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Notice of Shanghai Branch of the State Administration of Foreign Exchange on Issuing the Detailed Rules for the Implementation of Regulations on Foreign Exchange Management in the China (Shanghai) Pilot Free Trade Zone

china-shftz.gov.cn Updated:2017-07-24

II. Enhancing Statistical Monitoring and Early Warning System to Effectively Prevent Risks in Foreign Exchange Payments/Receipts

6. The obligation of reporting and submitting foreign exchange management information shall be strictly performed. Banks and companies shall, in accordance with the foreign exchange management rules, report in a timely and precise manner to SAFE Shanghai such information as the statistical declaration of the international balance of payments, domestic fund transfers, and foreign exchange settlement and sales. They shall also report on any abnormal or suspicious situations, and adopt measures to prevent abnormal cross-border cash flows.

7. Off-site supervision and on-site inspection have been intensified. SAFE Shanghai shall increase the monitoring of cross-border capital flows, improve the early warning system for foreign exchange payments/receipts, and send out risk warnings of any abnormal or suspicious situations to banks and corporations concerned. On-site inspection shall be conducted in accordance with the law. Categorized management shall be implemented, and violations shall be punished. Where necessary, policies may be adjusted, and provisional regulatory measures may be adopted.

This Notice shall enter into effect as of the date of issue. On the next stage, SAFE Shanghai shall review the foreign exchange management in the PFTZ in a timely manner and develop policies to further promote facilitation in investment, financing and foreign exchange services, in order to support the PFTZ-based business operation to better supplement national strategies for the PFTZ.

Annex: Detailed Rules for the Implementation of Foreign Exchange Administration to Support the Development of China (Shanghai) Pilot Free Trade Zone

The Shanghai Branch of the State Administration for Foreign Exchange

February 28, 2014

Annex

Detailed Rules for the Implementation of Foreign Exchange Administration to Support the Development of China (Shanghai) Pilot Free Trade Zone

Chapter I General Provisions

Article 1 These Detailed Rules are formulated in accordance with the Notice of the State Council on Issuing the Framework Plan for the China (Shanghai) Pilot Free Trade Zone (State Publication [2013] No. 38) and the Opinions of the People’s Bank of China on Financial Sector Support for the China (Shanghai) Pilot Free Trade Zone (Bank Publication [2013] No. 244, referred to hereafter as the “Opinions”), to support the development of China (Shanghai) Pilot Free Trade Zone (the “PFTZ”).

Article 2 These Detailed Rules shall apply to PFTZ-based banks (including banks registered in the PFTZ and banks in Shanghai providing services within the PFTZ. Same below), domestic and overseas enterprises, non-banking financial institutions, individuals (collectively referred to hereafter as the “PFTZ-based entities”) .

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