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附件：7月8日人民币汇率中间价及人民币对美元汇率变动表 2019-07-08/ningbo/2019/0708/1083.html
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Beijing, 29 April 2019 –Silk Road Fund, a medium to long term investment fund dedicated to support the Belt and Road Initiative (BRI), and Surbana Jurong, a global urban and infrastructure consultancy headquartered in Singapore, today entered into a Framework Agreement to implement the China-Singapore Co-Investment Platform, which will focus on infrastructure projects primarily in Southeast Asia. The agreement was signed by Mr. Wang Yanzhi, President of the Silk Road Fund and Mr. Wong Heang Fine, Group CEO of Surbana Jurong, in the presence of China’s Premier Li Keqiang and Singapore’s Prime Minister Lee Hsien Loong. Under the agreement, the partners will set up a co-investment platform that is primarily focused on greenfield infrastructure projects in Southeast Asia. The partners expect to invest about US$500 million over the next few years, with each partner investing in principle equal amounts in the projects. Investments of the platform could take various forms, including equity and debt. This partnership was initiated and facilitated by Infrastructure Asia, a regional infrastructure project facilitation office under the Singapore government. It brought Surbana Jurong and Silk Road Fund together due to their complementary capabilities and common intent of investing in Southeast Asia. Surbana Jurong, which will invest through its investment arm, Surbana Jurong Capital, will leverage its familiarity with local markets and recommend projects to the platform, and both partners will then jointly assess the suitability of the projects for investment. The Platform is well-positioned to tap opportunities arising from BRI and aims to promote infrastructure development and connectivity, contributing to the sustainable economic and social growth of communities across BRI countries. This partnership will leverage both partners’ unique strengths for optimal investment returns. Surbana Jurong, as one of the largest Asia-based urban and infrastructure consultancies, has over 70 years of successful project deliveries and multi-disciplinary operating teams in over 40 countries, giving it unique insights into projects’ viability. Silk Road Fund brings to the partnership years of experience and expertise, having invested in dozens of infrastructure projects in diverse markets. It also boasts wide networks within and outside China and has strong access to capital. Mr Wang Yanzhi, President of Silk Road Fund said, “Silk Road Fund is strongly committed to advancing economic and social development of Southeast Asia through infrastructure investments, and we are happy to have Surbana Jurong and Infrastructure Asia as our partners. Leveraging each party’s complementary networks and know-hows, this Co-Investment Platform will take market-driven approach and strike a good balance among project returns, social progress and environmental protection. We look forward to working closely with our partners on future projects and making the Platform a testament to the shared vision of the Belt and Road Initiative.” Mr Wong Heang Fine, Group Chief Executive Officer of Surbana Jurong said, “Infrastructure development is an important driver of connectivity and economic growth. As Southeast Asia continues to grow and see huge demand for infrastructure, the opportunities for the China-Singapore Co-Investment Platform are immense. Contributing our multi-disciplinary technical urban and infrastructure know how, as well as our extensive and deep sourcing and operating knowledge globally, we are excited to partner Silk Road Fund, as we look to combine our capabilities in investing and project risk analysis to deliver sustainable returns.” Mr Seth Tan, Executive Director of Infrastructure Asia, said, “The right partnership, such as this co-investment platform, can help better source, conduct proper due diligence on, and bring to the fore addressable and bankable regional infrastructure opportunities. Moreover, the platform’s positioning is an important offering to regional demand markets. Infrastructure Asia will continue to support the Co-Investment Platform by, for example, highlighting opportunities to the platform.” - End - About Silk Road Fund Co. Ltd Silk Road Fund Co., Ltd. (“SRF”) is a Beijing-based medium to long term investment fund established under the PRC Company Law on December 29, 2014. The committed funding in SRF announced by the Chinese government is USD40 billion and RMB100 billion. SRF endeavors to enhance the connectivity of the Chinese economy with the rest of the world and promote the development and prosperity of both China and other countries. SRF focuses on projects with optimal risk-return profiles in broad sectors such as infrastructure, energy & resources, industrials and financial services. It seeks to achieve its own financial sustainability and good investment returns for the shareholders in the medium to long run. SRF’s investment takes a variety of forms, including primarily direct equity investment, as well as debt financing and investment in other funds. SRF is also mandated to sponsor and establish investment funds with domestic or international financial institutions. As a responsible corporate citizen, SRF strives to comply with all applicable laws and attaches great importance to environmental protection and sustainable development. It is committed to bridging people across the world and building a better global community together with its business partners. About Surbana Jurong Private Limited Surbana Jurong is one of the largest Asia-based urban and infrastructure consulting firms. Leveraging technology and creativity, Surbana Jurong provides best-in-class consultancy solutions across the entire value chain of the urbanisation and infrastructure domains. Headquartered in Singapore, the Surbana Jurong Group has a global workforce of over 14,500 employees in more than 130 offices across over 40 countries in Asia, Australia, UK, the Middle East, Africa and the Americas, and an annual turnover of around S$1.5 billion. The Surbana Jurong Group of companies include SMEC and Robert Bird Group in Australia, Sino-Sun in China, AETOS, KTP, SAA in Singapore and B+H in Canada. Surbana Jurong has a track record of close to 70 years, and has built more than a million homes in Singapore, crafted master plans for more than 30 countries and developed over 100 industrial parks globally. Surbana Jurong’s motto ‘Building Cities, Shaping Lives’ reflects its belief that development is more than just steel and concrete. Surbana Jurong creates spaces and designs infrastructure where people live, work and play, shaping cities into homes with sustainable jobs where communities and businesses can flourish. About Infrastructure Asia Infrastructure Asia (“IA”) aims to support Asia’s social and economic growth through infrastructure development. IA was established by the Enterprise Singapore and Monetary Authority of Singapore to support infrastructure financing and development in the region. It does so through early project scoping, best practice sharing and brokering, harnessing Singapore’s best-in-class infrastructure ecosystem (international developers, engineering and professional services, along with financial institutions and multilateral development entities). It also works hand-in-hand with global players in the regional infrastructure ecosystem, and leverages the collective capabilities and networks of various government agencies to catalyse more trade and investments into infrastructure in the region. 2019-04-30/en/2019/0430/1506.html
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On May 19, Pan Gongsheng, Deputy Governor of the People’s Bank of China (the PBOC) and Administrator of the State Administration of Foreign Exchange (SAFE) received an interview by a reporter from the Financial News regarding the current operation of China’s financial and foreign exchange markets. Financial News: What would you say about the current operation of China’s financial and foreign exchange markets? Pan Gongsheng: First, China’s economy is running smoothly on the whole, the main indicators remain within a reasonable range, the shift from old drivers to new drivers is accelerating and the macroeconomic fundamentals are sound. In April, China’s manufacturing purchasing managers’ index (PMI) was 50.1%, continuing to be in the expansion range. The macro policies still have considerable operation space and there is a rich selection of policy instruments. Since the beginning of this year, counter-cyclical adjustment has been strengthened under the prudent monetary policy, which makes the policy more forward-looking and flexible, and maintains reasonable liquidity. Such efforts have promoted the rapid growth of social credit and resulted in moderately tight monetary and financial conditions. Meanwhile, financial sectors have stepped up their support for private enterprises as well as micro and small enterprises. At the end of April, the broad money supply (M2) increased by 8.5% year on year, 0.2 percentage point higher than the same period last year. China’s steady economic and financial operation lays a solid foundation for a reasonable and stable development pattern of the foreign exchange market and RMB exchange rate. Since the beginning of this year, China’s foreign exchange market has been running smoothly. The inflow of foreign capital has increased, the foreign exchange reserves have risen steadily, and the expectation of foreign exchange market has been stable on the whole. Second, we will, in accordance with the established guidelines, unswervingly promote the financial opening-up, maintain the continuity and stability of the financial reform and opening-up policy, resolutely implement the financial reform and opening-up policy which has been deployed, further facilitate the two-way opening-up of the financial market, deepen the foreign exchange administration reform, improve the liberalization and facilitation level for cross-border trade and investment, earnestly protect the legitimate rights and interests of foreign investors, and create more convenient and friendly investment environment for domestic and foreign investors. Third, in recent years, we have accumulated rich experience and sufficient policy instruments in dealing with fluctuations in the foreign exchange market, and adopted necessary counter-cyclical adjustment measures to strengthen macro-prudential management in light of the changing situations. We have cracked down upon irregularities on the foreign exchange market, to maintain the good order of the foreign exchange market. We have the solid foundation, confidence and capabilities to maintain the steady operation of China’s foreign exchange market and keep the RMB exchange rate basically stable at a rational and balanced level. 2019-05-19/en/2019/0604/1508.html
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In order to fully implement the spirit of the 19th CPC National Congress and the second and third plenary sessions of the 19th CPC Central Committee, effectively guard against and mitigate financial risks, the State Administration of Foreign Exchange (SAFE) has earnestly implemented the deployment of special rectification of Internet financial risks, and vigorously promoted the clean-up and rectification of illegal online foreign exchange speculation platforms. We hereby inform you of the recent investigation and punishment of relevant cases as follows: Upon investigation and verification, Shenzhen ThinkMarkets Consulting Co., Ltd. provided business promotion services for the online foreign exchange speculation platform operated by its overseas shareholders, solicited domestic investors to participate in overseas foreign exchange margin trading, and collected service fees in violation of regulations, which violates Article 12 of the Regulations of the People’s Republic of China on Foreign Exchange Administration, and constitutes a serious offense. The Shenzhen Branch of the SAFE, in accordance with Article 41 of the Regulations of the People’s Republic of China on Foreign Exchange Administration, gave a warning to the company, ordered it to make corrections and imposed a fine of RMB 1.18 million. Presently, the regulatory authorities in China haven’t approved any institutions to conduct foreign exchange margin trading either directly or on agency basis. In accordance with the Circular on Sternly Investigating and Punishing Illegal Foreign Exchange Futures Transactions and Foreign Exchange Margin Trading Activities (Zhengjianfazi No. 165 [1994], which was jointly released by China Securities Regulatory Commission, the State Administration of Foreign Exchange, the State Administration for Industry and Commerce, and the Ministry of Public Security), any unauthorized foreign exchange futures transaction and foreign exchange margin trading by an unapproved institution is illegal; it is also an offense for a client (organization or individual) to entrust an institution which is not approved and registered to conduct foreign exchange futures transaction and foreign exchange margin trading, whether in foreign currency or renminbi as security deposit. The SAFE and its branches will continue to earnestly implement the deployment requirements of guarding against and mitigating financial risks, carry out clean-up and rectification of illegal online foreign exchange speculation platforms in a steady and orderly manner, so as to safeguard the national financial security and stability. (The end) 2019-05-10/en/2019/0604/1514.html
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In April 2019, the State Administration of Foreign Exchange (SAFE) approved investment quota totaling USD 4.2 billion for nine qualified foreign institutional investors (QFIIs), and approved a total of RMB 9.7 billion in investment quotas for five RMB qualified foreign institutional investors (RQFIIs). So far, a total of 13 QFIIs have been approved this year with a total investment quota of USD 4.74 billion, exceeding the total quota approved for the whole year of 2018. A total of 12 RQFIIs have been approved with a total investment quota of USD 24 billion, surpassing half of the total approved quota for the whole year of 2018. China’s determination to open wider to the outside world and a series of reform measures which are promoted currently make China’s financial market more and more attractive to foreign investors. China’s stock market and bond market have been included into a number of important global indexes, generating strong demand among foreign investors to make allocation in China’s financial market. In the first quarter of 2019, net purchases of China’s stocks and bonds by foreign institutions were USD 19.4 billion and USD 9.5 billion respectively, registering a substantial increase from the same period last year and the fourth quarter of last year. The SAFE will continue to vigorously support the wider opening of the financial market to satisfy the constantly rising investment demand of foreign investors in China’s financial market, and attract global long-term capital to enter China’s financial market. 2019-05-06/en/2019/0604/1512.html
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On October 30, Pan Gongsheng, administrator of the State Administration of Foreign Exchange (SAFE) met with a delegation headed by Kanno Akatuki, President and CEO of Pinnacle Asset Management Inc. The two sides exchanged views on issues such as the opening-up of China's capital market and foreign investors' investment in Chinese market. According to Administrator Pan Gongsheng, China has sound economic fundamentals and the overall economic performance is stable, the economic structure has been constantly optimized and the potential for endogenous growth is tremendous. Presently, the overall stock market valuation is at a historically low level. With the increasing openness of the capital market to the outside world and the inclusion into the major global stock and bond indexes, it will provide a broader market for global investors. 2018-11-01/en/2018/1101/1468.html
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On September 28, Pan Gongsheng, administrator of the State Administration of Foreign Exchange (SAFE) met with the former Federal Reserve Chairman Ben Bernanke and his delegation, invited Mr. Bernanke to give a special speech on "Reflection on the 10th Anniversary of the Global Financial Crisis" and exchanged views on topics such as coping with international financial crisis, financial regulatory reform and trend of the US economic and monetary policies. 2018-09-29/en/2018/0929/1467.html
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Opening-up is imperative to the flourishing of our country. In his report to the 19th CPC National Congress, Secretary-general Xi Jinping said: "We shall make new ground in pursuing opening-up on all fronts". In the third group study among the members of the Political Bureau of CPC Central Committee, Xi Jinping stressed: "A system of pursuing opening-up on all fronts that is diversified, balanced, secure and efficient should be built to develop an open economy of higher standards". The foreign exchange market is a window for China's reform and opening up and communication with the rest of the world, and a hub that connects domestic and foreign markets and resources. In recent years, under the leadership of the CPC Central Committee with Comrade Xi Jinping at its core, foreign exchange authorities have established "four consciousnesses". Following the underlying principle of pursuing progress while ensuring stability, foreign exchange authorities have been committed to pressing ahead with the foreign exchange administration reform, promoting the liberalization of the foreign exchange market, and preventing the risks associated with cross-border capital flows, thus safeguarding the national economic and financial security. In addition, the healthy and orderly foreign exchange market environment is conducive to making new ground in pursuing opening-up on all fronts. I. China's cross-border capital flows have reached a basic equilibrium Under the combined impact of both domestic and foreign factors, cross-border capital flows had shifted from long-term net inflows to net outflows for a while in the past few years, leaving China's foreign exchange market seriously affected by cross-border capital flows for a period of time. Under the leadership of the CPC Central Committee and the State Council, authorities such as the People's Bank of China and the State Administration of Foreign Exchange (SAFE) adopted multi-prolonged measures and policies, particularly the macro-prudential policy for the counter-cyclical regulation of cross-border capital flows, which has produced positive results and ensured stability of the foreign exchange market and national economic and financial security. Under the combined effect of the macroeconomic fundamentals, global economic and financial environments, policies and measures, the cross-border capital flows and the supply and demand of foreign exchange in China reached a basic equilibrium in 2017, with foreign exchange reserves recovering slightly, the RMB exchange rate against the USD rising stably and the RMB exchange rate against a basket of other currencies becoming basically stable. (I) The supply and demand in the foreign exchange market has become more balanced. In 2017, a deficit of USD 111.6 billion was registered in banks' foreign exchange sales and settlements, down by 67% year on year. With spot and forward foreign exchange sales and settlements as well as options taken into consideration, the supply and demand of foreign exchange have moved towards an equilibrium since February 2017 and now stay basically balanced. Cross-border capital flows have also become more balanced. In 2017, non-banking sectors such as enterprises and individuals registered USD 124.5 billion in net outflows of cross-border capital, down by 59% year on year. Specifically, China posted USD 25.2 billion, USD 59 billion, USD 27.3 billion and USD 13 billion respectively in net outflows of cross-border capital from the first to the fourth quarter, indicating net outflows were on the decline. (II) Market participants' behaviors in foreign-related transactions have become more stable. Amid the two-way fluctuations of the RMB exchange rate, enterprises' and individuals' behaviors in foreign-related transactions have been diversified rather than simplistic as they were previously, and more of them arrange cross-border receipts and payments, and foreign exchange sales and settlements based on real demand. In 2017, the surplus in foreign exchange sales and settlements under trade in goods and foreign exchange settlements under FDI were on an upward trend, cross-border financing continued stable growth, and outbound investment and individual purchases of foreign exchange declined systematically. (III) The balance of foreign exchange reserves has perked up for 11 consecutive months. As at the end of 2017, the balance of foreign exchange reserves hit USD 3.1399 trillion, up by USD 129.4 billion year on year, representing rises for 11 straight months since February 2017. (IV) The RMB exchange rate has risen stably against the USD and remained stable against a basket of other currencies. In 2017, the central parity rate of the RMB against the USD rose by 6.2%, and the CFETS RMB exchange rate index compiled by China Foreign Exchange Trade System climbed by 0.02%. II. Favorable factors will help reduce risks associated with cross-border capital flows in China going forward In 2018, following the underlying principle of pursuing progress while ensuring stability, the new vision for development and the requirements for high-quality development, China will witness rising stability and resilience in economic performance and may continue to see stable development with strong momentum for growth. As external demand is strengthened alongside the world economic recovery, the financial markets are further liberalized, and market expectations improve, China's balance of payments and cross-border capital flows will maintain a basic equilibrium. The high-quality development model will help strengthen market confidence in the long term. In 2018, the first year of implementing the spirit of the 19th CPC National Congress, China will focus on the supply-side structural reform while stabilizing growth, promoting reform, adjusting structure, benefitting the people and preventing risks, so as to boost the sustainable and healthy development of the economy and society, which will consolidate the confidence of domestic and foreign market participants in investing and operating in China in the long term. The sound economic fundamentals are still a driver of stable cross-border capital flows in China. China's economic growth is relatively high at the global level, and in particular, the economic structure is improved, the aggregate supply and demand is more balanced and the momentum for endogenous growth is strengthened. The domestic industrial chains and supporting facilities are being enhanced, and workers' skills are well matched with companies' requirements, which will help ensure smooth operations and high returns. At the same time, residents' incomes are on the rise, and their consumption is further upgraded, indicating high potential of the domestic markets, which will be a key consideration in attracting investments. Further, China's macro policies are well targeted, systems and regimes are flexible, financial markets are robust and foreign exchange reserves are adequate, indicating China will be capable of responding to and solving risks. Making new ground in pursuing opening-up on all fronts will help balance cross-border capital flows. In 2018, the 40th anniversary of the implementation of the reform and opening up policy, the scope and level of opening up will be further expanded, market entry will be loosened, laws on foreign capital will be improved, and intellectual property rights protection will be intensified, so as to attract more capital to flow into the country on a long-term basis. With the smooth implementation of financial market reforms and opening up, foreign investors will become more aggressive in investing in China's capital market. Focusing on the Belt and Road Initiative, China will attach equal importance to "bringing in" and "going global" to make it easier to achieve balanced capital flows. The external environment will be favorable as the global economic and financial performance remains stable. In 2018, the global economy will continue to recover, with its growth rate expected by the IMF to be 3.9%, up by 0.2 percentage point from a year earlier. The consumption and employment in the US will be generally optimistic and Trump's tax plan will be favorable to boost the country's economy and push up the expectations of inflation. Spurred by a greater momentum for stronger domestic demand and rising external demand, manufacturing PMI in the Eurozone set a new record in January 2018 and economies such as Germany, Italy and the Netherlands are expected to see higher growth rates, and therefore, the Eurozone may sustain a huge momentum beyond expectations in 2018. Japan's GDP has continued to rise for seven consecutive quarters and its manufacturing PMI reading has been above 50 for 16 straight months, and therefore, the country's central bank has recently expanded the prediction interval of economic growth in 2018. Benefitting from the perking up of the global economy, higher commodity prices and the positive results of domestic reforms, BRICS countries such as Russia, Brazil, India and South Africa have registered fast increases in foreign trade and their manufacturing PMI readings climb, indicating optimistic economic performance. It should also be noted that China's cross-border capital flows are still susceptible to instabilities and uncertainties. First, major economies may be homogeneous in normalizing their monetary policies with resonance effect, which, coupled with the tax reform, infrastructure investment and trade protectionism in the US, may impact global financial markets and global capital flows. Second, the foundation for the stability of global financial markets is still weak. Although risk aversion is at a historical low across the world, yet the risk of adjustment after continued rallies of the stock markets in some developed countries, and political risks and geopolitical conflicts in some regions may lead to changes in risk aversion and heightened volatility of cross-border capital. Third, economic and financial risks still exist in China. The country is now still at a critical moment in addressing major economic and financial risks. The leverage ratio of enterprises remains high, and issues such as hidden debt of local governments, real estate market, shadow banking, and internet finance are to be addressed. As a result, market sentiment and confidence may be impacted during risk exposure and disposal. III. Pursue All-round Opening-up with More Balanced Administration As China's cross-border capital flows find an equilibrium, all the macro-prudential policies adopted earlier have regained their neutrality. Going forward, the two-way flows of China's cross-border capital will become a normal and remain generally balanced. Next, foreign exchange authorities will boost the balanced management of cross-border capital flows: first, regarding the purposes of management, foreign exchange authorities will look at the increases and decreases in foreign exchange reserves more reasonably, placing a stronger emphasis on dynamic equilibrium of the balance of payments while achieving a higher level of trade and investment liberalization and facilitation. Second, in terms of management philosophy, policy neutrality will be adhered to. In micro regulation of the foreign exchange market, the consistency in the policies and standards for two-way cross-border capital flows will be stressed: both capital inflows and outflows in compliance with laws and regulations will be supported. Third, in enforcement of foreign exchange laws, authenticity and compliance with laws and regulations will be stressed, and consistency, stability and predictability of enforcement standards across cycles will be emphasized, while illicit outflows and inflows, especially irregularities such as underground banks, fabricated transactions and market manipulation, will be cracked down on, so as to safeguard the normal order of the foreign exchange market. (I) Policies for a higher level of trade and investment liberalization and facilitation will be adopted. First, law-based administration will be adhered to so as to satisfy authentic demands for foreign exchange under the current and capital accounts in conformity with regulations. Second, efforts will be made to serve the building of a trade giant and support and cultivate new trade formats. The regulatory system, service system and policy framework will be improved to continue to support the healthy development of new trading formats and models such as cross-border ecommerce, market purchases and comprehensive foreign trade services, and to standardize the development of cross-border payments through third-party payment institutions. Third, the Belt and Road Initiative will be focused on, with equal importance attached to "bringing in" and "going global". The new framework of foreign exchange administration for foreign-owned enterprises under the model of pre-establishment national treatment plus negative list will be studied to build stable, equitable, transparent, predictable and law-oriented business environment and protect legitimate interests of foreign-owned enterprises. International production capacity cooperation will be promoted under the Belt and Road Initiative. Efforts will be made to standardize and guide ODI, with focus on supporting capable and eligible domestic enterprises to make outbound investments in an active and steady manner, under the principle of classified management. (II) The two-way liberalization of the financial market will be pressed ahead with. First, the securities market will be boosted for two-way liberalization. Further efforts will be made to promote the liberalization of domestic stock and bond markets, by improving bond connect, studying Shanghai-London Stock Connect and supporting Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. The foreign exchange administration system for qualified institutional investors (QFII, RQFII, QDII, RQDII) will be reformed and improved. It will be made easier for market participants to allocate assets in larger space. The domestic market for derivatives such as commodity futures will be further opened up. Second, the open and competitive foreign exchange market will be opened up and improved. Efforts will be made to deepen the foreign exchange market, expand transaction participants, diversify transaction instruments, and expand the scope of transactions to boost market liberalization and satisfy participants' demands for risk mitigation. Third, education on risks will be intensified for market participants. Enterprises will be guided to build the awareness of "financial neutrality" and use various instruments on the foreign exchange market for hedging, so as to ensure sound exchange rate risk management. (III) The macro-prudential management system for cross-border capital flows will be built. The monitoring, early warning and response mechanism for the macro-prudential management of cross-border capital flows will be built and improved. The macro-prudential assessment system for cross-border capital flows will be built for the banking sector. Policy toolkits will be diversified, including management instruments aimed to reduce sharp fluctuations in cross-border capital, such as provisions of risks; the macro-prudential management policies focusing on bank and short-term capital flows. Efforts will also be made to adjust the short-term fluctuations of the foreign exchange market in a counter-cyclical manner to safeguard the security of the financial system and the equilibrium of the balance of payments. (IV) The micro-regulatory framework for the foreign exchange market will be enhanced. First, the cross-cyclical stability and consistency of policies will be ensured. The order of the foreign exchange market will be maintained in accordance with laws and regulations, the cross-cyclical consistency between law applicability and enforcement standards will be ensured, and a tough stance on foreign exchange irregularities will be maintained. Second, the authenticity, legality and compliance reviews will be conducted. Foreign exchange authorities will perform their review obligations in anti-money laundering, anti-tax avoidance and anti-terrorist marketing to protect the legitimate interests of market participants and crack down on price manipulation, false advertisement and consumer misleading. Third, penetrating regulation of cross-border transactions will be enhanced under the tracing principle. Fourth, the national security inspection of foreign investments will be ensured. (V)The operation and management capabilities of foreign exchange reserves will be strengthened. First, the coordination with monetary policy, foreign exchange rate policy, and cross-border capital flow policy will be further intensified to guard against systematic risks and make full use of the roles of foreign exchange reserves in ensuring external payment, and safeguarding stable foreign exchange rate and national economic and financial security. Second, investment capability building will be stepped up, and monetary and asset structure will be optimized so as to ensure security and liquidity while maintaining and increasing value. Third, key national strategies like the Belt and Road Initiative will be applied in a diversified way to boost international production capacity and equipment manufacturing cooperation to go deeper. 2018 is the first year to implement the spirit of the 19th CPC National Congress, the 40th anniversary of the implementation of the reform and opening up policy and a year crucial to securing a decisive victory in building a moderately prosperous society in all respects and to the implementation of the 13th Five-year Plan. Guided by the Xi Jinping thought on socialism with Chinese characteristics for a new era, foreign exchange authorities will uphold the underlying principle of pursuing progress while ensuring stability to fulfill the three tasks of serving the real economy, controlling financial risks and deepening financial reforms. Following the philosophy of balanced management, foreign exchange authorities will be committed to making new ground in pursuing opening up on all fronts, serving the development of the real economy, guarding against risks arising from cross-border capital flows and safeguarding national economic and financial security, in a bid to make new contributions to securing a decisive victory in building a moderately prosperous society in all respects and striving for the great success of socialism with Chinese characteristics for a new era. (The original text is available at caixin.com) 2018-02-07/en/2018/0207/1415.html
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Since the beginning of 2018, the State Administration of Foreign Exchange (SAFE) has implemented the spirit of the 19 CPC National Congress and the arrangements of the CPC Central Committee and the State Council, with focus on serving the real economy, defending against financial risks and deepening financial reforms. The SAFE has tightened regulation of the foreign exchange market and investigated and dealt with illegal or irregular inflows and outflows of foreign exchange. It also has cracked down on false and fraudulent transactions to ensure the robust operation of the foreign exchange market and guard against and address financial risks. In accordance with the Regulation of the People's Republic of China on the Disclosure of Government Information (Decree No. 492 of the State Council), a selection of typical cases where foreign exchange regulations were violated are presented as follows: Case 1: Evasion of foreign exchange by Tianjin Binhai Haitong Logistics Co., Ltd. From January 2015 to January 2016, Tianjin Binhai Haitong Logistics Co., Ltd. fabricated the background of entrepot trade and paid foreign exchange of USD 46.518 million using the bills of lading already accomplished by other companies. The company violated Article 12 and 14 of the Regulations on Foreign Exchange Administration and is considered getting involved in foreign exchange evasion, which has severely disturbed the order of the foreign exchange market. With a large amount of money involved, this is a serious case in nature. In accordance with Article 39 of the Regulations on Foreign Exchange Administration, the company was fined RMB 11.05 million. Case 2: Evasion of foreign exchange by Xilong Scientific Co., Ltd. From January 2015 to December 2016, Xilong Scientific Co., Ltd. in Shantou, Guangdong fabricated the background of entrepot trade and paid foreign exchange of USD 17.6102 million using the invalid bills of lading. The company violated Article 12 and 14 of the Regulations on Foreign Exchange Administration and is considered getting involved in foreign exchange evasion, which has severely disturbed the order of the foreign exchange market. This is a serious case in nature. In accordance with Article 39 of the Regulations on Foreign Exchange Administration, the company was fined RMB 5.77 million. Case 3: Evasion of foreign exchange by Chengdu Weiyi Trading Co., Ltd. In June 2015, Chengdu Weiyi Trading Co., Ltd. fabricated the background of entrepot trade and paid foreign exchange of USD 4.2528 million using the false bill of lading. The company violated Article 12 and 14 of the Regulations on Foreign Exchange Administration and is considered getting involved in foreign exchange evasion, which has severely disturbed the order of the foreign exchange market. This is a serious case in nature. In accordance with Article 39 of the Regulations on Foreign Exchange Administration, the company was fined RMB 1.3 million. Case 4: Evasion of foreign exchange by Zhejiang Juxiong Import and Export Co., Ltd. In February 2016, Zhejiang Juxiong Import and Export Co., Ltd. fabricated the background of entrepot trade and paid foreign exchange of USD 5.2476 million using the bills of lading already accomplished by other companies. The company violated Article 12 and 14 of the Regulations on Foreign Exchange Administration and is considered getting involved in foreign exchange evasion, which has severely disturbed the order of the foreign exchange. This is a serious case in nature. In accordance with Article 39 of the Regulations on Foreign Exchange Administration, the company was fined RMB 1.3752 million. Case 5: Evasion of foreign exchange by Guangxi Beitou ThangLong Import & Export Co., Ltd. From December 2016 to February 2017, Guangxi Beitou ThangLong Import & Export Co., Ltd. fabricated the background of entrepot trade and paid foreign exchange of USD 13.3822 million using the false bills of lading. The company violated Article 12 and 14 of the Regulations on Foreign Exchange Administration and is considered getting involved in foreign exchange evasion, which has severely disturbed the order of the foreign exchange market. This is a serious case in nature. In accordance with Article 39 of the Regulations on Foreign Exchange Administration, the company was fined RMB 4.5 million. Case 6: Inward Remittances of Foreign Exchange by Tianjin Haohua Minsheng Technology Development Co., Ltd. against foreign exchange regulations In June 2015, Tianjin Haohua Minsheng Technology Development Co., Ltd. fabricated the background of export and remitted USD 2 million under "advances from customers" into China, which is recognized as inward remittance in violation of the foreign exchange regulations. The company violated Article 12 and 13 of the Regulations on Foreign Exchange Administration, and the company was fined RMB 200,000 in accordance with Article 41 thereof. Case 7: Illegal foreign exchange settlement by Lianyungang Yunong Agricultural Technology Co., Ltd. From July to September 2015, Lianyungang Yunong Agricultural Technology Co., Ltd. in Jiangsu handled procedure for inward remittance of capital and settled USD 4.89 million in foreign exchange using the false contract. The company violated Article 23 of the Regulations on Foreign Exchange Administration and Article 9 of the Provisions on the Foreign Exchange Administration of Domestic Direct Investment from Foreign Investors and is considered getting involved in illegal foreign exchange settlement. In accordance with Article 41 of the Regulations on Foreign Exchange Administration, the company was fined RMB 980,000. Case 8: Illegal foreign exchange settlement by Rugao Chengyang Agricultural Technology Co., Ltd. On June 28, 2016, Rugao Chengyang Agricultural Technology Co., Ltd. in Jiangsu handled procedure for inward remittance of capital and settled USD 2.8 million in foreign exchange using the false contract. The company violated Article 23 of the Regulations on Foreign Exchange Administration and Article 9 of the Provisions on the Foreign Exchange Administration of Domestic Direct Investment from Foreign Investors and is considered getting involved in illegal foreign exchange settlement. In accordance with Article 41 of the Regulations on Foreign Exchange Administration, the company was fined RMB 400,000. Case 9: Illegal foreign exchange settlement by Xuzhou Haisheng Electronics Co., Ltd. In December 2016, Xuzhou Haisheng Electronics Co., Ltd. handled procedure for inward remittance of capital and settled USD 9.9999 million in foreign exchange by fabricating the purposes of funds, and after settlement, the company used the funds for personal purposes other than its normal production and operations, which is considered illegal foreign exchange settlement. The company violated Article 23 of the Regulations on Foreign Exchange Administration. In accordance with Article 41 of the Regulations on Foreign Exchange Administration, the company was fined RMB 1.234 million. Case 10: Illegal foreign exchange settlement by Nantong Tongzhou District Shuoqing Machinery Co., Ltd. From March to April 2017, Nantong Tongzhou District Shuoqing Machinery Co., Ltd. in Jiangsu handled procedure for inward remittance of capital and settled USD 8 million in foreign exchange using the false contract. The company violated Article 23 of the Regulations on Foreign Exchange Administration and Article 9 of the Provisions on the Foreign Exchange Administration of Domestic Direct Investment from Foreign Investors and is considered getting involved in illegal foreign exchange settlement. In accordance with Article 41 of the Regulations on Foreign Exchange Administration, the company was fined RMB 1.1 million. Case 11: Onshore guarantees by China Merchants Bank Quanzhou Branch for offshore loans against regulations From October 2013 to October 2015, China Merchants Bank Quanzhou Branch didn't carry out a due diligence investigation as required, with regard to the purposes of the loans, expected sources of repayment, possibility of performing the contracts for onshore guarantees and relevant transaction background, when handling the execution and performance of the contracts for onshore guarantees for offshore loans. The bank violated Article 12 and 28 of the Regulations on Foreign Exchange Administration for Cross-border Guarantees. In accordance with Article 47 of the Regulations on Foreign Exchange Administration, the illegal gains of RMB 2.1319 million were confiscated and the bank was ordered to rectify within the prescribed time limit and fined RMB 5.8 million. Case 12: Onshore guarantees by the Industrial and Commercial Bank of China TEDA Branch for offshore loans against regulations From December 2013 to January 2016, the Industrial and Commercial Bank of China TEDA Branch handled the purchase and payment of foreign exchange for the execution and performance of the contracts on onshore guarantees for offshore loans, without carrying out a due diligence investigation as required, with regard to the purposes of the loans under guarantees, use of loans and relevant transaction background, although the messages on the use of loans were illegible, use of loans under guarantees was not specified in the letter of intent for loan extension, and the amount of funds for performance of the contracts was higher than that of loans. The bank violated Article 12 and 28 of the Regulations on Foreign Exchange Administration for Cross-border Guarantees. In accordance with Article 47 of the Regulations on Foreign Exchange Administration, the illegal gains of RMB 670,000 were confiscated and the bank was fined RMB 1.2 million. Case 13: Onshore guarantees by Hana Bank (China) Company Limited Tianjin Branch for offshore loans against regulations From August 2014 to August 2016, when handling the purchase and payment of foreign exchange for the execution and performance of the contracts on onshore guarantees for offshore loans, Hana Bank (China) Company Limited Tianjin Branch didn't carry out a due diligence investigation as required, with regard to the qualifications of debtors, circulation of the ownership of goods during transactions and relevant transaction background. The bank violated Article 12 and 28 of the Regulations on Foreign Exchange Administration for Cross-border Guarantees. In accordance with Article 47 of the Regulations on Foreign Exchange Administration, the illegal gains of RMB 366,000 were confiscated, and the bank was fined RMB 2 million and suspended from handling foreign exchange settlement for and sales to enterprises for three months. Case 14: Onshore guarantees by China Minsheng Bank Taiyuan Branch for offshore loans against regulations From September 2014 to August 2015, when handling the purchase and payment of foreign exchange for the execution and performance of the contracts on onshore guarantees for offshore loans, China Minsheng Bank Taiyuan Branch didn't carry out a due diligence investigation as required, with regard to the sources of repayment of debtors. The bank violated Article 12 and 28 of the Regulations on Foreign Exchange Administration for Cross-border Guarantees. In accordance with Article 47 of the Regulations on Foreign Exchange Administration, the illegal gains of RMB 2.07 million were confiscated, whilst the bank was ordered to rectify within the prescribed time limit and fined RMB 1.6 million. Case 15: Onshore guarantees by the Agricultural Bank of China Xinxiang Branch for offshore loans against regulations In December 2016, when handling the purchase and payment of foreign exchange for the execution and performance of the contracts on onshore guarantees for offshore loans, the Agricultural Bank of China Xinxiang Branch didn't carry out a due diligence investigation as required, with regard to the purposes of funds under guarantees and relevant transaction background. Nor did it conduct continuous monitoring and tracking of the purposes of loans. The bank violated Article 12 and 28 of the Regulations on Foreign Exchange Administration for Cross-border Guarantees. In accordance with Article 47 of the Regulations on Foreign Exchange Administration, the bank was ordered to rectify within the prescribed time limit and fined RMB 1 million, with the illegal gains of RMB 472,100 confiscated. Case 16: Foreign exchange settlement for advances from customers by Harbin Bank Shenyang Branch against regulations From May to July 2015, Harbin Bank Shenyang Branch settled foreign exchange for advances from customers under trade in goods without carrying out a due diligence investigation into corporate documents such as export contracts and invoices, and consistency between foreign exchange receipt and payment. The bank violated Article 12 of the Regulations on Foreign Exchange Administration. In accordance with Article 47 of the Regulations on Foreign Exchange Administration, the bank was ordered to rectify within the prescribed time limit and fined RMB 400,000. Case 17: Foreign exchange receipts for individual trade handled by China Merchants Bank Jiangmen Branch against regulations From November 2015 to May 2017, China Merchants Bank Jiangmen Branch handled foreign exchange receipts for cross-border trade through the individual foreign exchange savings account against regulations. The bank violated Article 32 of the Measures for the Administration of Individual Foreign Exchange. In accordance with Article 48 of the Regulations on Foreign Exchange Administration, the bank was ordered to rectify within the prescribed time limit and fined RMB 160,000. Case 18: Foreign exchange settlement for external debt by China Construction Bank Taian Branch against regulations From February to May 2016, China Construction Bank Taian Branch settled foreign exchange for external debt of companies without reviewing and keeping the materials such as contracts and invoices that could prove the purposes of funds from settlement of foreign exchange of external debt and reviewing the consistency between the purposes of such funds and contract provisions. The bank violated Article 15 of the Measures for the Registration and Management of External Debt and the provisions of "Materials for Bank Review" and "Review Elements" in Chapter VI of Operating Guidelines on External Debt Registration and Management. In accordance with Article 47 of the Regulations on Foreign Exchange Administration, the bank was fined RMB 400,000. Case 19: Foreign exchange settlement for trade in goods by the Industrial and Commercial Bank of China Binzhou Xincheng Sub-branch against regulations From February to December 2016, the Industrial and Commercial Bank of China Binzhou Xincheng Sub-branch handled foreign exchange receipt and settlement in foreign currency banknotes for trade in goods without carrying out a due diligence investigation into the background where companies changed the way of foreign exchange receipt under trade and the necessity of receiving foreign exchange in foreign currency banknotes. The bank violated Article 6, 9 and 10 of the Measures for Managing the Receipts and Payments of Foreign Currency Banknotes by Domestic Institutions. In accordance with Article 47 of the Regulations on Foreign Exchange Administration, the bank was fined RMB 300,000. Case 20: Entrepot trade handled by Ping An Bank Ningbo Branch against regulations From June to December 2016, Ping An Bank Ningbo Branch handled foreign exchange payment for entrepot trade although the due diligence investigation into the authenticity of the entrepot trade was not carried out as required and the transaction documents for entrepot trade were not effective for picking up the goods. The bank violated Article 12 of the Regulations on Foreign Exchange Administration. In accordance with Article 47 of the Regulations on Foreign Exchange Administration, the bank was ordered to rectify within the prescribed time limit and fined RMB 800,000, with the illegal gains of RMB 506,200 confiscated. Case 21: Mr. Zhang, native of Shanghai, evaded foreign exchange through split-up In 2016, to transfer his assets overseas illegally, Mr. Zhang split up his personal funds, used the annual quotas of 27 individuals including his own to buy foreign exchange and transferred the foreign exchange into his overseas account. The funds thus transferred equaled USD 1.3419 million in total. Zhang violated Article 7 of the Measures for the Administration of Individual Foreign Exchange and is considered getting involved in the evasion of foreign exchange. In accordance with Article 39 of the Regulations on Foreign Exchange Administration, Zhang was fined RMB 460,000. Case 22: Illegal purchase and sales of foreign exchange by Mr. Chen, native of Shaanxi From August to September 2016, to transfer his assets overseas illegally, Mr. Chen transferred RMB 26 million into the domestic account controlled by an underground bank, exchanged the money into foreign exchange and then transferred the foreign exchange into his Hong Kong account. The funds thus transferred equaled USD 3.8906 million in total. Chen violated Article 30 of the Measures for the Administration of Individual Foreign Exchange and is considered getting involved in the illegal purchase and sales of foreign exchange. In accordance with Article 45 of the Regulations on Foreign Exchange Administration, Chen was fined RMB 1.69 million. Case 23: Mr. Tang, native of Jiangxi, evaded foreign exchange through split-up From January to October 2016, to transfer his assets overseas illegally, Mr. Tang split up his personal funds, used the annual quotas of 69 individuals including his own to buy foreign exchange and transferred the foreign exchange into several overseas accounts. The funds thus transferred equaled USD 3.211 million in total. Tang violated Article 7 of the Measures for the Administration of Individual Foreign Exchange and is considered getting involved in the evasion of foreign exchange. In accordance with Article 39 of the Regulations on Foreign Exchange Administration, Tang was fined RMB 1.5 million. Case 24: Mr. Tu, native of Jiangsu, evaded foreign exchange through split-up From January 2016 to April 2017, to transfer his assets overseas illegally, Mr. Tu split up his personal funds, used the annual quotas of 43 individuals in China including his own to buy foreign exchange and transferred the foreign exchange into his overseas account. The funds thus transferred equaled USD 2.1238 million in total. Tu violated Article 7 of the Measures for the Administration of Individual Foreign Exchange and is considered getting involved in the evasion of foreign exchange. In accordance with Article 39 of the Regulations on Foreign Exchange Administration, Tu was fined RMB 724,500. 2018-05-04/en/2018/0627/1442.html
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Since the beginning of 2018, the State Administration of Foreign Exchange (SAFE) has implemented the spirit of the 19 CPC National Congress and the arrangements of the CPC Central Committee and the State Council, with focus on serving the real economy, defending against financial risks and deepening financial reforms. The SAFE has tightened regulations of the foreign exchange market, investigated and punished acts violating foreign exchange laws and regulations, and cracked down on false transactions and frauds. In accordance with the Regulation of the People's Republic of China on the Disclosure of Government Information (Decree No. 492 of the State Council), a selection of typical cases where foreign exchange regulations were violated are presented as follows: Case 1: Entrepot trade handled by Huaxia Bank Shanghai Branch against regulations From November 2015 to January 2016, without carrying out due diligence investigations into the authenticity of entrepot trade as required, Huaxia Bank Shanghai Branch handled the payments and purchases of foreign exchange for entrepot trade based on the false bills of lading presented. The bank violated Article 12 of the Regulations of the People's Republic of China on Foreign Exchange Administration. In accordance with Article 47 of the Regulations, the bank was fined RMB 2 million and suspended from selling foreign exchange to companies for two years. Case 2: Entrepot trade handled by the Bank of Communications Xiamen Branch Qianpu Sub-branch against regulations From January to August 2016, without carrying out due diligence investigations into the authenticity of entrepot trade as required, the Bank of Communications Xiamen Branch Qianpu Sub-branch handled the payments and purchases of foreign exchange for entrepot trade based on the false bills of lading presented. The bank violated Article 12 of the Regulations of the People's Republic of China on Foreign Exchange Administration. In accordance with Article 47 of the Regulations, the bank was fined RMB 6 million and suspended from selling foreign exchange to companies for three months, with senior executives and other persons directly liable for the violation ordered to take responsibility for the violation. Case 3: Entrepot trade handled by Nanyang Commercial Bank (China) Hangzhou Branch against regulations From March to August 2016, without carrying out due diligence investigations into the authenticity of entrepot trade as required, Nanyang Commercial Bank (China) Hangzhou Branch handled the payments of foreign exchange for entrepot trade based on the false or irrelevant bills of lading presented. The bank violated Article 12 of the Regulations of the People's Republic of China on Foreign Exchange Administration. In accordance with Article 47 of the Regulations, RMB 1.31 million was fined and confiscated. Case 4: Entrepot trade handled by the Bank of Beijing Shanghai Branch against regulations In July 2017, without carrying out a due diligence investigation into the authenticity of entrepot trade as required, the Bank of Beijing Shanghai Branch handled the payment of foreign exchange for entrepot trade based on the bills of lading repetitively presented. The bank violated Article 12 of the Regulations of the People's Republic of China on Foreign Exchange Administration. In accordance with Article 47 of the Regulations, RMB 840,000 was fined and confiscated. Case 5: Trade financing handled by the Bank of Jinzhou Dalian Branch against regulations From September to October 2015, the Bank of Jinzhou Dalian Branch handled trade financing for a company based on the Customs Report of another company. The bank violated Article 12 of the Regulations of the People's Republic of China on Foreign Exchange Administration. In accordance with Article 47 of the Regulations, RMB 529,800 was fined and confiscated. Case 6: Trade financing handled by Huishang Bank Hefei Branch Tian'ehu Sub-branch against regulations From September to November 2016, Huishang Bank Hefei Branch Tian'ehu Sub-branch handled trade financing for a company based on a Customs report repetitively presented. The bank violated Article 12 of the Regulations of the People's Republic of China on Foreign Exchange Administration. In accordance with Article 47 of the Regulations, RMB 400,000 was fined. Case 7: Onshore guarantees by China Minsheng Bank Xiamen Branch for offshore loans against regulations From August 2014 to December 2016, China Minsheng Bank Xiamen Branch handled the payments of foreign exchange for the execution and performance of the contracts on onshore guarantees for offshore loans, without carrying out required due diligence investigations with regard to qualifications of the debtors, purposes of the loans, expected sources of repayments, possibility of performing the contracts on guarantees, as well as relevant transaction backgrounds. The bank violated Article 12 and 28 of the Regulations on Foreign Exchange Administration for Cross-border Guarantees. In accordance with Article 47 of the Regulations of the People's Republic of China on Foreign Exchange Administration, a total of RMB 22.40 million was fined and confiscated, and the bank was suspended from selling foreign exchange to companies for three months. Case 8: Onshore guarantees by the Bank of Guangzhou Shenzhen Branch for offshore loans against regulations From May 2015 to January 2017, the Bank of Guangzhou Shenzhen Branch handled the payments of foreign exchange for the execution and performance of the contracts on onshore guarantees for offshore loans, without carrying out required due diligence investigations, with regard to qualifications of the debtors, purposes of the loans, expected sources of repayments, possibility of performing the contracts on guarantees, as well as relevant transaction backgrounds. The bank violated Article 12 and 28 of the Regulations on Foreign Exchange Administration for Cross-border Guarantees. In accordance with Article 47 of the Regulations of the People's Republic of China on Foreign Exchange Administration, a total of RMB 2.958 million was fined and confiscated. Case 9: Onshore guarantees by Xiamen International Bank Quanzhou Branch for offshore loans against regulations From June 2015 to July 2016, Xiamen International Bank Quanzhou Branch handled the payments of foreign exchange for the execution and performance of the contracts on onshore guarantees for offshore loans, despite the fact that the bank knew the companies' offshore loans were non-performing and it was set to perform the contracts on guarantees. The bank violated Article 12 and 28 of the Regulations on Foreign Exchange Administration for Cross-border Guarantees. In accordance with Article 47 of the Regulations of the People's Republic of China on Foreign Exchange Administration, RMB 2.80 million was fined. Case 10: Onshore guarantees by Hana Bank Guangzhou Branch for offshore loans against regulations From July to December 2015, Hana Bank Guangzhou Branch handled the payments of foreign exchange for the execution and performance of the contracts on onshore guarantees for offshore loans, without carrying out required due diligence investigations with regard to expected sources of repayments, and relevant transaction backgrounds. The bank violated Article 12 and 28 of the Regulations on Foreign Exchange Administration for Cross-border Guarantees. In accordance with Article 47 of the Regulations of the People's Republic of China on Foreign Exchange Administration, a total of RMB 2.1626 million was fined and confiscated, and the bank was suspended from selling foreign exchange to companies for six months, with senior executives and other persons directly liable for the violation ordered to take responsibility for the violation. Case 11: Onshore guarantees by the Bank of Tianjin No. 6 Central Sub-branch for offshore loans against regulations From January 2016 to July 2017, the Bank of Tianjin No. 6 Central Sub-branch handled the payments of foreign exchange for the execution and performance of the contracts on onshore guarantees for offshore loans, without carrying out required due diligence investigations with regard to expected sources of repayments, possibility of performing the contracts on guarantees, as well as relevant transaction backgrounds. The bank violated Article 12 and 28 of the Regulations on Foreign Exchange Administration for Cross-border Guarantees. In accordance with Article 47 of the Regulations of the People's Republic of China on Foreign Exchange Administration, a total of RMB 7.4025 million was fined and confiscated. Case 12: Individual foreign exchange business handled by the Bank of China Putian Branch against regulations From January 2016 to April 2017, the Bank of China Putian Branch handled split-up sales and payments of individual foreign exchange and withdrawals of foreign currency banknotes. The bank violated Article 7 and 34 of the Measures for the Administration of Individual Foreign Exchange. In accordance with Article 47 and 48 of the Regulations of the People's Republic of China on Foreign Exchange Administration, RMB 700,000 was fined. Case 13: Individual foreign exchange business handled by the Industrial and Commercial Bank of China Shenzhen Branch against regulations From October 2017 to January 2018, the Industrial and Commercial Bank of China Shenzhen Branch handled the settlements of individual foreign exchange without reviewing the valid ID certificates of individuals in China and the nature of funds as required. The bank violated Article 9 and 6 of the Measures for the Administration of Individual Foreign Exchange. In accordance with Article 47 and 48 of the Regulations of the People's Republic of China on Foreign Exchange Administration, RMB 430,000 was fined. Case 14: Foreign exchange evasion by DDBill Payment Co., Ltd. From January 2016 to October 2017, DDBill Payment Co., Ltd. went through cross-border payments of foreign exchange in the amount of USD 15.588 million, based on false logistic information. The company violated Article 12 of the Regulations of the People's Republic of China on Foreign Exchange Administration and was involved in foreign exchange evasion, which had severely disturbed the order of the foreign exchange market and led to serious consequences. In accordance with Article 39 of the Regulations, the company was fined RMB 15.308 million. Case 15: Foreign exchange evasion by PayEase (Beijing) Technology Ltd. From February 2016 to June 2017, PayEase (Beijing) Technology Ltd. went through split-up purchases and payments of foreign exchange in the amount of USD 1.59 million, based on automatic setup of the system. The company violated Article 14 of the Regulations of the People's Republic of China on Foreign Exchange Administration and was involved in foreign exchange evasion, which had severely disturbed the order of the foreign exchange market and led to serious consequences. In accordance with Article 39 of the Regulations, the company was fined RMB 1.0745 million. Case 16: Violations of regulations on foreign exchange administration by Alipay (China) Network Technology Co., Ltd. From January 2014 to May 2016, Alipay (China) Network Technology Co., Ltd. went through cross-border payments of foreign exchange beyond the approved scope and misstated the balance of payments. The company violated Article 6 of the Guidelines for the Pilot Program of Cross-border Payments of Foreign Exchange by Payment Institutions and Article 7 of the Measures for Declaration of Balance of Payments Statistics. In accordance with Article 48 of the Regulations of the People's Republic of China on Foreign Exchange Administration, the company was fined RMB 600,000. Case 17: Violations of regulations on foreign exchange administration by Tenpay Payment Technology Co., Ltd. From January 2015 to June 2017, Tenpay Payment Technology Co., Ltd. handled cross-border payments of foreign exchange for non-residents without going through the filing procedures, and failed to submit the unusual risk report as required. The company violated Article 35 of the Regulations of the People's Republic of China on Foreign Exchange Administration. In accordance with Article 48 of the Regulations, the company was fined RMB 600,000. Case 18: Violations of regulations on foreign exchange administration by Shanghai Shengpay E-Payment Service Co., Ltd. From January 2015 to June 2017, Shanghai Shengpay E-Payment Service Co., Ltd. handled cross-border payments without abiding by relevant regulations and misstated the balance of payments. The company violated Article 9 and 6 of the Circular of the State Administration of Foreign Exchange on the Implementation of the Pilot Program of Cross-border Foreign Exchange Payment Business through Payment Institutions. In accordance with Article 39 and 48 of the Regulations of the People's Republic of China on Foreign Exchange Administration, the company was fined RMB 625,000. Case 19: Foreign exchange evasion by Qingdao Zerui Kaimao Foreign Trade Co., Ltd. Between January and December 2016, Qingdao Zerui Kaimao Foreign Trade Co., Ltd. paid USD 16.9289 million in foreign exchange by fabricating trade backgrounds and using false contracts and invoices. The company violated Article 12 and 14 of the Regulations of the People's Republic of China on Foreign Exchange Administration and was involved in foreign exchange evasion, which had severely disturbed the order of the foreign exchange market and led to serious consequences. In accordance with Article 39 of the Regulations, the company was fined RMB 5.60 million. Case 20: Foreign exchange evasion by HaiKe Chemical Group Ltd. in Shandong In July 2016, HaiKe Chemical Group Ltd. in Shandong paid USD 22.9683 million in foreign exchange by fabricating entrepot trade backgrounds and using false contracts and invoices. The company violated Article 9 of the Regulations of the People's Republic of China on Foreign Exchange Administration and was involved in foreign exchange evasion, which had severely disturbed the order of the foreign exchange market and led to serious consequences. In accordance with Article 39 of the Regulations, the company was fined RMB 7 million. Case 21: False trade financing by Anhui Whywin International Co., Ltd. From January to December 2016, Anhui Whywin International Co., Ltd. went through procedures for trade financing that involved USD 16.6675 million in total by presenting invalid trade documents and repetitively using the trade documents. The company violated Article 12 and 14 of the Regulations of the People's Republic of China on Foreign Exchange Administration. In accordance with Article 40 of the Regulations, the company was fined RMB 5.25 million. Case 22: Illegal foreign exchange settlement by Nanjing Samu'er Medical Instruments Co., Ltd. From August 2013 to June 2016, Nanjing Samu'er Medical Instruments Co., Ltd. went through inward remittances of capital and settlements of foreign exchange of USD 34.60 million based on false contracts. The company violated Article 23 of the Regulations of the People's Republic of China on Foreign Exchange Administration and was involved in illegal foreign exchange settlements. In accordance with Article 41 of the Regulations, the company was fined RMB 4.2989 million. Case 23: Changes of the purposes of foreign exchange settlements for capital funds by Guangdong Heshan Ruishun Sales Co., Ltd. without permission From December 2016 to March 2017, Guangdong Heshan Ruishun Sales Co., Ltd. went through inward remittances of capital funds and settlements of foreign exchange of HKD 25.411 million by fabricating the purposes of the funds. By changing the purposes of foreign exchange settlements without permission, the company violated Article 23 of the Regulations of the People's Republic of China on Foreign Exchange Administration. In accordance with Article 44 of the Regulations, the company was fined RMB 1.125 million. Case 24: Illegal purchases and sales of foreign exchange by Mr. Zhong, native of Hunan From October 2013 to October 2016, to transfer his assets overseas without abiding by the law, Mr. Zhong transferred RMB 43.711 million into the domestic account controlled by an underground bank, exchanged the money into foreign exchange and then transferred the foreign exchange via the underground bank into his overseas account. Zhong violated Article 30 of the Measures for the Administration of Individual Foreign Exchange and was considered breaking the laws on the purchases and sales of foreign exchange. In accordance with Article 45 of the Regulations of the People's Republic of China on Foreign Exchange Administration, Zhong was fined RMB 3.059 million. Case 25: Illegal purchases and sales of foreign exchange by Mr. Deng, native of Sichuan From February to August 2016, to obtain illegal gains, Mr. Deng exchanged RMB into HKD or vice versa many times via an underground bank, which involved RMB 13.6235 million in total. Deng violated Article 30 of the Measures for the Administration of Individual Foreign Exchange and was considered breaking the laws on the purchases and sales of foreign exchange. In accordance with Article 45 of the Regulations of the People's Republic of China on Foreign Exchange Administration, Deng was fined RMB 2.0436 million. Case 26: Purchases and sales of foreign exchange by Mr. Xu, native of Sichuan, without permission In March 2017, Mr. Xu paid RMB 60 million to a domestic enterprise via a company he controlled to purchase US dollars without permission. Xu violated Article 30 of the Measures for the Administration of Individual Foreign Exchange by getting involved in the purchases and sales of foreign exchange without permission. In accordance with Article 45 of the Regulations of the People's Republic of China on Foreign Exchange Administration, Xu was fined RMB 5.70 million. Case 27: Foreign exchange evasion by Mr. Zhao, native of Hebei, through split-up From January 2016 to December 2017, to transfer his assets overseas without abiding by the law, Mr. Zhao split up his personal funds, used the annual quotas of 55 individuals including his own to buy foreign exchange and transferred the foreign exchange into the overseas accounts. The funds thus transferred hit USD 2.4531 million in total. Zhao violated Article 7 of the Measures for the Administration of Individual Foreign Exchange and was involved in foreign exchange evasion. In accordance with Article 39 of the Regulations of the People's Republic of China on Foreign Exchange Administration, Zhao was fined RMB 1.16 million. 2018-07-24/en/2018/0824/1446.html