New regulations for personal foreign exchange policy in 2021

New banks added to the 2021 new regulations on personal foreign exchange policies should fill in the bank branch information registration form of the personal foreign exchange settlement and sales system in accordance with the regulations, and submit a system access application to the foreign exchange bureau.

The foreign exchange bureau will grant access after passing the bank's application inspection.

Domestic resident individuals refer to Chinese nationals residing in the territory of the People’s Republic of China, foreigners (including stateless persons) settled in the territory of the People’s Republic of China, and those residing in the territory of China Foreigners and compatriots from Hong Kong, Macao and Taiwan who have been in the country for more than one year (calculated based on the date of entry registered in the applicant’s passport).

Non-resident individuals refer to foreign natural persons (including stateless persons), compatriots from Hong Kong, Macao and Taiwan, and Chinese natural persons who hold a passport of the People’s Republic of China but have obtained permanent residence abroad.

Cash exchange account refers to the transfer of foreign exchange or imported foreign exchange bills received by domestic residents from Hong Kong, Macao, Taiwan or overseas (hereinafter referred to as "overseas") to a deposit account.

Cash account refers to the foreign currency cash deposit account held by domestic residents.

Resident individuals are not allowed to handle foreign exchange receipts and payments for institutions in their own names.

Domestic resident individuals are prohibited from converting their foreign currency cash storage into cash currency storage.

Article 1 of the "Implementation Rules of the Individual Foreign Exchange Management Measures" In order to standardize and facilitate the foreign exchange business operations of banks and individuals, these detailed rules are formulated in accordance with the "Personal Foreign Exchange Management Measures".

Article 2: The annual total amount of personal foreign exchange settlement and domestic personal foreign exchange purchase shall be managed. The annual total is equivalent to US$50,000 per person per year respectively. The State Administration of Foreign Exchange may adjust the annual total based on the balance of payments.

Foreign exchange settlement and purchase within the personal annual total shall be handled at the bank with the person's valid identity document; if the annual total is exceeded, the current account shall be subject to Articles 10, 11 and 12 of these Rules. The capital account items shall be handled in accordance with the relevant provisions of the "Individual Foreign Exchange Management under Capital Accounts" in these Detailed Rules.

Article 3 Foreign exchange purchased by individuals may be remitted abroad, deposited into their own foreign exchange savings accounts, or carried out of the country in accordance with relevant regulations.

Article 4 If an individual purchases or settles foreign exchange within the annual total, he or she may entrust his or her immediate family members to handle it on his or her behalf. For purchases or settlements exceeding the annual total, as well as overseas personal purchases of foreign exchange, the individual may, in accordance with the provisions of these rules, present relevant certificates. Entrust others to handle the materials.

Article 5 Individuals carrying foreign currency cash into and out of the country must abide by relevant national management regulations.

Article 6: Each designated foreign exchange bank (hereinafter referred to as the bank) shall conduct authenticity verification of personal foreign exchange business in accordance with the provisions of these rules, and shall not forge or alter transactions.

Banks should handle personal foreign exchange purchase and settlement business through the personal foreign exchange settlement and sales management information system (hereinafter referred to as the personal foreign exchange settlement and sales system), and enter relevant information truly, accurately and completely.

Article 7 The State Administration of Foreign Exchange and its branches (hereinafter referred to as the foreign exchange bureau) are responsible for statistics, monitoring, management and inspection of individual foreign exchange business.