State administration of foreign exchange, sub-bureaus of provinces, autonomous regions and municipalities directly under the central government, foreign exchange administration, sub-bureaus of shenzhen, dalian, Qingdao, xiamen and ningbo; National Chinese Banks:

In order to further promote trade and investment facilitation and serve the real economy, the state administration of foreign exchange has revised the provisions on the centralized operation and management of foreign exchange funds of transnational corporations (huifa [2015] no. 36, hereinafter referred to as document no. 36). The relevant matters are hereby notified as follows:

Exercising macro-prudential control over foreign debt and overseas loans. A transnational corporation may, in accordance with the principle of macro-prudence, centralize the amount of foreign debt and/or overseas loan of its domestic member enterprises, and within the scale of the centralized amount, independently conduct the business of borrowing foreign debt and/or overseas loan in accordance with commercial practices.

The registration of foreign debts and overseas loans has been greatly simplified. Hosting the local branch of the state administration of foreign exchange bureau (hereinafter referred to as the safe location) to host the enterprise registration notice, issued by according to the record for concentrated quota for the one-time foreign debt registration and (or) foreign lending registration, hosting companies without cent, points the creditors or the debtor that weaves for foreign debt (or offshore lending) registration; Banks and enterprises do not need to submit 3 manual statements stipulated in article 36.

Third, the implementation of capital account foreign exchange income settlement and payment facilitation. When handling the payment and use of foreign exchange income under capital account in the main account of domestic capital, the sponsor enterprise of a transnational corporation shall not need to provide the cooperative bank with authenticity certification materials in advance. The cooperative bank shall conduct a true compliance audit in accordance with the exhibition principles.

Fourth, improve the access and exit mechanism. The sponsor enterprise shall open the main account of domestic capital within one year after obtaining the notification of filing of the transnational corporation, and actually handle the related business of centralized operation of cross-border capital; otherwise, the notification of filing shall become invalid after one year. Transnational corporations may stop handling cross-border capital centralized operations of transnational corporations after filing with the safe.

5. Adjust and optimize account functions. Transnational corporations conduct centralized cross-border capital operation business mainly through the main account of domestic capital of the host enterprises; If necessary, it may select an overseas member enterprise to open an NRA account for centralized operation and management of funds of overseas member enterprises. There is no limit on the currency of the main account of domestic capital, and no limit on the number of accounts for multiple currencies (including RMB).

The funds in the main account of international funds with the code "3600" opened before the issuance of this notice shall be transferred to the main account of domestic funds or the NRA account opened in accordance with the provisions of this notice within six months after the issuance of this notice, and the transfer shall be reported to the local safe office for record.

We will strengthen oversight over ongoing and ex-post operations. The local safe office shall carry out risk assessment regularly or irregularly, strengthen off-site monitoring and on-site inspection, and do a good job of risk warning and guidance for Banks and enterprises.

After receiving this notice, all branches of the state administration of foreign exchange and the foreign exchange management department shall promptly forward to the central branches, branches, urban commercial Banks, rural commercial Banks, foreign Banks and rural cooperative Banks within their jurisdiction. Upon receipt of this notice, all national Chinese Banks shall promptly forward the information to their branches under their jurisdiction. If there is any problem in the execution, please give feedback to safe in time.

Contact number:

010-68402250, 68402448, 68402450

                                 State administration of foreign exchange

                                                      March 15, 2019