Income in foreign currencies under current account should be remitted back through designated banks

The sale and purchase of foreign currencies in current accounts should be carried out through those designated banks with foreign exchange transaction licences, which are issued and supervised by SAFE.

All domestic entities must remit in a timely manner all their earnings in foreign currencies under current account back to China and sell them to the banks at the official rate. Only those incomes in foreign currencies with approval from SAFE may be kept in foreign exchange accounts.

Profits repatriated from abroad by Chinese investors, repayments in foreign currency under China's economic aid projects and incomes from property abroad (including dividends and interest on securities, interest on loans to foreign borrowers and on deposits) must be wholly settled through the banks.

All FFEs are allowed to open current accounts in foreign exchange with a ceiling on the amount of income which may be kept in foreign currencies. Some qualified Chinese enterprises are also authorized to open foreign exchange accounts in the designated banks to keep their foreign exchange earnings up to a maximum value. The opening of foreign exchange accounts requires the approval of SAFE.