The branches and foreign exchange administration 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 facilitate foreign exchange purchases by overseas individuals during the 2010 World Expo in Shanghai and to deliver high-quality financial services during the Expo, the SAFE has decided to implement a policy of an aggregate amount for foreign exchange purchases by overseas individuals during the 2010 World Expo in Shanghai. The relevant issues are hereby notified as follows:
1. From May 1 to October 31, 2010 (hereinafter referred to as During the 2010 World Expo in Shanghai), foreign exchange purchases by overseas individuals at designated foreign exchange banks (hereinafter referred as banks) shall be conducted in accordance with the following regulations:
(1) During the 2010 World Expo in Shanghai, administration of an aggregate amount of foreign exchange purchases by individuals shall be implemented and the aggregate amount of foreign exchange purchases shall be equivalent to USD50,000.
In order to ensure continuity of the data and completeness of the management information system for foreign exchange settlement and sales by individuals, the foreign exchange purchase business conducted by overseas individuals via the management information system for foreign exchange settlement and sales by individuals during the period from January 1 to April 30, 2010 shall be incorporated into a lump sum of the aggregate amount that is equivalent to USD50,000 based on the strength of the prescribed evidentiary materials.
(2) Foreign exchange purchases by overseas individuals of an aggregate amount equivalent to USD50,000 (inclusive) shall be carried out at the banks by the individuals themselves based on the strength of their valid identity documents.
(3) Foreign exchange purchases with legitimate income in RMB under the current account acquired within the territory of China by overseas individuals for the aggregate amount which is more than the equivalent of USD50,000 shall be conducted on the strength of their valid identity documents and relevant evidentiary materials attesting to the amount of the business transaction (including tax vouchers). Re-conversion of the RMB that has not been used after the initial conversion into foreign exchange shall be conducted based on the strength of the valid identity documents of the relevant individuals and original exchange memos.
2. The banks shall inquire about the aggregate amount of foreign exchange purchases by overseas individuals within the prescribed quota in a real-time manner via the management information system for foreign exchange settlement and sales by individuals, and shall record the information about foreign exchange purchases under the current account by overseas individuals on a deal-by-deal basis under the items of Foreign exchange purchases with income of overseas individuals under the current account and Re-conversion to the original currency by overseas individuals in the module of the Foreign exchange purchase transactions of the management information system for foreign exchange settlement and sales by individuals; the three-digit alphabetic country code and passport number shall be input under the item No. of identity document; the timeliness, accuracy, and completeness of the input of the data shall be ensured.
3. Banks and overseas individuals shall not evade supervision of the quota by splitting the foreign exchange into smaller amounts nor shall they evade administration of the authenticity by use of fake commercial documents or vouchers for the handling of their foreign exchange purchase business and currency re-conversion business.
4. When handling foreign exchange purchase business and currency re-conversion business, banks and overseas individuals, unless stipulated in this Circular, shall comply with the Measures for the Administration of Individual Foreign Exchange (Decree of PBOC [2006] No.3), the Detailed Rules for the Implementation of the Measures for the Administration of Individual Foreign Exchange (Huifa [2007] No.1), the Circular of the SAFE on Further Improvements in the Administration of Foreign Exchange Settlement and Sales Business by Individuals (Huifa [2009] No.56), and the relevant foreign exchange administration regulations.
5. Beginning on November 1, 2010, implementation of the policy on the administration of an aggregate amount of foreign exchange purchases by overseas individuals during the 2010 World Expo in Shanghai shall be terminated; the banks shall resume handling the foreign exchange purchase business for overseas individuals in accordance with the Measures for the Administration of Individual Foreign Exchange, the detailed rules, and other relevant foreign exchange administration regulations currently in effect.
6. Banks that handle foreign exchange purchase businesses for overseas individuals in breach of the provisions stipulated in this Circular or the relevant foreign exchange administration regulations shall be punished by the SAFE and its branches in accordance with the Regulations of the Peoples Republic of China on Foreign Exchange Administration (Decree of the State Council of PRC, No. 532, August 5, 2008).
7. This Circular is subject to interpretation by the SAFE.
The SAFE branches and foreign exchange administration departments shall transmit this Circular to the sub-branches, municipal commercial banks, rural commercial banks, and foreign-funded banks within their jurisdictions immediately upon receipt; the designated Chinese-funded foreign exchange banks shall transmit this Circular to their branch institutions as soon as possible upon receipt. For any problems arising from implementation of this Circular, please provide feedback to the SAFE in a timely manner.

April 23, 2010