Where the foreign exchange is in foreign bank-notes, the banknotes shall have to be first sold to the bank at its current buying rate and the proceeds converted into foreign currency as its current selling rate before the account can be credited. Where a foreign currency bill is not payable immediately, the amount can be credited to the account only after collection by the bank; 2 Foreign exchange funds of enterprises operating with overseas Chinese capital or foreign capital or joint Chinese and foreign capital; 3 Foreign exchange kept by Chinese state organs, enterprises, establishments and organizations with the approval of the government department in charge of foreign exchange control; 4 Other kinds of foreign exchange which the Bank of China has agreed to accept for deposit.
Article 4. Deposits are of two types, namely, fixed deposit and current deposit. Interest shall be paid at the rates published by the Head Office of the Bank of China. Maturity may be of 3 months, half a year, 1 year or 2 years. The initial deposit must not be less than the equivalent of RMB 10, Where the interest rate changes prior to maturity, interest on the deposit shall still be paid at the rate originally fixed at the time of deposit.
If the deposit is renewed after maturity, the interest rate ruling on the date of renewal is to apply. The initial deposit must not be less than the equivalent of RMB 1, Withdrawals may be made at any time either by presentation of the deposit book or by a withdrawal slip, but no overdraft is allowed.
Approval must be obtained from the bank in case the holder of a current account in China wishes to use cheques because of special need, but no interest is allowed for current accounts using cheques. Deposits are restricted to 5 kinds of currencies, namely, the US dollar, Pound sterling, Hongkong dollar, Deutsche mark and Japanese yen.
Deposits in other currencies shall be credited to the account only after the currency concerned has been converted into one of the aforesaid 5 currencies at the ruling exchange rate.
Article 5. A request for opening an account for deposit must be accompanied by an identification document, a letter of application and a specimen signature. If what is established is a fixed deposit, the bank shall issue to the depositor a fixed deposit certificate in depositor's name, whereas if it is a current deposit, the bank shall issue to the depositor a deposit book or an advice notifying it of the opening of the account.
Article 6. The Use of Deposits: 1 Funds in a deposit may be remitted to place within or outside China. In principle, transfers abroad should be made in the same kind of currency as that deposited.
If transfers are made in any other foreign currency, they shall be dealt with as where foreign exchange is bought and sold by the bank. The use of a deposit by state organs, organizations, schools state-owned enterprises and establishments, collective urban and rural economic bodies and enterprises operating with joint Chinese and foreign capital in China shall be in conformity with the foreign exchange control regulations of the country.
Article 7. On maturity, a fixed deposit may be withdrawn against the deposit certificate and the specimen signature previously left with the bank or according to a pre-arranged procedure. A current deposit may be withdrawn against the deposit book and a withdrawal slip or according to a pre-arranged procedure.
Article 8. However, this applies only in major cities. Credit cards are not always accepted for the purchase of rail and air tickets. ATMs that accept foreign cards are few and far between.
Do not rely on them as a way of obtaining cash in Mainland China. Consult with your bank before departing to make sure that your brand of cheque or credit card will be accepted. Currency Regulations There is no limit on the amount of foreign currency and foreign exchange bills that can be brought into China by tourists, but the amount must be declared to the customs. Issued by the People's Bank of China it is the sole legal tender for both the Chinese nationals and foreign tourists.
The unit of Renminbi is yuan and the smaller, jiao and fen. Chinese people normally refer to Yuan as Kuai, Jiao as Mao. RMB is issued both in notes and coins. The denominations of paper notes include , 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen. The denominations of coins are 1 yuan; 5, 2 and 1 jiao; and 5, 2 and 1 fen.
If the ration you consign exceeds the limitation but is still for personal use, you must pay the duty the following are for reference only :. Gifts of these products received from friends or family members can be listed as personal effects. But relative formalities are required.
Or else it will be declared as cargo. Tourists must provide written documentation from a medical institution to prove the necessity of the medicine. Customs will verify the amount of medicine the tourists needs according to the original prescription.
A copy of the prescription will be kept as documentary evidence of the inspection of the tourist. A prescription can only be used for one customs inspection. Items carried by tourists which are not listed in the Table of Classification valued higher than 5, RMB will not be regarded as personal belongings. The result of an inspection by customs shall be final. Under the principle of personal use and reasonable number, the value of personal postal articles should be under 1, RMB.
Exception will be made for singular articles or indivisible articles which have been confirmed to be for personal uses and undergone required formalities. Senders who consign items for transport abroad must fill in a customs declaration form with the name of articles, quantity, and value and file the declaration to the accredited postal office. After clearance by customs, the article will be sent. Gifts of these products received from friends or family members can be listed as personal effects, but relative formalities are required, or else they will be declared as cargo.
After receiving the declaration of a pet dog or pet cat filed by a traveler, customs should inspect the certificate of quarantine and certificate of rabies vaccination issued by an official of the exporting country or region. Customs should inform the port Animal and Plant Quarantine Office to quarantine the pet dog or pet cat. The port Animal and Plant Quarantine Office should provide certification of quarantine to the traveler. The validity of the certificate lasts for 30 days.
If a traveler can not provide sufficient certification or exceeds the limited number, customs should inform the port Animal and Plant Quarantine Office to take temporary custody of the pets. Tourists should handle the procedure of withdrawing the pets within the stipulated time. Pets will be considered unclaimed if tourists do not proceed with the formalities or do not declare the waiver of the pets.
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