Article 28 A bank shall define the category of the party to an account in accordance with such certification materials submitted by an individual when opening an account as the identity certificate and so on, and the name recorded on the opened foreign exchange account shall accord with that recorded on his/her valid identity certificate. The domestic transfer between the foreign exchange account of a domestic individual and that of an overseas individual shall be treated as a cross-border transaction for management.

Article 29 An individual may, upon handling the industrial and commercial registration or other formalities for business operation, open a foreign exchange settlement account.

Article 30 In case a domestic individual conducts foreign exchange trading or any other transaction related to foreign exchange, he/she shall handle such business through a domestic financial institution enjoying corresponding business qualification in accordance with law.

Article 31 An overseas individual who makes domestic direct investment may, upon the approval of the foreign exchange authority, open a special foreign exchange account for foreign investors. The capital in such account may conduct foreign exchange settlement upon the approval of the foreign exchange authority. The overseas individual may transfer the foreign exchange capital in such account into the capital account of the foreign-funded enterprise, if a direct investment project is approved by the competent department of the state.

Article 32 An individual may, upon the strength of his/her valid identity certificate, open a foreign exchange savings account at a bank. The revenue and expenditure scope of foreign exchange savings account shall cover the collection and payment of non-business foreign exchange and capital transfer between the foreign exchange savings account of this individual and that of his/her linear relatives with the same subject category. The joint foreign exchange savings account opened by a domestic individual and an overseas individual shall be treated as a domestic individual foreign exchange savings account for management.

Article 33 When entering or leaving the country by carrying foreign currency banknotes, an individual shall observe the related administrative provisions of the state.

Article 34 In case an individual withdraws banknotes for purchasing foreign exchange or withdraws banknotes from his/her foreign exchange savings account, where the amount of a single transaction or the total amount in a same day is below the amount of foreign currency banknotes allowed to be carried abroad as provisioned in the related provisions, he/she may directly deal with it at a bank; if the amount of a single transaction or the accumulated amount of the banknotes withdrawn for that day is above the provisioned amount mentioned above, he/she shall, upon the strength of his/her valid identity certificate, certificate on the purpose of the banknotes withdrawn and other materials, report to the local foreign exchange authority for record in advance.

Article 35 In case an individual deposits his/her foreign currency banknotes into his/her foreign exchange savings account, as regards the amount of a single transaction or the accumulated account in a same day below the amount of foreign currency banknotes allowed to carry in China as prescribed in the related provisions, he/she may deal with it directly at a bank; as regards the amount of a single transaction or the accumulated account in a same day exceeding the above-mentioned amount, he/she shall, upon the strength of his/her valid personal identity certificate, declaration form for carrying foreign currency banknotes into China or the bank form for the withdrawal of foreign currency banknotes of the original bank, deal with it at a bank.

Article 36 Banks shall record, analyze and report the large-amount and suspicious foreign exchange transactions according to the related stipulations on anti-money laundering.

Chapter V Supplementary Provisions

Article 37 For the purpose of the present Measures:

(1) "A domestic individual" means a Chinese citizen holding a resident, serviceman or armed police identity card of the People's Republic of China.

(2) "An overseas individual" means a foreign citizen (including stateless person) holding a passport or a compatriot from Hong Kong, Macao or Taiwan holding a mainland travel permit for Hong Kong, Macao and Taiwan residents.

(3) "A non-business foreign exchange under the current account" means the foreign exchanges under the current account except for foreign exchange earnings from trade.

Article 38 Individual traveler's checks shall be conducted according to the related provisions on foreign currency banknotes, while business of individual foreign currency cards shall be conducted according to the related provisions on the management of foreign currency cards.

Article 39 In case any entity or individual violates any provision in the present Measures, the foreign exchange authority shall punish it/him according to the Regulations of the People's Republic of China Concerning the Administration of Foreign Exchange and other related provisions; and in case of the crime being constituted, the violator shall be transferred to the judicial organ to subject it/him to criminal responsibility.

Article 40 The State Administration of Foreign Exchange shall take charge of instituting corresponding detailed rules for the present Measures and determining the total annual amount and the prescribed amounts and so on.

Article 41 The State Administration of Foreign Exchange shall be responsible for the interpretation of the present Measures.

Article 42 The present Measures shall enter into force as of February 1, 2007. In case any previous provision is inconsistent with the present Measures, the latter shall prevail. The administrative provisions on foreign exchange as listed in the Appendix shall be repealed as of the date when the present Measures go into effect.

Appendix: List of the Repealed Provisions

1. Circular Concerning the Related Matters on the Depositing and Withdrawing of Large Sums of Foreign Currency Banknotes by Resident or Non-Resident Individuals (Hui Guan Han Zi [1997] No.123)

2. Interim Measures for the Management on Domestic Resident Individual Foreign Exchange (Hui Fa [1998] No.11)

3. Circular Concerning the Amendment of the Interim Measures for the Management of Domestic Resident Individual Foreign Exchange (Hui Fa [1999] No.133)

4. Circular Concerning the Amendment of the Notice on Matters Involving the Private Use of Foreign Exchange by Domestic Resident Individuals and Circular Concerning Printing and Distribution of the Interim Measures for the Management on Domestic Resident Individual Foreign Exchange (Hui Fa [1999] No.305)

5. Circular Concerning the Purchase of and Payment in Foreign Exchange Against Renminbi Security by Residents for Self-Financed Study Abroad (Hui Fa [2000] No.82)

6. Reply on the Related Matters on the Remittance of Foreign Exchange Deposits by Domestic Resident Individuals and the Alteration of the Names of Foreign Exchange Accounts (Hui Fa [2000] No.291)

7. Circular of the State Administration of Foreign Exchange Concerning the Adjustment of the Policies on Foreign Exchange Purchase and Payment by Resident Individuals for Self-Financed Study Abroad (Hui Fa [2001] No.185)

8. Circular of the State Administration of Foreign Exchange Concerning Issuance of the Detailed Implementation Rules for the Administration on Purchase of Foreign Exchange by Domestic Resident Individuals (Hui Fa [2002] No.68)

9. Circular of the State Administration of Foreign Exchange Concerning the Pilot on the Business of Selling Exchanges to Domestic Resident Individuals for Travel to the Boarder Areas of Adjacent Countries (Hui Fa [2002] No.121)

10. Circular of the State Administration of Foreign Exchange Concerning the Adjustment of the Policies for Domestic Resident Individuals to Purchase Foreign Exchanges Under Current Accounts (Hui Fa [2003] No.104)

11. Circular of the State Administration of Foreign Exchange Concerning the Related Matters on Foreign Exchange Swap by Foreign Personnel Studying in China After Quitting Schools (Hui Fa [2003] No.62)

12. Circular of the Comprehensive Department of the State Administration of Foreign Exchange Concerning the Suspension of Filing the Registration Form of the Deposit and Withdrawal of Large Sum of Banknotes (Equivalent to $10,000 or More) by Resident or Non-Resident Individuals and the Transfer of Foreign Currency by Domestic Resident Individuals (Hui Zong Han [2003] No.14)

13. Circular of the State Administration of Foreign Exchange Concerning the Adjustment of the Instructive Quota for Foreign Exchange Purchased by Domestic Resident Individuals for Self-Financed Study Abroad (Hui Fa [2004] No.111)

14. Circular of the State Administration of Foreign Exchange on the Related Matters on Regulating the Control of Foreign Exchange Settlement of Resident Individuals (Hui Fa [2004] No.18)

15. Circular of the State Administration of Foreign Exchange on the Related Matters on Regulating the Foreign Exchange Control of Non-Resident Individuals (Hui Fa [2004] No.6)

16. Circular of the State Administration of Foreign Exchange Concerning the Adjustment of the Quota of Foreign Exchange Purchased Under Current Accounts by Domestic Resident Individuals for Private Purposes and the Simplification of the Related Procedures (Hui Fa [2005] No.60)

(Not the official translation. Source: www.fdi.gov.cn)