SAFE Notice (on Pilot Cross-Border Payment of Foreign Exchange by Pay Institutions)

To the Payment & Settlement Department of the People's Bank of China; local provincial branches of the State Administration of Foreign Exchange (SAFE); appointed foreign exchange banks with Chinese capital:

To support cross-border e-commerce development against the risks in Internet-based foreign-exchange payment, the SAFE has formulated the Guideline for Pilot Cross-Border Payment of Foreign Exchange by Domestic Payment Institutions (see Annex), which will be carried out across China.

The SAFE's local branches shall select demanding and qualified payment institutions to participate in the pilot cross-border payment and register them into the "list of trading firms with foreign exchange receipt and payment". As regards this kind of pilot operation, local SAFE branches shall conduct strict examination by cooperating with local branches of the People's Bank in the manner of pre-consultation and post-notification.

Upon receipt of this Notice, local SAFE branches shall timely transmit to their sub-branches, local commercial banks and foreign-funded banks; the appointed foreign exchange banks with Chinese capital shall immediately transmit to their branches. For further questions, please contact the Current Account Department of the SAFE.

Annex: Guideline for Pilot Cross-Border Payment of Foreign Exchange by Domestic Payment Institutions (omitted)


State Administration of Foreign Exchange of China (SAFE)
January 20, 2015