深圳外资金融机构试办人民币业务原则指引
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(Promulgated by the Shenzhen Special Economic Zone Branch of the People's Bank of China on 13 August 1998.) Article 1 This Guideline is formulated in accordance with the PRC, Commercial Banking Law, the PRC, Administration of Foreign Investment Financial Institutions Regulations and the Shanghai Pudong New Zone, Administration of Pilot Operation of Renminbi Business by Foreign Investment Financial Institutions Tentative Procedures, and in the light of the actual circumstances of the Shenzhen Special Economic Zone, in order to administer the trial operation of Renminbi business by foreign investment financial institutions Article 2 A foreign investment financial institution that applies for the operation of Renminbi business must satisfy the following conditions: 1. it has operated in the People's Republic of China for at least three fiscal years, has no record of illegal or undesirable acts and has been continuously profitable for two fiscal years prior to application; 2. in the case of a branch of a foreign bank, the monthly average balance of foreign exchange loans inside the People's Republic of China during the year prior to application shall be at least US$150 million, and in the case of a joint venture bank, joint venture finance company, wholly-owned bank or wholly-owned finance company such balance shall be at least US$100 million; the monthly average balance of foreign exchange loans inside the People's Republic of China of the foreign investment financial institution that applies for the operation of Renminbi business shall account for at least 50% of the monthly average balance of its total foreign exchange assets; and 3. other conditions specified by the People's Bank of China. Article 3 A foreign investment financial institution that applies for the operation of Renminbi business shall submit to the Shenzhen Special Economic Zone Branch of the People's Bank of China a written application signed by its chairman of the board or general manager (president). The application shall include the following particulars: the amount of the Renminbi business operating funds allocated by its head office without consideration or the additional monetary capital provided by its head office; the type(s) of Renminbi business which it is applying to operate, etc. After the application has been examined and agreed to by the Shenzhen Special Economic Zone Branch of the People's Bank of China, it shall be submitted to the head office of the People's Bank of China for approval. Article 4 Foreign investment financial institutions which have been granted approval by the People's Bank of China to operate Renminbi business shall exchange their Business Permit of a Financial Institution or their Permit of a Financial Institution With the Status of a Legal Person in a uniform manner. Article 5 Foreign investment financial institutions which have been granted approval to operate Renminbi business shall increase their foreign exchange funds by the equivalent of not less than Rmb 30 million and convert the same into Renminbi for use as operating funds (monetary capital) in their Renminbi business. As their scale of business expands, foreign investment financial institutions may apply to the People's Bank of China for approval to increase their operating funds or monetary capital up to a total of Rmb 100 million. Foreign investment financial institutions may not convert other foreign exchange funds into Renminbi funds without approval. Article 6 Within 30 days of the date on which a foreign investment financial institution receives the document by which the People's Bank of China approves its operation of Renminbi business, it shall raise the full amount of the operating funds or monetary capital for the operation of Renminbi business, remit the same to the People's Republic of China and convert it into Renminbi, whereupon an accountant registered in China shall verify the funds or capital on the basis of a Renminbi deposit certificate of the foreign investment financial institution issued by a domestic Chinese-owned bank. Following such verification, the foreign investment financial institution shall carry out the procedures for amendment of its business license with the administration authority for industry and commerce according to law. Article 7 Upon approval by the People's Bank of China, foreign investment financial institutions may operate all or part of the following Renminbi business in Shenzhen Municipality: (1) deposits; (2) loans; (3) settlement; (4) guarantees; (5) investment in public debt and financial bonds; (6) other approved Renminbi business. For the purposes of this Article, the term "deposits" shall mean deposits of foreign investment enterprises and foreigners and deposits of Renminbi loans granted by such foreign investment financial institutions to non-foreign investment enterprises. For the purposes of this Article, the terms "loans" and "guarantees" shall respectively mean Renminbi loans granted to, and guarantees granted for, foreign investment enterprises and those non-foreign investment enterprises which have been granted foreign exchange loans by such foreign investment financial institutions. Wholly foreign-owned finance companies and joint venture finance companies may only take in Renminbi deposits of at least Rmb 1 million with a term of at least half a year, and may not operate Renminbi settlement business. Article 8 When operating Renminbi deposit business, foreign investment financial institutions shall open Renminbi deposit reserve accounts and provision accounts with the Shenzhen Special Economic Zone Branch of the People's Bank of China, in which they shall timely deposit deposit reserves and retain adequate provision for payment. The ratios of such deposits shall be in accordance with the relevant regulations of the People's Bank of China. Article 9 When operating Renminbi deposit business, foreign investment financial institutions must implement the relevant regulations concerning deposit and loan interest rates promulgated by the People's Bank of China. The rates of their Renminbi business charges may be stipulated through discussions by the industry's society. Article 10 Foreign investment financial institutions that operate Renminbi business shall make call loans in accordance with the relevant regulations concerning call loans of Renminbi funds formulated by the People's Bank of China. Call loans by foreign investment financial institutions to other financial institutions with a term of not more than seven days shall not be subject to the original call loan limit of Rmb 30 million. Those which exceed seven days shall still be linked to their operating funds at a ratio of 1:1. Where special requirements make it necessary to exceed such ratio, the foreign investment financial institution concerned shall report to the head office of the People's Bank of China for examination and approval of the individual case. Article 11 The assets-liabilities ratio of foreign investment financial institutions shall be subject to control by the Shenzhen Special Economic Zone Branch of the People's Bank of China. The Renminbi liabilities of foreign investment financial institutions may not exceed 35% of their total foreign exchange liabilities. For the purposes of this Article, the term "total foreign exchange liabilities" shall not include items of transactions (liabilities) with affiliates inside the People's Republic of China and items of transactions (liabilities) with subsidiaries inside the People's Republic of China. Article 12 When necessary, foreign investment financial institutions that operate Renminbi business may apply to the Shenzhen Special Economic Zone Branch of the People's Bank of China for short-term Renminbi financing. Article 13 When operating Renminbi deposit business, foreign investment financial institutions must implement all uniform systems formulated by the People's Bank of China such as those for account administration, accounting, settlement, cash administration and statistical reporting, etc. Article 14 The foreign exchange and Renminbi business of foreign investment financial institutions shall be subject to control and supervision of separate accounts by the People's Bank of China. Foreign investment financial institutions which have been granted approval to operate Renminbi business shall carry out independent accounting of their Renminbi business and allocate expenses according to the proportion of the scale of their Renminbi business, and shall submit statements on their Renminbi business according to regulations. Article 15 Foreign investment financial institutions that operate Renminbi business shall pay tax according to relevant State regulations. After the allocation of statutory reserves according to regulations, they may, subject to approval, convert into foreign exchange and remit out of the People's Republic of China the profits which belong to their head office or those of their shareholders that are located outside the People's Republic of China. Article 16 Foreign investment financial institutions may carry out local clearing of Renminbi funds through the Shenzhen Financial Electronic Settlement Centre. They may entrust the clearing of Renminbi funds in other cities to domestic banks or the People's Bank of China. Article 17 Foreign investment financial institutions shall formulate a complete body of rules and regulations for Renminbi business in accordance with the relevant regulations of the People's Bank of China, employ corresponding management personnel and report the relevant details to the Shenzhen Special Economic Zone Branch of the People's Bank of China. Article 18 Before foreign investment financial institutions commence their Renminbi business, they shall submit a Renminbi business development plan covering two consecutive years to the Shenzhen Special Economic Zone Branch of the People's Bank of China. In January each year, foreign investment financial institutions shall submit their Renminbi business development plan for that year to the Shenzhen Special Economic Zone Branch of the People's Bank of China for the record. Article 19 Before foreign investment financial institutions commence their Renminbi business, they shall submit an application to the Shenzhen Special Economic Zone Branch of the People's Bank of China and may carry out such business only after the Shenzhen Special Economic Zone Branch of the People's Bank of China has inspected their office premises, personnel training, computer system, organizational structure, accounting system and internal control system, etc. and found the same to up to standard. Article 20 When operating Renminbi business, foreign investment financial institutions must abide by the PRC, Commercial Banking Law, the Administration of Foreign Investment Financial Institutions Regulations and the Shanghai Pudong New Zone, Administration of Pilot Operation of Renminbi Business by Foreign Investment Financial Institutions Tentative Procedures. Those which violate relevant regulations will be punished by the Shenzhen Special Economic Zone Branch of the People's Bank of China in accordance with relevant laws and regulations. Article 21 The Shenzhen Special Economic Zone Branch of the People's Bank of China is in charge of the interpretation of this Guideline. Article 22:This Guideline shall be implemented from the date of promulgation. |
