· Area of Law： Foreign Affairs

· Level of Authority： Departmental Regulatory Documents

· Date issued：05-19-2017

· Effective Date：06-01-2017

· Status： Effective

· Issuing Authority： State Administration of Foreign Exchange

Notice of the General Affairs Department of the State Administration of Foreign Exchange on Matters concerning the Handling of Foreign Exchange Settlement and Sale for a Foreign National Holding a Foreign Permanent Resident ID Card
The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (“SAFE”) in all provinces, autonomous regions, and municipalities directly under the Central Government; the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and all designated Chinese-funded foreign exchange banks:
In order to more profoundly reform the permanent resident system for foreign nationals, enhance the functions of permanent resident identifications of foreign nationals, and facilitate the use of permanent resident identifications of foreign nationals, the Ministry of Public Security is to issue a new version of permanent resident identifications of foreign nationals from June 2017, called “Foreign Permanent Resident ID Card.” To effectively conduct work related to the use of such identifications and regulate the handling of foreign exchange settlement and sale by banks for the holders of such identifications, you are hereby notified of the relevant matters as follows:
I. Foreign permanent resident ID cards may be used as valid identifications of individuals in the handling of foreign exchange settlement and sale, and the annual facilitation quota for settlement and purchase of foreign exchange equivalent to USD 50,000 shall apply to a foreign national holding a foreign permanent resident ID card.
II. When a bank handles the foreign exchange sale and purchase for a foreign national holding a foreign permanent resident ID card through the individual foreign exchange business monitoring system, the bank shall select “Foreign Permanent Resident ID Card” as the type of identification, enter the first three-digit nationality code of the foreign permanent resident ID card number as the country/region code, enter the full 15-digit foreign permanent resident ID card number as the ID number, and enter the business type by choosing quota required or quota not required based on the relevant certifications provided.
III. This Notice shall apply, mutatis mutandis, to the licensed agencies of domestic and foreign currency exchange for individuals.
All branches and foreign exchange administrative departments of SAFE shall, upon receipt of this Notice, forward it to the central sub-branches (sub-branches) of SAFE, the local commercial banks, rural commercial banks, and foreign-funded banks providing individual foreign exchange settlement and sale services, and licensed agencies of domestic and foreign currency exchange for individuals within their respective jurisdictions in a timely manner. All designated Chinese-funded foreign exchange banks shall forward it to their branch offices in a timely manner.
Please report any problems encountered in the implementation to the Current Account Management Department of the SAFE in a timely manner.
Tel: 010-68402673.
State Administration of Foreign Exchange
May 19, 2017