Issued: October 29 2004
Effective: January 1 2005
Interpreting authority: People's Bank of China
Applicability: The Provisions are applicable to all financial institutions taking foreign exchange deposits in the territory of the PRC, including wholly state-owned commercial banks, share-system commercial banks, urban commercial banks, rural commercial (cooperative) banks, urban credit cooperatives, rural credit cooperatives, enterprise group finance companies, wholly foreign-owned banks, Sino-foreign equity joint venture banks, wholly foreign-owned finance companies, Sino-foreign equity joint venture finance companies, branches of foreign banks, and other financial institutions taking foreign exchange deposits (Article 2).
People's Bank of China, Administration of Foreign Exchange Reserve Deposits of Financial Institutions Provisions
中国人民银行金融机构外汇存款准备金管理规定
A financial institution is required to transfer the reserve deposit to designated accounts every month. The foreign exchange reserve deposit ratio is unified at 3%.
By
clpstaff
& clp articles