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From three years of practice, the Shanghai FTA foreign exchange business innovation is not only consistent with the FTA goal, but also reflects the direction of foreign exchange management system reform.
February 28, 2014, in order to implement the “financial support China (Shanghai) free trade zone construction views”, to support the construction of Shanghai Free Trade Area, the Shanghai branch of foreign exchange bureau formally issued “foreign exchange management support experimental zone construction details “In accordance with the service entity economy, deepen the reform of foreign exchange management, effective risk prevention,” mature one, to promote a “principle, the Shanghai FTA implemented the following innovative initiatives: First, simplify the current project settlement, Audit. Banks shall follow the procedures of “Know Your Customer”, “Understand Your Business”, and “Due Diligence”, etc .; the second is to simplify the procedures for foreign exchange registration for direct investment, foreign exchange registration and change under direct investment The registration of decentralization to the bank for the implementation of foreign-invested enterprises will exchange foreign exchange capital; third is to relax external debt management. Canceling the external guarantee and paying the guarantee fee to the foreign country for administrative examination and approval, relaxing the upper limit of the amount of overseas foreign exchange loans by the enterprises in the zone, canceling the examination and approval of the overseas financial leasing claims and allowing the domestic financial leasing business to collect foreign currency rents; Foreign currency pool and international escort in shanghai trade settlement center of foreign exchange management pilot policy to relax the conditions of pilot enterprises to simplify the approval process and account management; Fifth is to improve the settlement and sale of foreign exchange management to facilitate the banks to carry out the region for customers of commodity derivatives counter transactions.
December 17, 2015, in order to better serve the national strategy of Shanghai FTA, SAFE Shanghai Branch has issued “to further promote China (Shanghai) Free Trade Pilot Area of foreign exchange management reform pilot implementation details. This is the first implementation rule promulgated after the issuance of the “Free Trade Area 40” of the Shanghai FTA, focusing on the implementation of the following four innovative initiatives: First, allow enterprises in the region (excluding financial institutions) to implement foreign exchange funds, Second, to further simplify the procedures for foreign exchange receipts and payments of the current account, and to allow foreign exchange earnings of enterprises of Class A in the area of foreign exchange administration of goods in foreign trade without opening an account to be verified; and third, to support the development of headquarters economy And settlement centers to ease the access conditions of centralized operation and management of foreign exchange funds of multinational companies and further simplify the management of capital pools. Fourthly, it supports banks to develop RMB and foreign exchange derivative products services and allow regional banks to handle RMB and foreign exchange derivatives transactions for overseas institutions.
The series of innovative measures, not only embodies the concept of foreign exchange management and the way of change, also in line with the overall requirements of the FTA construction. First, foreign exchange management services to open up a new situation in the real economy, the first to give the FTA foreign exchange capital and foreign exchange funds of foreign exchange settlement autonomy. To facilitate the financial leasing foreign exchange management, to support the rapid development of Shanghai finance leasing industry. To encourage enterprises to make full use of both domestic and foreign resources, two markets to facilitate cross-border investment and financing; Second, continue to promote decentralization, to further reduce foreign exchange administrative approval, simplify business processes, and enhance trade and investment facilitation. Thirdly, to create a better policy environment for the centralized operation and management of multinational corporations’ funds, and to improve the efficiency of capital operation of multinational corporations and to promote the concentration of headquarters economy. Fourthly, to improve the efficiency of foreign exchange management, Is to further expand the scope of services in the area of foreign exchange banking business, the first to allow foreign banks in the region for foreign institutions in accordance with the relevant provisions of the RMB and foreign exchange derivative transactions, help enterprises to avoid exchange rate risk.