Circular of State Administration of Foreign Exchange on Printing and Distributing the Administrative Measures for Pilot Work on Individual Domestic Currency and Foreign Exchange Franchise Business

Circular of State Administration of Foreign Exchange on Printing and Distributing the Administrative Measures for Pilot Work on Individual Domestic Currency and Foreign Exchange Franchise Business

Hui Fa [2012] No. 27

April 24, 2012

State Administration of Foreign Exchange Branch Bureaus or Foreign Exchange Administrative Departments of the Provinces, Autonomous Regions and Municipalities Directly under Central Government, and Branch Bureaus of Shenzhen, Dalian, Qingdao, Xiamen and Ningbo:

Since State Administration of Foreign Exchange expanded the pilot work on individual domestic currency and foreign exchange franchise business ("Franchise Business") in November 2009, all the related work proceeded smoothly and achieved the expected result. In order to further deepen the pilot franchise business and promote the development of individual domestic currency and foreign exchange market, State Administration of Foreign Exchange ("SAFE") revised the Administrative Measures for Pilot Work on Individual Domestic Currency and Foreign Exchange Franchise Business ("Pilot Measures", see Appendix 1), we now promulgated the same and notify the relevant matters as follows:

I.
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