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					RMB pilot cross-border trade
RMB in China starts pilot cross-border trade
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Bank of China General Administration of Customs Ministry of Finance, the Ministry
of Commerce Bank of China State Administration of Taxation (4.66,0.03,0.65%)
Industry Regulatory Commission 〔2009〕 No. 10
Bank of China, Ministry of Finance, Ministry of Commerce, General Administration
of Customs, State Administration of Taxation, China Banking Regulatory
Commission jointly formulated the "cross-border trade, the RMB
settlement of the Administration of Pilot", is hereby promulgated.
Bank of China General Administration of Customs Ministry of Commerce Ministry of
Finance State Administration of Taxation Banking Regulatory Commission
July 1, 2009
Cross-border trade, the RMB settlement of the Administration of Pilot
The first is to promote trade facilitation, protection of cross-border trade, RMB
experimental work smoothly, standardized pilot enterprises and commercial banks,
prevent risks related businesses, according to "The People's
Republic of China People's Bank Law" and other laws and
administrative regulations, formulated.
The second state to allow the designated, qualified enterprises on a voluntary basis to
the RMB settlement of cross-border trade, to support commercial banks to provide
enterprises with cross-border trade in RMB clearing services.
The State Council approved the third pilot area cross-border trade in RMB and the
application of this approach.
Article pilot areas of the provincial people's government responsible for
coordinating the local authorities recommended a pilot cross-border trade settlement
in RMB business, by the People's Bank of the Ministry of Finance,
Ministry of Commerce, General Administration of Customs, State Administration of
Taxation, China Banking Regulatory Commission and other relevant departments to
conduct audits finalize the list of pilot enterprises. In recommending the pilot
enterprises, to verify the pilot enterprises and their legal representative of the true
identity of the pilot enterprises to ensure the real-name registration system and to
comply with cross-border trade with the provisions of RMB. The pilot enterprises in
violation of state regulations, punishable by law, to cancel the pilot qualifications.
Article macro People can prevent the need for systemic risk, cross-border trade to
total RMB pilot control.
Article VI of the pilot enterprises and foreign enterprises to import and export trade,
RMB, can be through Hong Kong, Macao regions rows yuan RMB business clearing
cross-border clearing and settlement Zi Jin, Ye can be a commercial bank through
domestic commercial banks outside the cross-RMB border clearing and settlement.
Article VII of the Bank of China and the Hong Kong Monetary Authority, Monetary
Authority of Macao recognition, has joined the Bank of China to conduct large-value
payment system and the RMB clearing business in Hong Kong and Macao
commercial banks, as Hong Kong and Macau RMB clearing bank to provide
cross-border trade, RMB and clearing services.
Article VIII of the pilot areas have the operational capacity of the international
settlement of commercial banks (hereinafter referred to as the territory of the BIS), to
comply with cross-border trade, the RMB settlement of the relevant provisions of the
pilot enterprises for cross-border trade in RMB clearing services.
Article pilot areas have the operational capacity of the international settlement of
commercial banks (hereinafter referred to as domestic agent bank), can participate in
cross-border trade, RMB foreign banks (hereinafter referred to as foreign participating
banks) have entered into settlement agreements RMB agency, to open RMB business
with current account, the proxy foreign banks to participate in cross-border trade be
paid in RMB. Domestic correspondent banking agency shall provide for the
settlement agreement and the RMB yuan business current account with the local
branch of the People's Bank record.
Article domestic agent banks can open foreign bank accounts to participate in setting
initial working capital requirements and participation for foreign banks to provide
initial working capital exchange service.
Article within the agent banks under the requirements of foreign banks to participate
in the purchase and sale within the limit of RMB, buy sell limit determined by the
PBC.
Article XII of the territory of the agent bank for its opening of RMB current accounts
with the offshore industry to participate in the financing banks to provide RMB
account for the temporary position to meet the account requirements, financing
amount and duration determined by the PBC.
Article XIII of the Clearing Bank for Renminbi Hong Kong and Macao under the
Central Government from the territory of the relevant provisions of the interbank
foreign exchange market, interbank lending market and the interbank exchange the
RMB funds, exchange the RMB and lending limits, deadlines established by the PBC.
Article XIV of the territory of clearing banks to provide RMB gradually in
accordance with relevant provisions of the trade finance services.
Article XV of RMB cross-border payments should have real, legitimate transaction
basis. Domestic clearing banks should be in accordance with the provisions of the
PBC, the authenticity of the transaction documents and their consistency with the
RMB appropriate the balance of payments.
Article XVI domestic agent banks within the BIS and the anti-money laundering and
terrorist financing should be in accordance with the relevant provisions, to take
effective measures to understand customers and their trading purpose and nature of
the transaction, the actual control of the customer to understand natural and the actual
beneficiaries of transactions, proper preservation customer identification information
and transaction records to ensure that enough to reproduce the specific circumstances
of each transaction.
Article XVII use RMB's export trade, in accordance with the relevant
provisions of the enjoyment of Refund (exemption) policy. Specific Refund
(exemption) Regulations formulated by the State Council department in charge of
taxation.
Article XVIII of pilot enterprises RMB settlement of cross-border trade is not
included in foreign exchange verification management, customs and export cargo
handling refund (exemption) is not required to provide foreign exchange verification
forms. Within the territory of the agent bank clearing banks and tax authorities should
be in accordance with the requirements, according to the tax authorities to provide the
pilot enterprises RMB settlement of cross-border trade data, information.
Article XIX of pilot enterprises should ensure that cross-border trade, the authenticity
of the RMB settlement of trade, should establish cross-border trade in RMB Ledger,
accurate records of import and export declaration information and the RMB funds
receipt and payment information.
Diershitiao RMB for cross-border trade in the international balance of payments
under the related transactions, the pilot enterprises and domestic clearing banks
should be in accordance with the relevant provisions of the declaration of
international balance of payments statistics. Purchase and sale within the agent bank
RMB business purchase and sale shall be in accordance with the provisions of RMB
statistics.
Under twenty-one cross-border trade, people involved in RMB liabilities to
non-residents, temporarily prepay foreign debt statistical monitoring of the relevant
provisions of the registration.
Article 2 People's Bank to establish cross-border collection and payment of
RMB information management system, case by case basis to collect and save the pilot
enterprises and RMB long-term cross-border trade settlement related to all types of
information, matching the total daily check, cross-border collection and payment of
RMB situation of statistics, analysis, monitoring. Within the territory of the agent
bank clearing banks and the PBOC should be in accordance with the relevant
requirements of access to cross-border collection and payment of RMB information
management systems and cross-border collection and payment information submitted
to the RMB.
Exports of goods after twenty-three to 210 days, the pilot enterprises have not paid
back within the RMB should be within 5 working days through its territory, the RMB
clearing bank to submit information management system for cross-border collection
and payment of outstanding amount of goods to recover the amount paid and the
corresponding export declaration number, to the BIS in its territory to provide relevant
information.
RMB intends to pilot enterprises export earnings kept abroad, and should be settled
within the bank through its local branch to the PBC for the record, and to cross-border
collection and payment of RMB information management system to submit the
amount of the remittance of RMB funds, the depositary bank, account number, use
and the corresponding export declaration, and other information.
Pilot enterprises should choose a domestic bank as its cross-border trade settlement of
RMB bank settlement of the main report. Pilot enterprises of the main report
prompted the Bank of pilot enterprises to fulfill their reporting and filing obligations
of the above information.
Article 4 on the territory of People's Bank of clearing banks, domestic
correspondent banking, the pilot enterprises to conduct cross-border trade in RMB
clearing business to check and supervise. Found within the clearing bank, domestic
correspondent banking, breach of the provisions of pilot enterprises, be punished
according to law.
Pilot enterprises RMB settlement of cross-border illegal trade of information, should
be accurate, complete and timely entry based People's Bank of enterprise
credit information database, and with the customs, taxation and other departments to
share.
Article 5 of RMB clearing bank People's Bank in consultation with the
Hong Kong and Macao modify "on the RMB business clearing
agreement" clearly Macau RMB RMB clearing bank to provide
cross-border trade settlement and clearing services of the content.
People with the Hong Kong Monetary Authority, Monetary Authority of Macao
signed a memorandum of cooperation in their respective areas of responsibility of the
Hong Kong and Macao yuan RMB clearing bank handling cross-border trade
settlement and clearing services for control.
Article 6 People's Bank and the Ministry of Finance, the Ministry of
Commerce, General Administration of Customs, State Administration of Taxation,
China Banking Regulatory Commission, Foreign Exchange and other relevant
departments to establish the necessary mechanism for information sharing and
management, increase after the inspection efforts to form a cross-border trade RMB
effective supervision of experimental work.
27th article this way since the implementation date of publication.

				
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