|
Foreing Exchange Regulations for Foreign
Visitors
Article 17 of the Regulations on Foreign Exchange Control of the
People's Republic of China stipuletes that foreign exchange remitted
or brought in from foreign countries by resident foreign organizations
in China and personnel attached to these organizations may be kept in
their own possession, or deposited in the bank, or taken abroad with
effective certificates.
Highlights of this article are :
1) Foreing exchange remitted or brought in from foreign countries
by resident foreign organizations in China and personnel attached to
these organizations may be kept in their own possession, or sold or
deposited in a designated bank, or remitted or taken abroad with
Customs declaration documents.
2) All the expenses incurred by resident foreign organizations in
China and personnel attached to these organizations should be paid for
in Renminbi. The remaining amount of Renminbi converted from foreign
exchange can be converted back into foreign currency and brought or
remitted abroad by showing one's passport and the conversion sheet
within a six-month grace period.
3) Resident foreign organizations in China and personnel attached to
these organizations are not allowed to buy or sell foreign exchange in
China.
Judging from China's current foreign exchange control regulations, the
conversion between foreign exchange and Renminbi can take place only
in two forms: first, through a bank empowered to handle foreign
exchange businesses; and second, purchases and sales through the China
Foreign Exchange Trade Centre and the system attached to it. All
transactions between foreign exchange and Renminbi conducted other
than through these two channels are unauthorized behaviours no matter
at what exchange rate such transactions have been made. Such
unauthorized behaviours are illegal and banned by Chinese law because
they serve nothing but to disturb the country's financial order.
According to Article 45 of the Regulations on Foreign Exchange Control
of the People's Republic of China, those who have conducted
unauthorized purchases and sales of foreign exchange will be warned by
the foreign exchange control authorities, the foreign exchange in
their possession will be converted in a compulsorymanner, the unlawful
income from such transactions will be confiscated, and a fine between
30 percent and three times of the amount of foreign exchange involved
shall be imposed.
Renminbi, the Chinese currency, is issued by the state bank, the
People's Bank of China.
The standard unit of the Renminbi is yuan, with jiao and fen as the
subsidiary units. Thus one yuan equals ten jiao and one jiao equals
ten fen. Yuan, jiao and fen are issued both in bills of exchange and
coins. Renminbi features the following denominations: one, two, five,
ten, fifty and a hundred yuan; one, two, and five jiao; and one, two
and five fen. The abbreviation for Renminbi is RMB.
Foreign Currency Conversion
Conversion services are available in China for the following
foreign currencies: US Dollar, British Pound Sterling, French Franc,
Deutsche Mark, Japanese Yen, Australian Dollar, Austrian Schilling,
Belgian Franc, Canadian Dollar, Hong Kong Dollar, Swiss Franc, Danish
Krone, Guilder (or Florin) , Norwegian Krone, Swedish Krone, Singapore
Dollar, Malaysian Ringgit, Italian Lira, Macao Pataca, and Finnish
Markka.
The Chinese bank handles conversion of the above-mentioned foreign
currencies into Renminbi or vice versa. China's law governing foreign
exchange bans the circulation of foreign currencies and the settling
of accounts with foreign currencies in the People's Republic of china.
For the convenience of foreigners and compatriots from Kong Kong,
Macao and Taiwan travelling in the mainland of China, the Bank of
China and other designated Chinese banks handles the conversion into
Renminbi of foreign traveller's cheques and credit cards as well as
the conversion of twenty-two foreign currencies and the New Taiwan
Dollar in cash. Again for the conveinence of travellers in China, some
hotels, restaurants and stores in China also handle the conversion of
foreign cash into Renminbi. A foreign traveller may have the remaining
amount of Renminbi converted back into foreign cash and brought out of
China within a grace period of six months prior to departure from
China, but in doing so he has to display a foreign currency conversion
receipt.
Different conversion rates are applied under different circumstances.
Buying prices are applied for the conversion of traveller's cheques,
credit cards and remittances; selling prices are applied for the
conversion of Renminbi into foreign currencies (cash included); and
buying prices are used for the conversion of foreign cash into
Renminbi.
So far the following foreign credit cards are acceptable in China :
1)Master;
2)Visa;
3)American Express;
4)JCB;
5)Diners. |
Information
provided by
China National
Tourism Administration.
