关于禁止购汇提前还贷有关问题的通知

银传[1998]50号
(Issued by the People's Bank of China and State Administration of Foreign Exchange on, and effective as of, 20 August 1998.)
颁布日期：19980820 　实施日期：19980820 　颁布单位：中国人民银行、 国家外汇管理局

A. The State Administration of Foreign Exchange shall strengthen its administration of foreign debt registration and debt service.

1. When carrying out the foreign debt registration on behalf of the debtor, the State Administration of Foreign Exchange and its subcommissions (hereafter, SAFE) shall carefully examine the loan contract provided by the debtor. If the term of the loan is less than six months, SAFE shall demand the debtor to provide a statement by a law firm confirming the truthfulness of the loan and the loan purpose.

When carrying out the foreign debt registration on behalf of foreign investment enterprises, SAFE shall demand that they provide the investment contract, the investment verification report issued by an accounting firm and the legal opinion of a law firm on the loan contract; that their registered capital has been sufficiently paid up in accordance with the provisions in the contract; that the aggregate capital of the medium- and long-term foreign debt from their foreign loans may not exceed the difference, approved by the relevant State authorities, between the total investment amount and the registered capital; that, in principle, the interest rate on the foreign debt from their foreign loans is not higher than the interest rate of similar loans on the international financial market. SAFE may refuse to carry out the foreign debt registration on behalf of foreign investment enterprises which fail to meet any of the above requirements.

2. If, following their foreign debt registration, debtors fail to draw money in accordance with the provisions in the contract, their Foreign Debt Registration Certificate signed and issued by SAFE after examination and verification shall automatically become void three months from the day of its issuance.

3. If debtors apply for a retrospective carrying out of their foreign debt registration, SAFE shall first, in accordance with the relevant regulations for the administration of foreign exchange, impose a penalty for their failure to carry out the foreign debt registration according to regulations, and only then shall SAFE retrospectively carry out their foreign debt registration. In addition, SAFE shall demand the debtor to provide the loan investment verification report issued by an accounting firm and the opinion of a law firm on the loan contract.

4. SAFE shall strictly control the repayment ahead of schedule of foreign debts, of foreign debts converted into loans and of foreign exchange loans for the own account. Loans may not be repaid ahead of schedule if loan contracts do not have provisions for repayments ahead of schedule. If loan contracts do have provisions for repayments ahead of schedule, they may be repaid with disposable foreign exchange following approval by SAFE.

The purchase of foreign exchange with Renminbi in order to repay ahead of schedule foreign debts, foreign debts converted into loans and foreign exchange loans for one's own account is prohibited. The purchase of foreign exchange from another place for repayment of loans is prohibited.

5. When applying to SAFE to service the debt, the debtor shall provide the account book entry notice of the bank with which the special account for the relevant loan is held. Only after SAFE has verified and confirmed that the debtor does indeed hold such sum in his account may a Document Approving the Servicing of Debt be signed and issued. Where foreign exchange is purchased with Renminbi to repay foreign debts, foreign debts converted into loans or foreign exchange loans for one's own account, the debtor shall provide such material as: all statements of the bank with which the foreign exchange account is held and the foreign investment enterprises registration certificate. If the debtor has itself disposable foreign exchange, SAFE shall demand that it first repay with such disposable foreign exchange.

6. SAFE shall strengthen its supervision of repayment of foreign exchange loans from Chinese financial institutions within China and must closely examine instances where the amount of foreign exchange purchased to repay loans is US$1 million or more. Acts of purchasing foreign exchange to repay loans ahead of schedule in violation of the above-mentioned rule shall be rigorously investigated and severely treated in accordance with the relevant provisions of the of the PRC, Administration of Foreign Exchange Control Regulations.

7. All sub-commissions of the State Administration of Foreign Exchange shall carry out inspections of the 1998 situation with regard to the registration of foreign debts and their repayment. Any anomalies shall be promptly reported to the higher authorities.

B. All banks shall rigorously control where the Renminbi loans are invested in order to prevent customers from purchasing foreign exchange to repay loans ahead of schedule.

(1) All Renminbi bank loans granted to organizations within China may only be used for production purposes and may not be used to purchase foreign exchange to repay loans.

(2) No bank may disburse Renminbi loans to Chinese organizations within China with foreign investment financial institutions or foreign institutions as their guarantor.

(3) Every bank shall, in accordance with the provisions in the relevant laws, rules and regulations and in this Circular, carry out a self-examination into the situation before 31 July 1998 with regard to the bank's handling, on behalf of customers, of the repayment of foreign debts, of foreign debts converted into loans and of foreign exchange loans for one's own account. A report with the findings of such examination shall be submitted to SAFE before 20 September 1998.

This Circular shall take effect as of the day of its issuance. Upon receipt of this Circular, all branches of the People's Bank of China and all sub-commissions of SAFE shall promptly transmit this Circular to all the branches and subcommissions under their authority, to the Chinese banks and foreign banks in the place in which they are located and to relevant units. All head offices of designated Chinese banks with foreign exchange shall promptly transmit this Circular to all the branches under their authority. Please give SAFE feedback on any problems that are encountered in the implementation of the Circular.