TNAG-2792-FCO40-4031-Relations-between-Hong-Kong-and-China-1993 — Page 116

GF 123

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22

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Administration

required all foreign exchange receipts of Chinese

and business entities to be transferred to the

China.

The use and circulation of foreign

of Exchange Control (SAEC) (8),

State

basically

residents

Bank

of

major responsibilities of the State Administration of Exchange Control are:

(8) The

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

to

formulate policies and regulations on exchange control in concert with the ministries concerned, and to implement them upon approval by the State Council or the People's Bank of China;

to oversee the implementation of the state foreign exchange budget and foreign fund utilisation plan;

to compile the balance of payments;

to manage the state foreign exchange reserves;

to

formulate Renminbi exchange rate policies, and to adjust and publish Renminbi exchange rates against the major foreign currencies;

and

to monitor external debt registration statistics, and to formulate the corresponding regulations;

to

verify and supervise the issuance of domestic and overseas foreign exchange securities, and to approve the terms and conditions for overseas commercial borrowings and guarantees;

to administer the foreign exchange related to foreign-funded enterprises in China, foreign institutions set up in China and their personnel, Chinese overseas institutions and enterprises, and China's overseas investment;

to

and

approve the

to

scope of foreign exchange activities for the specialised banks, other banks

non-bank financial institutions, and supervise their interest rates on foreign exchange deposits and loans, as well as their foreign exchange income and expenditure;

to administer foreign exchange transactions in all the swap centres in China;

to

sanction

those

violating the exchange control

regulations.

CONFIDENTIAL

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