Reform of foreign exchange management methods for domestic foreign exchange loans

Use of funds in domestic foreign exchange loan accounts

The branches of the State Administration of Foreign Exchange in all provinces, autonomous regions, and municipalities directly under the Central Government, the Foreign Exchange Management Department, and the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, All designated Chinese-funded foreign exchange banks:

In order to facilitate enterprises to use domestic foreign exchange loans and financial institutions for credit management, the State Administration of Foreign Exchange, on the basis of summarizing the pilot experience in some regions, decided to implement domestic foreign exchange loans nationwide. The foreign exchange management methods for loans will be reformed. The relevant matters are hereby notified as follows:

1. The reform of the foreign exchange management method of domestic foreign exchange loans refers to the change from the debtor to the branch office or foreign exchange management department of the State Administration of Foreign Exchange (hereinafter referred to as the "Foreign Exchange Bureau") The management method of handling domestic foreign exchange loan registration on a case-by-case basis is to implement centralized registration by creditors, that is, Chinese-funded financial institutions that issue domestic foreign exchange loans regularly register foreign exchange claims with the foreign exchange bureau, report changes in domestic foreign exchange loans, and conduct self-regulatory checks on enterprises on their own. Establishing a special account for domestic foreign exchange loans and handling principal and interest repayment procedures are subject to authenticity and compliance review without approval from the foreign exchange bureau.

2. The scope of implementing the reform of the foreign exchange management method of domestic foreign exchange loans is limited to the loans issued by various Chinese-funded financial institutions (hereinafter referred to as "creditors") to non-financial domestic institutions (hereinafter referred to as "debtors") Self-operated foreign exchange loans, excluding foreign debt transfer loans.

3. Management of registration of foreign exchange claims for domestic foreign exchange loans. All creditors operating domestic foreign exchange loan business should go through the registration procedures for foreign exchange claims on domestic foreign exchange loans, that is, fill in the "Domestic Foreign Exchange Loan Creditor Centralized Registration Form" (Annex 1), "Domestic Foreign Exchange Loan Change Feedback" to the foreign exchange bureau within the first 5 working days of each month. Table" (Appendix 2) and "Domestic Foreign Exchange Loan Business Data Summary Table" (Appendix 4), and report the issuance and changes of domestic foreign exchange loans last month as required.

4. Management of special accounts for domestic foreign exchange loans. The creditor is responsible for reviewing the debtor's application for opening or canceling a special domestic foreign exchange loan account, and filling in the "Monthly Statement for Opening and Closing a Domestic Foreign Exchange Loan Special Account" (Annex 3) and the "Domestic Foreign Exchange Special Account Opening and Closing" to the local foreign exchange bureau within the first five working days of each month. Foreign exchange loan business data summary table" (Appendix 4).

When the debtor applies to open a special account for domestic foreign exchange loans, if the creditor is a bank, it is only allowed to open an account at the creditor bank or the bank where the debtor is registered; if the creditor is a non-bank financial institution, it can only open an account with the loan funds. Open an account at the bank where the bank is designated or where the debtor is registered.

The creditor and the debtor's account opening bank are not the same financial institution. The creditor should issue an account opening (closing) notice to the debtor's account opening bank and indicate: "Domestic foreign exchange loans have been issued in accordance with the State Administration of Foreign Exchange The relevant regulations on foreign exchange management have been reviewed for authenticity and compliance. Please ask ____ Bank ____ branch (branch) to assist in the relevant account opening (account closing) procedures," and sign and stamp the official business seal. The bank where the account is opened must handle the procedures for opening and closing a special domestic foreign exchange loan account with the account opening (closing) notice signed and stamped by the creditor.

The income scope of the domestic foreign exchange loan special account is the debtor’s loan income and the repayment funds transferred thereto; the expenditure scope is the debtor’s loan repayment, current expenditures and approved capital expenditures. The time when loan repayment funds enter the special account shall not exceed 5 working days before the loan maturity date or the actual repayment date. Only one special account can be opened for a foreign exchange loan. After the loan contract is fulfilled, the special account should be canceled.

5. Management of principal and interest repayment of domestic foreign exchange loans. When the debtor repays the principal and interest of a domestic foreign exchange loan with its own foreign exchange or purchases foreign exchange in RMB, it shall provide the creditor with supporting documents such as the foreign exchange account statement and the "Enterprise's Own Foreign Exchange Confirmation Letter" (see Appendix 5), and the creditor shall verify the authenticity and compliance. After regulatory review, the creditor shall report to the local foreign exchange bureau on a monthly basis for filing (see attachment 2). When the debtor repays the principal and interest of the loan, it should first use its own foreign exchange, and then purchase foreign exchange for the shortfall.

When the debtor handles the purchase and payment of foreign exchange for the purpose of repaying the principal and interest of the loan, if the creditor is a bank, it can only be handled at the creditor bank or the bank where it is registered; if the creditor is a non-bank financial institution, the debtor can only This can be done at the bank where the loan funds are transferred or the bank where it is registered.

The creditor and the debtor's foreign exchange purchasing and payment bank are not the same institution. The creditor should add on the principal and interest payment notice issued to the debtor: "The foreign exchange loan foreign exchange regulations for domestic foreign exchange loans of the State Administration of Foreign Exchange have been completed." "Relevant regulations on management have been reviewed for authenticity and compliance. Please ask ____ Bank ____ branch (branch) to assist in handling the relevant foreign exchange sales and payment procedures", and sign and stamp the official business seal. Banks that sell and pay foreign exchange must handle the formalities for foreign exchange sales or domestic foreign exchange transfers based on the principal and interest payment notice signed and stamped by the creditor.

For the purchase of foreign exchange to repay principal and interest on domestic foreign exchange loans, the debtor shall apply. If the creditor obtains RMB funds from the enterprise through legal channels (including judgments, awards of arbitration institutions, realization of mortgaged or pledged assets, withholding of deposits, etc.) and the debtor is unable to apply for foreign exchange purchase due to reasonable reasons, the creditor may The enterprise submits an application for purchasing foreign exchange to the local foreign exchange branch, which will approve it after reviewing its authenticity and compliance in accordance with relevant regulations, and cancel or offset the corresponding loan registration.

6. The settlement of export bills and packaged loans can be directly approved by the creditor, but other domestic foreign exchange loans are not allowed to be settled.

7. All foreign exchange bureaus and creditors operating domestic foreign exchange loan business should make preparations for the conversion of foreign exchange loan registration methods before December 31, 2002. When implementing this reform, all foreign exchange bureaus should strengthen the training of creditor foreign exchange business personnel, urge banks to clean up domestic foreign exchange loan business and special accounts, and strengthen the verification of loan registration information and account information before and after the reform. After the reform is implemented, the foreign exchange bureau should cancel all the debtor's self-operated foreign exchange loan registrations, and the debtor will no longer handle foreign exchange purchase and payment procedures with the domestic foreign exchange loan registration certificate.

8. Creditors should establish a complete internal control system for foreign exchange loan business and report it to the local foreign exchange bureau for filing. The foreign exchange bureau shall conduct regular or irregular inspections on the implementation of the internal control system, internal statistical reporting system, personnel quality and business operations of the creditor's foreign exchange loan business. If there are problems, the creditor shall be ordered to make corrections within a time limit; if corrections are not made within the time limit, the Foreign Exchange Administration may issue a notice of criticism or impose penalties in accordance with relevant regulations.

9. The foreign exchange bureau should strengthen the post-event supervision of creditors and urge them to submit various data and relevant information on time. The foreign exchange bureau should conduct off-site inspections of domestic foreign exchange loan business based on materials reported by creditors, and conduct regular or irregular on-site inspections on creditors' centralized registration, opening or cancellation of foreign exchange accounts, and repayment review.

10. Each creditor shall submit statements to the local foreign exchange bureau in accordance with regulations. In areas where the foreign exchange account management information system is already in operation, banks should submit relevant data in accordance with the requirements of the foreign exchange account management information system; in areas where the conditions are not yet met, data can be submitted in the form of disk or paper statements for the time being, but banks should be required to actively Create conditions to achieve networking as soon as possible.

11. Each branch shall submit relevant data on domestic foreign exchange loans to the General Administration through the "Capital Account Statistical Monitoring Series Report" in accordance with regulations.

12. Each branch should strengthen the publicity of the reform of foreign exchange management methods for domestic foreign exchange loans through local media.

13. This notice shall be effective from January 1, 2003. The "Notice on Pilot Reform of Foreign Exchange Management Methods for Domestic Foreign Exchange Loans" issued by our bureau in August 2001 (Huifa [2001] No. 142) was abolished at the same time. If previous relevant regulations conflict with this notice, this notice shall prevail.

Attachment: 1. Domestic foreign exchange loan creditor centralized registration form (omitted)

2. Domestic foreign exchange loan change feedback form (omitted)

3. Domestic foreign exchange Monthly statement of loan account opening and closing (omitted)

4. Domestic foreign exchange loan business data summary table (omitted)

5. Enterprise's own foreign exchange confirmation letter (omitted)

Can U.S. dollar loans be repaid with loans

The Foreign Exchange Bureau must stipulate that except for export bills, other domestic foreign exchange loans can only be paid to external parties and cannot be settled. This is to prevent enterprises from settling foreign exchange through foreign exchange loans. way to speculate on RMB appreciation. In the case of expected RMB appreciation, if an enterprise applies for a foreign currency working capital loan, converts it into RMB on sight, and then purchases foreign exchange in RMB to repay the loan when repaying the loan. If a large number of enterprises do this, it will put great pressure on the RMB exchange rate. Therefore, it is precisely in consideration of this possibility that the Foreign Exchange Bureau stipulates that foreign currency loan settlement is not allowed.

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What are the regulations on domestic foreign exchange loan management?

Chapter 1 Loan Objects Article 1 All state-owned and collective enterprises and institutions with legal person status that implement independent economic accounting and foreign-invested enterprises (including overseas Chinese capital, foreign capital and Sino-foreign joint ventures, etc., the same below ), you can apply for this loan when foreign exchange flows occur due to production, construction, trade and other reasons. Chapter 2 Scope of Loan Use Article 2 The scope of use of foreign exchange working capital loans includes: 1. Foreign exchange liquidity required by state-owned construction and installation enterprises, foreign contracting engineering companies, real estate development companies, etc. to export labor services for contracting overseas projects and develop domestic and foreign real estate; 2. Foreign exchange working capital required during construction of foreign-invested projects undertaken by construction enterprises and engineering contracting companies; 3. The foreign exchange liquidity required by building materials supply and marketing enterprises in their import and export business; 4. Import and export trading companies need foreign exchange working capital for import and export trade, package loans, export bills, current foreign exchange deposit overdrafts (approved limit loans), bill discounts and other funds; 5. Foreign exchange working capital required by foreign-invested enterprises in production and trade; 6. The foreign exchange liquidity required by industrial enterprises to import raw materials and handle processing, assembly and other businesses of supplied materials; 7. Other foreign exchange working capital loans approved by the Bank.

Chapter 3 Loan Term and Interest Rate Article 3 The loan term is from the effective date of the loan contract to the date on which all principal and interest of the loan are repaid as stipulated in the "Foreign Exchange Loan Contract". Generally, it shall not exceed half a year, and the longest shall not exceed 1 year. Article 4 The loan interest rate is determined according to the relevant regulations of the People's Bank of China, the bank's capital raising costs and the level of its peers. Loan interest is generally calculated quarterly using floating interest rates. Chapter 4 Loan Conditions and Application Article 5 Borrowing units must meet the following conditions: 1. Implement independent economic accounting and have legal person status; 2. Hold documents approved by superior authorities for the use of foreign exchange; 3. The use of foreign exchange complies with the relevant regulations of the country's foreign exchange management, and the repayment ability can be measured

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Repayment Methods of Bank of China Guangdong’s Self-operated Foreign Exchange Loans

(1) Only one special account can be opened for a loan, and the repayment expenditure range of this special account is the borrower’s repayment of the loan , expenditures under current accounts and approved expenditures under capital accounts. The time when loan repayment funds enter the special account shall not exceed 5 working days before the loan maturity date or the actual repayment date.

(2) Principal and interest repayment of the foreign exchange loan account

1. The credit business department shall base the loan contract, loan IOU or withdrawal application, and early repayment application provided by the customer Certificate (required when repaying the loan in advance), foreign exchange registration certificate (limited to foreign-invested enterprises), "Enterprise Owned Foreign Exchange Confirmation Letter" and foreign exchange account statements or repayment fund sources and other supporting documents, in accordance with the following review principles and precautions After conducting the authenticity and compliance review, a "Self-operated Foreign Exchange Loan Approval Document" will be issued to the customer and handed over to the business department for repayment of principal and interest.

2. If the foreign exchange purchase and payment procedures for the borrower's foreign exchange loan repayment of principal and interest are handled by another bank in the place of registration, our bank's credit business department should issue a "Self-operated Foreign Exchange Loan Approval Document" in triplicate. , notify the relevant account-opening bank to handle the foreign exchange sales and payment procedures. The "Approval Document for Self-operated Foreign Exchange Loans" is in triplicate, one copy will be retained by the account opening bank, and the other two copies will be retained by our bank's credit business department and the customer after confirmation by the account opening bank.

(3) Handling of large-amount foreign exchange purchases and loan repayments

For abnormal foreign exchange purchases and loan repayments, the foreign exchange bureau may notify banks to stop direct foreign exchange purchases and repayments to abnormal enterprises. For foreign exchange purchases and loan repayments, the foreign exchange purchase and loan repayment business will be reviewed by the foreign exchange bureau.

(4) Purchase and repayment of foreign exchange loan principal under abnormal circumstances. For the purchase and repayment of foreign exchange loan principal under abnormal circumstances as follows, the debtor shall apply directly to the local foreign exchange bureau, and the foreign exchange bureau shall proceed on a case-by-case basis. Once approved, Bank of China shall not handle the foreign exchange purchase and repayment procedures for the principal of the above-mentioned loans for the debtor:

1. Purchase of foreign exchange to repay the loan in another place,

2. The "Trade" cannot be provided under the import item. Import Foreign Exchange Arrival Verification Form",

3. Changing the purpose of the loan without authorization,

4. Other abnormal circumstances.

(5) China-funded foreign exchange designated banks shall implement a regular registration system for domestic foreign exchange loans.

(6) If the debtor repays the domestic foreign exchange loan with its own foreign exchange and involves transfers across bank accounts, the paying bank shall present the principal and interest repayment notice from the creditor (the notice should indicate the principal and interest repayment amount) , date and remittance bank account number) to complete the transfer procedures.

(7) If the debtor purchases foreign exchange for repayment and repays loans in other places, the debtor shall still apply directly to the foreign exchange bureau where the creditor is located. After approval by the foreign exchange bureau where the creditor is located, the approval document shall be presented to the designated foreign exchange bureau in China. The bank handles Bank of China online customer service. If you have other business needs, you are welcome to download the Bank of China mobile banking APP or follow "Bank of China Micro Banking" on WeChat to continue consulting and handling related businesses.

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What are the regulations on domestic foreign exchange loan management

Chapter 1 Loan Objects Article 1 All state-owned and collective enterprises and institutions with legal person status and foreign-invested enterprises that implement independent economic accounting ( Including overseas Chinese capital, foreign capital and Sino-foreign joint ventures, the same below), all can apply for this loan when foreign exchange flows occur due to production, construction, trade and other reasons.

Chapter 2 Scope of Loan Use Article 2 The scope of use of foreign exchange working capital loan includes: 1. Foreign exchange liquidity required by state-owned construction and installation enterprises, foreign contracting engineering companies, real estate development companies, etc. to export labor services for contracting overseas projects and develop domestic and foreign real estate; 2. Foreign exchange working capital required during construction of foreign-invested projects undertaken by construction enterprises and engineering contracting companies; 3. The foreign exchange liquidity required by building materials supply and marketing enterprises in their import and export business; 4. Import and export trading companies need foreign exchange working capital for import and export trade, package loans, export bills, current foreign exchange deposit overdrafts (approved limit loans), bill discounts and other funds; 5. Foreign exchange working capital required by foreign-invested enterprises in production and trade; 6. The foreign exchange liquidity required by industrial enterprises to import raw materials and handle processing, assembly and other businesses of supplied materials; 7. Other foreign exchange working capital loans approved by the Bank.

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Chapter 3 Loan Term and Interest Rate

Article 3 The loan term is from the effective date of the loan contract to the date when the entire loan principal and interest is paid off as stipulated in the "Foreign Exchange Loan Contract". Generally No more than half a year, no more than 1 year at the longest.

Article 4 The loan interest rate is determined based on the relevant regulations of the People's Bank of China, the bank's capital raising costs and the level of peers. Loan interest is generally calculated quarterly using floating interest rates.

Chapter 4 Loan Conditions and Application Article 5 Borrowing units must meet the following conditions: 1. Implement independent economic accounting and have legal person status; 2. Hold documents approved by superior authorities for the use of foreign exchange; 3. The use of foreign exchange complies with the relevant regulations on national foreign exchange management and requires the ability to repay.

How to manage the self-operated foreign exchange loans of Bank of China Guangdong?

Guangdong self-operated foreign exchange loan management: Only one special account can be opened for a loan. The income range of this special account is the foreign exchange loan borrowed by the borrower and the repayment funds transferred thereto; expenditures The scope includes the borrower's repayment of the loan, current expenditures and approved capital expenditures. The time when loan repayment funds enter the special account shall not exceed 5 working days before the loan maturity date or the actual repayment date.

The above content is for your reference, please refer to actual business regulations.

Registration and Management Measures for Foreign Exchange (Transfer) Loans

Article 1: In order to strengthen the macro management of foreign debt and improve the decision-making capabilities of local and departmental governments on the use of foreign exchange funds, in accordance with the State Council's "On Strengthening the Supply and Use of Foreign Exchange Funds" "Notice on the Management of International Commercial Loans" stipulates that "the foreign debt registration and statistical monitoring system should be further improved. Whether it is borrowing directly from overseas or domestic on-loan, it must be included in the national foreign debt statistical monitoring system and registered." This document is formulated. way. Article 2 The foreign exchange (transfer) loans (hereinafter referred to as “transfer loans”) in these Measures refer to the following foreign exchange funds used by domestic entities with contractual repayment obligations in foreign currencies:

1. Transfer by international financial organizations Loans and foreign government sub-loans;

2. International financial sub-lease and domestic foreign exchange leasing;

3. Foreign exchange loans from domestic banks and non-bank financial institutions;

< p>4. Other forms of on-loan. Article 3 The state implements a comprehensive registration and management system for on-lending. The State Administration of Foreign Exchange and its branches (hereinafter referred to as the foreign exchange administration departments) are responsible for the registration, management and approval of repayment of principal and interest on on-loans. Article 4 Any unit that uses re-loans shall, within ten days after each loan contract or re-loan agreement is signed, go to the local foreign exchange administration department with a copy of the effective contract or re-loan agreement to go through the re-loan registration procedures. Obtain the transfer loan registration certificate. Article 5 After disbursing the on-loan, the user unit shall promptly fill in the on-loan registration certificate according to the following conditions, and send its photocopy to the local foreign exchange administration department on the next day:

1. Use domestic For units with foreign exchange loans from banks and non-bank financial institutions, this should be filled in when receiving the payment notice for the loan;

2. For on-loans using the letter of credit payment method, this should be filled out after the loan is paid;

3. For re-loans that open a working capital account in China, fill it out when the working capital is deposited into the account;

4. For re-loans that use leasing, fill it out when the equipment is officially used. Article 6 When the re-loan is due to repay principal and interest or rent, the user shall hold the re-loan registration certificate and the notice of repayment of principal and interest or rent, and go to the local foreign exchange administration department in advance to handle the approval of repayment of principal, interest or rent. formalities. The account-opening bank shall handle the principal and interest repayment or rent payment procedures based on the approval document issued by the foreign exchange administration department. Article 7 After the repayment of principal and interest or rent is completed, the user unit shall fill in the transfer loan registration certificate based on the payment voucher of the account opening bank, and send its photocopy to the local foreign exchange administration department the next day. Article 8 After completing the last repayment of principal and interest for each on-loan, the user unit shall cancel the on-loan registration certificate to the local foreign exchange administration within one week. Article 9 Intermediate on-loan management departments that directly use foreign exchange spot or quota to repay on-loan debts also need to go through the on-loan registration procedures, but they can use monthly statements. Article 10 The account-opening bank must strictly implement the regulations on handling the transfer, repayment and rent payment procedures of the loan on the basis of the registration certificate and approval documents for the loan. After completing the payment procedures, a copy of the payment voucher should be sent to the local foreign exchange administration department in a timely manner to ensure the implementation of the two-line verification system for registration work. Article 11 For those who violate the above provisions of these Measures, the local foreign exchange administration department may impose a fine of up to 3% of the loan amount equivalent to RMB according to the circumstances. Article 12 For on-loans that have not been repaid before the date of promulgation of these Measures, re-registration procedures should be completed at the local foreign exchange administration department from the date of promulgation to the end of 1989. Article 13 For areas where it is really difficult to register foreign exchange loans from domestic banks and non-bank financial institutions on a case-by-case basis, with the approval of the State Administration of Foreign Exchange, creditors may be entrusted to register on their behalf in the form of monthly on-loan statements uniformly prepared by the State Administration of Foreign Exchange. Article 14 These Measures shall come into effect on November 15, 1989. The State Administration of Foreign Exchange is responsible for the interpretation.

Measures for the Administration of Cross-border Loans

In order to regulate the development of cross-border RMB loans in Qianhai, according to the "Interim Measures for the Administration of Cross-border RMB Loans in Qianhai" and relevant legal provisions to formulate these detailed rules.

Legal basis:

"Measures for the Administration of International Commercial Loans Borrowed by Domestic Institutions"

Article 2 The term "international commercial loans" as mentioned in these Measures refers to domestic institutions Funds borrowed from financial institutions, enterprises, individuals or other economic organizations outside China, as well as foreign-funded financial institutions within China, with contractual repayment obligations in foreign currencies. Export credit, international financial leasing, compensation trade repaid in foreign exchange, foreign exchange deposits of overseas institutions and individuals (excluding foreign exchange deposits in banks approved to operate offshore businesses), project financing, financing under trade for more than 90 days, and Other forms of foreign exchange loans are treated as international commercial loans.

Article 3 The People's Bank of China is the approval authority for domestic institutions to borrow international commercial loans. The People's Bank of China authorizes the State Administration of Foreign Exchange and its branches (hereinafter referred to as the foreign exchange bureau) to be specifically responsible for the approval, supervision and management of international commercial loans borrowed by domestic institutions.