚款;构成犯罪的,依法追究刑事责任。

Article 41   If any one remits foreign exchange into China in violation of the relevant provisions, the relevant foreign exchange control organ shall order it to make correction and shall impose a fine of not more than 30% of the amount of the illegal remittance; in serious cases, the relevant foreign exchange control organ shall impose a fine of more than 30% and not more than the equivalent of the amount of the illegal remittance.

If any one illegally settles the foreign exchange, the relevant foreign exchange control organ shall order it convert the funds of illegal settlement of foreign exchange and shall impose a fine of not more than 30% of the amount of the illegal settlement of foreign exchange.

    第四十一条 违反规定将外汇汇入境内的,由外汇管理机关责令改正,处违法金额30%以下的罚款;情节严重的,处违法金额30%以上等值以下的罚款。

   非法结汇的,由外汇管理机关责令对非法结汇资金予以回兑,处违法金额30%以下的罚款。

Article 42   If any one that takes foreign exchange in or out of China in violation of the provisions, the relevant foreign exchange control organ shall issue a warning thereto and may impose a fine of not more than 20% of the amount of the foreign exchange illegally taken in or out of China. If such case shall be handled by the Customs as provided by the relevant laws and administrative regulations, stating that the Customs shall impose a penalty thereon, such laws and regulations shall prevail.

    第四十二条 违反规定携带外汇出入境的,由外汇管理机关给予警告,可以处违法金额20%以下的罚款。法律、行政法规规定由海关予以处罚的,从其规定。

Article 43   If any one conducts the following activities without authorization, such as raising foreign loans, issuing bonds abroad or providing an external guaranty, or commits any other act in violation of provisions of external debt administration, the relevant foreign exchange control organ shall issue a warning thereto and impose a fine of not more than 30% of the illegal amount involved in the violation.

    第四十三条 有擅自对外借款、在境外发行债券或者提供对外担保等违反外债管理行为的,由外汇管理机关给予警告,处违法金额30%以下的罚款。

Article 44   If any one, in violation of the provisions, changes the designated use of the foreign exchange or funds of foreign exchange settlement without authorization, the relevant foreign exchange control organ shall order it make correction, confiscate its illegal gains, and shall impose a fine of not more than 30% of the illegal amount; in serious cases, the relevant foreign exchange control organ shall impose a fine of more than 30% and not more than the equivalent of the illegal amount.

If any one, in violation of the provisions, uses foreign currency in China for pricing or settlement, transfers foreign exchange, or commits any act of illegal use of foreign exchange, the relevant foreign exchange control organ shall order it to make corrections, issue a warning thereto, and may impose a fine of not more than 30% of the amount of foreign exchange involved in the illegal activities.

    第四十四条 违反规定,擅自改变外汇或者结汇资金用途的,由外汇管理机关责令改正,没收违法所得,处违法金额30%以下的罚款;情节严重的,处违法金额30%以上等值以下的罚款。

   有违反规定以外币在境内计价结算或者划转外汇等非法使用外汇行为的,由外汇管理机关责令改正,给予警告,可以处违法金额30%以下的罚款。

Article 45   If any one trades foreign exchange in private or in a disguised way, or for profiteering purpose, or illegally recommends the purchase and sale of foreign exchange of which the amount is relatively large, the relevant foreign exchange control organ shall issue a warning thereto, confiscate its illegal gains, and shall impose a fine of not more than 30% of the amount of foreign exchange involved in the illegal activities; in serious cases, the relevant foreign exchange control organ shall impose a fine of more than 30% and not more than the equivalent of the amount of foreign exchange involved in the illegal activities; or it shall be subject to criminal liability if the act constitutes a criminal offence.

    第四十五条 私自买卖外汇、变相买卖外汇、倒买倒卖外汇或者非法介绍买卖外汇数额较大的,由外汇管理机关给予警告,没收违法所得,处违法金额30%以下的罚款;情节严重的,处违法金额30%以上等值以下的罚款;构成犯罪的,依法追究刑事责任。

Article 46   If any one operates foreign exchange settlement and sale businesses without approval, the relevant foreign exchange control organ shall order it to make correction, confiscate its illegal gains if any, and shall concurrently impose a fine of not less than one time and not more than five times of illegal gains if the amount of the illegal gains is not less than RMB 500,000; or concurrently impose a fine of not less than RMB 500,000 and not more than RMB two million if the amount of the illegal gains is less than RMB 500,000. In serious cases, the relevant competent department shall order it to suspend the businesses for rectification or revoke its business license; or if its act constitutes a criminal offence, it shall be subject to criminal liability in accordance with the law.

If any one operates foreign exchange business other than foreign exchange settlement and sale businesses without approval, the relevant foreign exchange control organ or financial industry regulatory authority shall impose a penalty pursuant to the preceding paragraph.

    第四十六条 未经批准擅自经营结汇、售汇业务的,由外汇管理机关责令改正,有违法所得的,没收违法所得,违法所得50万元以上的,并处违法所得1倍以上5倍以下的罚款;没有违法所得或者违法所得不足50万元的,处50万元以上200万元以下的罚款;情节严重的,由有关主管部门责令停业整顿或者吊销业务许可证;构成犯罪的,依法追究刑事责任。

   未经批准经营结汇、售汇业务以外的其他外汇业务的,由外汇管理机关或者金融业监督管理机构依照前款规定予以处罚。

Article 47   If any financial institution falls under any of the following circumstances, the relevant foreign exchange organ shall order the financial institution to correct the act, confiscated its illegal gains, and concurrently impose a fine of not less than RMB 200,000 and less than RMB one million; in serious cases or if the financial institution fails to correct the act within the specified time limit, the foreign exchange control organ shall order the institution to suspend operating relevant business:

(1) Failure to conduct reasonable examination on authenticity of transaction documents and the consistency between the transaction documents and the receipts and payments of foreign exchange, when handling the collection and payment of funds for current account transactions;

(2) Violation of the relevant provisions in handling the collection and payment of funds for capital account transactions;

(3) Violation of the relevant provisions in handling the settlement or sale of foreign exchange;

(4) Violation of the administration of synthetic position for foreign exchange business; or

(5) Violation the administration of trades on the foreign exchange market.

    第四十七条  金融机构有下列情形之一的,由外汇管理机关责令限期改正,没收违法所得,并处20万元以上100万元以下的罚款;情节严重或者逾期不改正的,由外汇管理机关责令停止经营相关业务:

   (一)办理经常项目资金收付,未对交易单证的真实性及其与外汇收支的一致性进行合理审查的;

   (二)违反规定办理资本项目资金收付的;

   (三)违反规定办理结汇、售汇业务的;

   (四)违反外汇业务综合头寸管理的;

   (五)违反外汇市场交易管理的。

Article 48   If any institution or individual falls under any of the following circumstances, the relevant foreign exchange control organ shall order the institution or individual to correct the act, give a warning thereon, and impose a fine of not more than RMB 300,000 in the case of an institution or impose a fine of not more than RMB 50,000 in the case of individual:

(1) Failure to conduct statistics and declaration of international receipts and payments in compliance with the provisions;

(2) Failure to submit financial and accounting reports, statistic statements, and other materials in compliance with the provisions;

(3) Failure to submit valid documents in compliance with the provisions or submits untruthful documents;

(4) Violation of the provisions on administration of foreign exchange accounts;

(5) Violation of the provisions on administration of foreign exchange registration; or

(6) Refusal or obstruction to the foreign exchange control organ's legal supervision, inspection, or investigation.

    第四十八条 有下列情形之一的,由外汇管理机关责令改正,给予警告,对机构可以处30万元以下的罚款,对个人可以处5万元以下的罚款:

   (一)未按照规定进行国际收支统计申报的;

   (二)未按照规定报送财务会计报告、统计报表等资料的;

   (三)未按照规定提交有效单证或者提交的单证不真实的;

   (四)违反外汇账户管理规定的;

   (五)违反外汇登记管理规定的;

   (六)拒绝、阻碍外汇管理机关依法进行监督检查或者调查的。

Article 49   Domestic institution that violates the provisions on foreign exchange control shall be subject to a penalty in accordance with these Regulations, and its personnel directly in charge and other personnel subject to direct liability shall be subject to a disciplinary sanction; the financial institution's directors, supervisors, senior management personnel, and other personnel subject to direct liability shall be given a warning and imposed with a fine of not less than RMB 50,000 and not more than RMB 500,000; if the act constitutes a criminal offence, the said persons shall be subject to criminal liability in accordance with the law.

    第四十九条 境内机构违反外汇管理规定的,除依照本条例给予处罚外,对直接负责的主管人员和其他直接责任人员,应当给予处分;对金融机构负有直接责任的董事、监事、高级管理人员和其他直接责任人员给予警告,处5万元以上50万元以下的罚款;构成犯罪的,依法追究刑事责任。

Article 50   Any staff member of a foreign exchange control organ who practices favoritism or commits irregularities, abuses authority, or is derelict in duties, which constitutes a criminal offence, shall be subject to criminal liability in accordance with the law; if the act does not constitute a criminal offence, the person shall be subject to a disciplinary sanction in accordance with the law.

    第五十条 外汇管理机关工作人员徇私舞弊、滥用职权、玩忽职守,构成犯罪的,依法追究刑事责任;尚不构成犯罪的,依法给予处分。

Article 51   Any party concerned who refuses to accept the specific administrative act conducted by the relevant foreign exchange control organ may apply for the administrative reconsideration in accordance with the law; if the party still refuses to accept the administrative reconsideration decision, the party may bring an administrative lawsuit to the people's court in accordance with the law.

    第五十一条 当事人对外汇管理机关作出的具体行政行为不服的，可以依法申请行政复议;对行政复议决定仍不服的，可以依法向人民法院提起行政诉讼。

Chapter 8: Supplementary Provisions

第八章 附则

Article 52   The meanings of the terms used in these Regulations are as follows:

(1) "Domestic institutions" means State organs, enterprises, institutions, social organizations, armed forces and other units in the territory of the People's Republic of China, excluding the foreign diplomatic missions, foreign consular institutions, representative offices of the international organizations.

(2) "Domestic individuals" means the Chinese citizens or the foreigners who consecutively reside in the territory of the People's Republic of China for one year, excluding the foreign diplomatic personnel in China, representatives in China of the international organizations.

(3) "Current account transactions" means the transactions relating to goods, services, profits, and frequent transfer in the international balances of payments.

(4) "Capital account transactions" means the transactions causing the change of external assets and liabilities level in the international receipts and payments, including capital transfer, direct investment, securities investment, derivative products and loans, etc.

    第五十二条 本条例下列用语的含义:

   (一)境内机构,是指中华人民共和国境内的国家机关、企业、事业单位、社会团体、部队等,外国驻华外交领事机构和国际组织驻华代表机构除外。

   (二)境内个人,是指中国公民和在中华人民共和国境内连续居住满1年的外国人,外国驻华外交人员和国际组织驻华代表除外。

   (三)经常项目,是指国际收支中涉及货物、服务、收益及经常转移的交易项目等。

   (四)资本项目,是指国际收支中引起对外资产和负债水平发生变化的交易项目,包括资本转移、直接投资、证券投资、衍生产品及贷款等。

Article 53   Non-financial institutions' operation of settlement or sale of foreign exchange shall be subject to the approval of the foreign exchange control department of the State Council. The specific administrative measures thereof shall be formulated otherwise by the foreign exchange control department of the State Council.

    第五十三条 非金融机构经营结汇、售汇业务,应当由国务院外汇管理部门批准,具体管理办法由国务院外汇管理部门另行制定。

Article 54   These Regulations shall become effective from the date of promulgation.

    第五十四条 本条例自公布之日起施行。