Overview
The Spot Foreign Exchange (forex) Purchase means ABC buys foreign exchange currency from a customer for its equivalent value in RMB at the exchange rate applicable on the transaction day. Spot foreign exchange sale means ABC sells foreign exchange currency to a customer for its equivalent in RMB at the exchange rate applicable on the transaction day.
Features
Forex meets the customer's needs for foreign exchange purchase and sale under forex management rules.
Procedures
1. The customer makes a counter-based request to ABC for corporate foreign exchange purchase or sale.
2. After confirming compliance with forex management rules, ABC purchases or sells forex at the up-to-date exchange rate against the U.S. dollar, Euro, Hong Kong dollar, Japanese yen, etc.
Tips
1. Domestic institutions' forex income under current account shall be sold to banks in accordance with PBOC rules on foreign exchange purchase and sale.
2. Domestic institutions that sell foreign exchange (except capital funds) under capital account shall obtain written approval of the State Administration of Foreign Exchange (SAFE).
3. Domestic institutions that purchase forex under current account (including trade, labor service, earnings and unilateral transfer) must provide valid commercial documents and certificates (such as contracts and invoices). In special circumstances, they must also provide the Import Payment Registration Form or the written approval of SAFE.
4. Domestic institutions that repay the principal on forex loans to domestic Chinese financial institutions may purchase forex by presenting the Foreign Exchange Loan (on-lending) Registration Certificate, loan agreement and the notice of demand for principal repayment.
5. In circumstances other than the above, domestic institutions that purchase forex under capital account must provide the written approval of SAFE, as well as relevant supporting documents.
6. Preferential exchange rates are available for foreign exchange purchase or sale in excess of USD1 million.
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