Chinese foreign exchange control system, basically belonging to partial foreign exchange control, implements convertibility on current accounts, certain control on capital items, and supervision and management on foreign exchange business of financial organizations.¡£
1) The convertibility of Renminbi under current accounts
¡¡¡¡ 1.To implement banking settlement of exchange system on foreign exchange revenue of current accounts.
¡¡¡¡ 2.To lift limitations on the foreign exchange payment of current account
¡¡¡¡ 3.To carry out the system of cancel after verification on the exchange of import and export acceptance and payment.
¡¡¡¡ 4.To check the authenticity of trade through customs declaration net checking system on import and export.
2) Foreign exchange control under capital items The basic principle for managing foreign exchange receipts and disbursements of Chinese capital items is to boost the exchange of Renminbi under capital items by perfecting foreign exchange control and creating conditions to while abandoning the limitations on the convertibility of current accounts.
3) The formation mechanism of improved Renminbi exchange rate After the integration of the exchange rate with international level on January 1st, 1994, China begins to implement the single and managed floating exchange rate system based on the market supply and demand. ¡¡
4) The macro-management system of perfected international balance of payment The new "Declaration Ways for International Balance of Payments Statistics" was carried out in 1996. On the basis of indirect declaration on the international balance of payments through financial organizations in 1996, four declarations were put forward in 1997, including direct investment, securities investment, foreign balance sheet-income of financial organizations and exchange
5) Enhancement of the supervision and management on the foreign exchange business of financial organizations During dealing with the business of exchange, settlement and sales, the bank must strictly check related receipts according to regulations to avoid interfusion of the foreign search engine optimization exchange receipts and disbursements under capital items into the exchange, settlement and sales under current account, and to prevent the lawless persons from kiting transaction foreign exchange through the channel of exchange, settlement and sale.