Laws of the People's Republic of China

PROVISIONAL REGULATIONS OF THE BANK OF CHINA OF
FOREIGN EXCHANGE CERTIFICATE

  (Issued by bank of China, on March 19, 1980)

(This law is no longer in effect) 

SUBJECT: FOREIGN EXCHANGE

ISSUING-DEPT: BANK OF CHINA

ISSUE-DATE: 03/19/1980

IMPLEMENT-DATE: 03/19/1980

LENGTH: 463 words

TEXT:

[Article 1] With a view to strengthening exchange control, the State Council has authorized the Bank of China to issue "Foreign Exchange Certificates" (hereinafter called "Exchange Certificates").

[Article 2] Exchange Certificates are in 7 denominations namely, 100 yuan, 50 yuan, 10 yuan, 5 yuan, 1 yuan, 5 chiao and 1 chiao.  The yuan expressed in them is equivalent in value to the Renminbi yuan.  No refund is allowed in case of loss.

[Article 3] Exchange Certificates are usable only in China for specific purposes.  They are to be used by short-time visitors (foreigners, overseas Chinese, Hongkong and Macao compatriots), personnel of the diplomatic corps and foreign representative offices in China at the following places or for making the following payments:

(a) at travel services dealing exclusively with foreigners, overseas Chinese, Hongkong and Macao compatriots, friendship stores, companies provisioning foreign ships, arts and crafts stores, curios shops, foreign trade centers and special shop counters for selling imported goods;

(b) at guest houses, hotels and clubs accommodating exclusively foreigners, overseas Chinese, Hongkong and Macao compatriots;

(c) payment of fares for through train or ship to Hongkong or Macao, and charges for transporting luggage or personal effects;

(d) payment of fares for domestic or international flights and charges for transporting luggage or personal effects;

(e) payment of international telecommunication charges and international parcels post;

(f) at places where Exchange Certificates are required for payment as approved by the State General Administration of Exchange Control (or its branches) or according to official regulations.

[Article 4] Convertible foreign banknotes, bills of exchange or payment instruments in foreign currency that are immediately cashable or remittances from abroad may be used by the above-mentioned persons to exchange for Exchange Certificates at the Bank of China or its designated exchange centers throughout the country.  When handing out the Exchange Certificates, the Bank of China (or its exchange center) shall issue to the customer an "exchange memo".

[Article 5] The holder may within 6 months and against the "exchange memo" convert the Exchange Certificates into Renminbi special deposits or foreign currency deposits with the Bank of China, or into foreign currency, or take them out of the country.

[Article 6] No private dealings in Exchange Certificates are permitted, Speculation in or counterfeit of the Exchange Certificates is strictly prohibited.  Violators will be punished for under-mining the socialist economic order according to Chapter 3 of the Criminal Law of the People's Republic of China.