Pilot Operations for Individual Foreign Exchange Settlement and Sales Business via E-banking
June 20, 2010
The SAFE Gives a Green Light for Three Commercial Banks to Engage in Pilot Operations for Individual Foreign Exchange Settlement and Sales Business via E-banking
For the purpose of further encouraging business innovation in banks as well as facilitating individual foreign exchange settlement and sales, the State Administration of Foreign Exchange (SAFE) recently approved that three commercial banks, i.e., the Bank of China, the China Merchants Bank, and the Industrial and Commercial Bank of China, will conduct pilot operations for individual foreign exchange settlement and sales business through e-banking.
The Measures for Individual Foreign Exchange Administration and the detailed rules which took effect in February 2007 allow individuals to carry out foreign exchange purchase and settlement businesses within their yearly quota at bank counters by presenting their valid identity documents. Such pilot operations for individual foreign exchange settlement and sales business via e-banking will provide individuals with more efficient and convenient channels to handle the relevant businesses. Domestic individuals are allowed to conduct non-operational foreign exchange settlement and sales business under the current account within their yearly quota via e-banking or via self-service terminals after opening an account at the pilot banks by presenting their valid resident identification cards of the Peoples Republic of China. This will increase the banks efficiency in handling business and help ease pressures at bank counters and reduce bank costs.
By using the data information-sharing mechanism that connects the e-banking system with the Management Information System for Foreign Exchange Settlement and Sales by Individuals, relevant information about foreign exchange purchases and settlement by domestic individuals in the e-banking system will be transmitted automatically in a real-time manner to the Management Information System for Foreign Exchange Settlement and Sales by Individuals, and will be incorporated into the management of the yearly quota of foreign exchange settlement and sales by individuals. The SAFE will closely track and monitor the status of the pilot operations, sum up the experiences from the pilot operations, guard against inflows and outflows of abnormal foreign exchange funds via individual e-banking channels, and continue to maintain a standardized and orderly foreign exchange market.
Source: SAFE
http://www.safe.gov.cn
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Yuan seen to remain stable in long term
April 14, 2009
THE yuan may appreciate against the United States dollar over the short term but is more likely to remain stable in the long run, analysts said.
The Chinese currency dipped slightly against the greenback last week and ended at 6.8347 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8320 by the end of the previous week.
The State Council, China’s Cabinet, last Wednesday picked Shanghai and four other cities in Guangdong Province to take part in a trial to settle overseas trade in the yuan rather than US dollars in a move to stabilize the trade and to build up the yuan’s position in the international monetary system.
“The trial settlement in yuan would favor the local currency and boost its appreciation in the short and middle terms,” according to a research note by Standard Charted.
Deng Xianhong, deputy head of the State Foreign Exchange Administration, last Friday said China “will move on with the trial of using yuan in overseas trade settlement and relax the cross-border financing restrictions to shore up support from foreign exchange to the economy.”
China’s exports last month fell by a slower pace of 17.1 percent from a year earlier to US$90.29 billion, the General Administration of Customs said last Friday.
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Stable pledge for the yuan
February 9, 2009
THE yuan will remain stable against the United States dollar in the near future with the Chinese government pledging to stabilize the currency.
The yuan closed slightly higher against the dollar last week at 6.8371 on Friday, according to the China Foreign Exchange Trade System. The local currency ended at 6.8380 by the end of the previous week.
“The yuan will not gain or fall on a large scale. The financial turmoil has brought much uncertainty to the market, and we will keep it at a reasonable and stable level,” said Zhou Xiaochuan, governor of the central bank.
“China’s exports are heavily affected by falling demand from foreign countries, and a depreciation of the local currency will not be any good for domestic manufacturers,” said Lian Ping, chief economist with the Bank of Communications.
Liu Dongliang, an analyst with China Merchants Bank, said: “We have seen a fairly balanced trading of the yuan after the week-long Chinese New Year holiday.”
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Trade Payment Rules Eased (Update1)
December 24, 2008
Companies in China previously allowed to collect %10 of prepayments on exports in foreign currency. Starting from today, now State Administration of Foreign Exchange increased prepayments to %25 on exports in foreign currency.Here is the news from Bloomberg by Li Yanping:
Dec. 23 (Bloomberg) — China will loosen regulations on the prepayments companies can receive when exporting goods to help their cashflow as the global financial crisis hits overseas sales, the State Administration of Foreign Exchange said today.
Companies will be allowed to collect 25 percent of prepayments on exports in foreign currency, up from 10 percent, starting from today, the regulator said on its Web site. The rules are being changed to “tackle the negative impact of the global financial crisis and to promote stable and relatively fast economic growth,” the statement said.
Expansion in the world’s fourth-largest economy is slowing as recessions in the U.S. and Europe stem demand for goods from the Asian nation. China’s exports fell for the first time in seven years in November and imports plunged. Two thirds of the country’s smaller toymakers closed in the first nine months on faltering demand, according to customs bureau data.
Importers will be allowed to make delayed foreign-exchange payments on shipments amounting to 25 percent of the value of the goods, up from 10 percent, today’s statement said.
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Yuan set to climb against US dollar this week
December 15, 2008
Chinese currency yuan or renminbi was pegged to USD until 2005. Since then, the currency is allowed to appreciate unfavorably to those importing from China and to factories in China making exports because it makes the Chinese exports expensive as USD lose its previous value. So, for those importing from China is better to closely follow the currency movements as it directly affects the purchasing costs. Here is the latest situation of renminbi as of 14th Dec:
THE yuan is likely to continue its appreciation against the United States dollar this week.
The Chinese currency edged up to finish at 6.8451 against the US dollar last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8482 by the end of the previous week.
Fan Gang, a central bank monetary policy committee member, noted the modest depreciation of the yuan in the previous week was normal amid short-term volatility, according to a report by Shanghai Securities News.
Meanwhile, the US last Friday said retail sales in the nation fell 1.8 percent last month for a fifth consecutive month amid weak consumer sentiment and tight credit in a deepening recession.
Source: Shanghai Daily
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