银发[2001]304号
颁布日期：20010919 　实施日期：20010919 　颁布单位：中国人民银行、 国家外汇管理局

　　YinFa [2001] No.304

　　September 19, 2001

　　Each branch, operation administrative¹ department of the People's Bank of China (hereinafter referred to as "the PBC"), key subbranch of the PBC in each provincial² capital, and in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; Branch of the State Administration of Foreign Exchange (hereinafter "SAFE") in each province, autonomous³ region, municipality directly under the Central Government, foreign exchange administrative department, Shenzhen, Dalian, Qingdao, Xiamen, Ningbo branch of SAFE; each designated Chinese-capital foreign exchange bank:

　　The PBC and SAFE took some temporary measures to limit buying foreign for some capital account transactions in 1998 according to the special situation at that time. These measures have played positive role in stabilizing⁴ balance of payment and preventing foreign exchange evasion⁵ and arbitrage⁶. Now, China's macroeconomic development and balance of payment are sound. In order to facilitate the enterprise's business, promote the bank to improve their asset, and implement⁷ the strategy of "Going Out", following adjustments have been made:

　　1. Eliminate the limitation on buying foreign exchange for repaying overdue⁸ domestic foreign exchange loans. When examining and approving the application of foreign exchange purchase, each branch of SAFE shall adhere to principle of enterprise's application. In order to prevent large scale mass purchase, approval shall be made by stages and in groups.

　　2. Relax the limitation on buying foreign exchange for repaying domestic foreign exchange loans, external debt on-relendings, and external debts before the due date. In case of advance repayment⁹ clauses included in concerned loan contract, with the approval of SAFE, advance repayment can be made with the borrower's own foreign exchange. With the approval of SAFE, following advance repayments¹⁰ can be made: 1) those approved by the State Council; 2) those needed for debt rearrangement, closure, suspend, merger¹¹, or shifting of the enterprise due to policy adjustments; 3) those pronounced by the court.

　　3. Relax the limitation on buying foreign exchange for overseas investment. Foreign exchange needed for strategic overseas investment (approved by the State Council), processing project with exported materials, and foreign aid project may be purchased. Other kind of overseas investments shall mainly be financed by the investor's own foreign exchange.

　　In case of foreign exchange purchase for L/C advanced payment, separate notice shall be issued.

　　This circular shall enter into force as of the date of promulgation¹². In case of any contradiction with previous regulations, this circular shall prevail. On receiving this circular, each branch of SAFE shall transmit it to branch/sub-branch and related units under its jurisdiction¹³ in no time. The headquarter of each Chinese-funded foreign exchange designated bank shall transmit it to its branches. Any problem during implementation¹⁴ shall be reported to the Capital Account Department of SAFE in a timely fashion.

　　This is hereby the notification.