China's foreign exchange policy

The state does not restrict normal international payments and transfers; Implement the statistical declaration system of balance of payments; China prohibits the circulation of foreign currency, and it is not allowed to settle accounts in foreign currency; The foreign exchange income of domestic institutions and individuals can be repatriated or deposited abroad; When there is or may be a serious imbalance in the balance of payments and a serious crisis in the national economy, the state may take necessary measures such as safeguarding and controlling the balance of payments.

Legal basis:

foreign currency regulations

Article 5 The State does not restrict regular international payments and transfers.

Article 6 The State implements a system of statistical declaration of international payments. The foreign exchange administration department of the State Council shall make statistics and monitor the balance of payments, and publish the balance of payments regularly.

Article 8 The circulation of foreign currency is prohibited in People's Republic of China (PRC). Unless otherwise stipulated by the state, foreign currency shall not be used for pricing and settlement.

Article 9 The foreign exchange income of domestic institutions and individuals can be repatriated or deposited abroad; The conditions and time limit for repatriation or deposit abroad shall be stipulated by the foreign exchange administration department of the State Council according to the balance of payments and the needs of foreign exchange administration.

Article 11 When there is or may be a serious imbalance in the balance of payments and a serious crisis in the national economy, the state may take necessary measures such as maintaining and controlling the balance of payments.