Detailed Rules for the Implementation of the Measures for the Administration of Individual Foreign Exchange

Detailed Rules for the Implementation of the Measures for the Administration of Individual Foreign Exchange

Chapter 1 General Provisions

Article 1 These Detailed Rules are formulated in accordance with the Measures for the Administration of Individual Foreign Exchange for the purpose of standardizing and facilitating the foreign exchange operations of banks and individuals.

Article 2 Management of an total annual quota shall be applicable to individual sales of foreign exchange and domestic individual purchases of foreign exchange. The total annual quota is equivalent to USD 50,000 per person each year. The SAFE is empowered to adjust the total annual quota in accordance with the balance of payment position.

Foreign exchange sales and purchases within the total annual quota shall be dealt with at the banks upon the strength of valid personal identity certificates. When the amount of foreign exchange sales and purchases exceeds the total annual quota, those under the current account shall be dealt with in accordance with Articles 10, 11, and 12 of these Detailed Rules, and those under the capital account shall be dealt with in accordance with the relevant provisions of these Detailed Rules on the "Administration of Individual Foreign Exchange under the Capital Account."

Article 3 Foreign exchange purchased by an individual may be remitted abroad, deposited in his/her foreign exchange savings account, or carried across the border in accordance with the relevant provisions.

Article 4 When the amount of individual foreign exchange purchases and sales is within the total annual total, the individual may entrust his/her immediate family members to deal with the business; when the amount of individual foreign exchange purchases and sales or overseas individual purchases of foreign exchange exceeds the total annual quota, the individual may entrust others to deal with the business upon the strength of the related supporting documents in accordance with...