【双语】跨境人民币合规经营

发布:2017-06-16 13:35 来源: 中国外汇网
不断完善的监管体系,对银行跨境人民币业务的合规经营提出了更高的要求。

跨境人民币合规经营

Regulatory Compliance in Cross-border Renminbi Trade

 

 

跨境人民币业务监管遵循“低调务实有效推动、尊重市场顺应需求、循序渐进风险可控”的原则,在监管流程、监管方式和监管框架方面与外汇管理有所不同。而随着监管体系的不断完善,也对银行跨境人民币业务的合规经营提出了更高的要求。

 

Regulation of cross-border renminbi transactions aims to achieve a combination of low key but pragmatic guidance for the market while maintaining a healthy respect for compliance requirements. This differs from foreign exchange management in several important areas from the regulatory process to the regulatory framework and the methods of enforcement. With the continuous improvement of the regulatory system, greater demand is being placed on banks for ensuring regulatory compliance in cross-border renminbi trade.

与外币不同,人民币作为我国的本币,跨境人民币业务管理始终采取市场化管理方式,立足于国际货币体系的现状,按照使用本币结算更便利的原则,鼓励市场主体在跨境交易中优先使用人民币,淡化事前行政审批,相关政策以原则性规定为主,辅以事后监管、“负面清单”和信息共享等手段。

Using the renminbi simplifies transactions. Management of cross-border business in the national currency has largely relied on market-based principles. The aim has been to encourage market players to use the nation's own currency in cross-border transactions. In order to do so we have reduced the reliance on prior approvals for transactions in favor of post-transaction supervision combined with what is called "negative list" management (which permits a wider range of activities) and more information sharing among regulatory bodies.

在跨境贸易结算的主体登记及企业分类管理、外商直接投资结算的账户管理及前期费用管理、外债管理额度及展期账户管理、NRA账户管理等方面,本外币要求不尽相同,跨境人民币业务从经常项目到资本项目均存在一定的政策优势。

Regulatory procedures for domestic currency business also differ from those governing foreign currency in terms of business registration and classification as well as bank account management, the requirement for the use of foreign exchange accounts for foreign invested companies, the management of early-stage investment expenses of foreign-invested companies and non-resident account management. Using renminbi in transactions has its advantages regardless of whether the funds are moved under the current account or the capital account.

 

 

在货物贸易、服务贸易、外商直接投资、境外直接投资、贸易融资等领域,使用跨境人民币结算不受准入资格限制,没有事前的登记和报批,也不进行规模管理,银行和企业可根据商业目的自主开展跨境人民币业务。

In merchandise and services trade as well as foreign direct investment, overseas (outbound) direct investment, trade financing and other areas, the use of cross-border renminbi settlements is not subject to any access restrictions. There also are no requirements for prior registration and approval, and there are no restrictions on transaction volume. Banks and enterprises can carry out cross-border renminbi business based entirely on business needs.

 

 

在监督管理方面,本外币跨境资金流动管理也存在一定差异,跨境人民币政策相对独立,归口人民银行货币政策二司直接管理,侧重于促进人民币国际化,按人民银行的相关规范性文件进行核查;而外币业务主要由外汇管理局负责,以促进国际收支平衡为管理目标,依照《中华人民共和国外汇管理条例》对外汇违规违法行为进行查处,事后核查、检查处罚力度较本币更为严格。

As far as supervision and management are concerned, there are policy differences between the management of cross-border capital flows in foreign currency and domestic currency. Cross-border renminbi policy falls under the direct management of the People's Bank of China's Monetary Policy Second Department, which is responsible for focusing on promoting the internationalization of the renminbi and carrying out inspections to ensure compliance with the central bank's requirements. The State Administration of Foreign Exchange is responsible for managing foreign currency business to promote a balanced payment position. In accordance with the Regulations of the People's Republic of China on Foreign Exchange Regulations, it investigates violations of foreign exchange rules and has the authority to impose severe penalties.

 

 

案例剖析

在推进人民币国际化的背景下,随着跨境资金总量不断攀升、本外币在越来越多的境外国家和地区混合使用,逐步形成了在岸和离岸汇率两个市场、两种价格。贸易项下,跨境人民币政策较为开放,而离岸市场人民币利率,汇率相比境内波动较大,部分内地银行与香港分行联动开发了一系列套利产品,包括政策套利,如在银行短期外债指标紧张时推出人民币错币转通知信用证、人民币远期信用证+错币背开信用证;利率套利,如在境外人民币利率低于境内时推出出口代付、进口代付、跨境贴现、内保外贷;汇率套利,如当境外价格优于境内价格时推出跨境结汇、跨境购汇。这些套利行为的出现,干扰跨境资金流动,不利于宏观审慎管理,也引起了跨境人民币管理部门的高度关注。现通过案例进一步说明。

Case analysis

As China's economy grows and the renminbi gains ever wider acceptance as an international currency, there is a growing business for payments in domestic currency related to foreign trade and investment. The expanded role for the renminbi has emerged in tandem with the creation of onshore and offshore markets. In addition to interest rate differences in the domestic and offshore markets, there are differing exchange rates for the renminbi as well. On the offshore renminbi market, the exchange rate is more volatile, and mainland banks and their Hong Kong branches have devised a series of arbitrage products to take advantage of the market divergence. At the same time there are numerous instances of policy arbitraging. When there is insufficient access to short-term foreign currency credits, market participants could use a number of sophisticated tools to circumvent the problem. They can make use of advice of letters of credit and converting renminbi into foreign currency or renminbi usance letters of credit plus the issuance of back-to-back letters of credit in a currency different than the master letter of credit. Interest rate arbitrage, export refinancing and import refinancing, cross-border discounting, and overseas loans with a domestic guarantee -- all offer opportunities for. Such arbitrage affects cross-border capital flows and can run counter to the objectives of macro-prudential policies of regulators. This has created concerns from the departments of cross-border renminbi management. There are more cases to illustrate the point.

案例一:

某公司在香港注册两家关联公司,分别作为其上下游。2016年2至9月间,该公司通过支付货物价格1‰比例的费用,向境外一公司购买提单,随即根据提单内容,虚拟合同发票,并据此办理“先收后支”离岸转手买卖业务。通过从下游公司收入人民币货款,购汇后向其上游公司支付美元货款的“内购外结”模式,违规获取人民币差价。同时套作“近端购汇、远端结汇”衍生产品,获取美元定期存款利息和外汇升水收益。该公司通过两种套利方式,违规套利200余万元。

Scenario 1:

A Chinese company registered two affiliated companies in Hong Kong as upstream and downstream entities. Between February and September of 2016, the company bought a bill of lading from an overseas company by paying a fee of 1% of the total stated value. It then fabricated a contract and invoice according to the contents of the bill of lading, and carried out an offshore “sale” under terms of “payment on receipt of goods.” The company received renminbi as payment from its downstream company, and later paid the upstream company in US dollars after purchasing foreign exchange. This was considered to be a “domestic purchase of foreign exchange with overseas foreign exchange settlement,” taking advantage of the price differentials. The company benefited from higher interest rate by placing the US dollars in an offshore fixed deposit and it recorded gains from the appreciation of the dollar against the renminbi. The company in question made an illegal profit of more than two million yuan using this method.

 

 

在人民币贬值预期下,企业利用转口贸易进行人民币和外币的错币种套利行为活跃,通过构造贸易背景办理境内购汇境外结汇和掉期衍生产品近端购汇远端结汇的方式,进行无风险套利。在案例中,该企业没有对冲外汇风险敞口的需求,操作并不以规避汇率风险为目的,单纯依靠人民币和外币间的利率差套取收益,属于无贸易背景的人民币跨境收支。

With expectations of a depreciating renminbi, enterprises are more likely to use the re-export trade to conduct risk free arbitrage by purchasing foreign exchange domestically with offshore settlement and fabricating an underlying transaction. This can be combined with an interest rate swap, taking advantage of interest rate differences. In such cases, the company involved does not need to hedge the foreign exchange risk. It can be considered cross-border renminbi payments and receipt without an underlying trade.

 

案例2:

2008年-2014年,人民币处于稳步升值的背景下,某企业每个年度均在香港以低息融资港币的方式进行分红派息,而将每年应汇出的利润留置境内使用,以实现“资产本币化,负债外币化”;进入2015年8月后,人民币汇率走势出现拐点,贬值预期渐浓,该企业则将之前8个年度留置在境内的利润分两次大额集中汇出,名义上是利润汇回,实质上是用于提前归还以前年度境外的利润融资款。企业选择通过人民币汇出一方面规避了外汇局对大额购付汇净流出的监管,另一方面也加剧了跨境资金大幅净流出的压力,导致宏观逆周期调控难度加大。

 

  

Scenario 2:

As another example but with a strengthening local currency, a company decided to make low-interest financing available to its offshore shareholders each year from instead of distributing profits. Profits were retained in China, accomplishing what is called "keeping assets in domestic currency and holding debt in foreign currency." In August 2015, with the devaluation of the renminbi, market sentiment shifted from appreciation to strong expectations of depreciation. The company then made substantial remittances of the profits that had been held onshore over the previous years under the name of the remittance of the profits. This added to capital outflow pressure, posing a significant challenge to the regulator's counter-cyclical macroeconomic controls.

前几年的人民币持续升值促使外商投资企业在分配利润时选择了留存境内,以获取人民币升值和投资的双重收益,大量留存利润形成了巨额隐形外债。外商投资企业对归属外方的利润在分配、币种选择、汇出等环节拥有自主权,只要向银行提供与资金用途相关的真实性材料,经审核后即可汇出,在当前人民币贬值预期形势下,外商投资企业规避外汇监管,利用跨境人民币结算渠道,短期集中大额利润汇出的现象将会对我国外汇储备形成一定冲击。

The steady appreciation of the renminbi in past years had encouraged foreign-invested companies to retain or reinvest profits rather than distribute them to shareholders offshore. That created a very large but invisible external obligation. Foreign-invested companies have the right to select the timing and the currency to be used for profit remittances. As long as the documentation related to the use of the funds is provided to the bank, remittance would be permitted. But this avoids foreign exchange supervision and can have an unforeseen impact on China's foreign exchange position.

当前投机性资金假借贸易等名义在我国进出是跨境人民币结算面临的一大风险,一些资本项下的资金通过贸易渠道流入流出,这种投机形式的人民币跨境流动,如果出现大幅波动就可能对我国货币市场造成冲击,对我国货币政策独立性造成影响,不利于我国宏观经济的平稳运行。此外,投机性跨境人民币流入后可能会涌入房地产领域或证券市场,导致资产价格快速上涨,进而形成泡沫。而在泡沫见顶后又迅速流出,导致资产价格迅速下跌,严重时甚至导致泡沫破灭和金融危机,波及实体经济,使经济发展出现停滞。

The use of speculative funds under the guise of trade poses major risks to the cross-border renminbi settlement. Some funds that are under the capital account flow through trade channels. Such forms of speculative cross-border flows of renminbi could have great impact on China’s currency market and undermine China’s monetary policies. This is harmful to the steady operation of China’s economy. In addition, speculative cross-border renminbi inflows may pour into real estate or the securities market, leading to rapid rises in asset prices and the creation of asset bubbles. After the asset bubbles expand sufficiently, capital will flow out rapidly, causing sharp falls or even a financial crisis, damaging the real economy.

 

合规趋势

中共中央政治局4月25日就维护国家金融安全进行第四十次集体学习。中共中央总书记习近平在主持学习时强调,金融安全是国家安全的重要组成部分,是经济平稳健康发展的重要基础。维护金融安全,是关系我国经济社会发展全局的一件带有战略性、根本性的大事。习近平就维护金融安全提出了6项任务,其中一项就是要加强金融监管,统筹监管系统重要性金融机构,统筹负责金融业综合统计,确保金融系统良性运转,确保管理部门把住重点环节,补齐监管短板,避免监管空白。

Compliance Trend

On April 25, the powerful Political Bureau of the Chinese Communist Party's Central Committee held a key meeting examining the need to safeguard national financial security. Communist Party General Secretary Xi Jinping stated that financial security was an important part of national security and a key to healthy and stable development of the economy. The party chief put forward six tasks in maintaining financial security, one of which was to strengthen financial supervision by coordinating important arms of the regulatory system.

这次金融安全讲话为当前我国防范金融风险、促进金融服务实体经济指明了方向,释放出了重要信号,金融监管今后将更加重视“统筹”,随着金融创新,出现大量跨行业、跨市场的金融产品,监管部门今后势必会加强协调,形成监管合力,形成全国一盘棋的金融风险防控局面。

The remarks served as a guide for China to prevent financial risks and help the financial sector serve the real economy. It signaled that financial supervision in the future would pay more attention to coordination. With financial innovation, there are many cross-sector and cross-market financial products. Regulators in the future are bound to step up coordination to enhance regulatory cohesion and deal more effectively with financial risk prevention.

在“十三五”规划纲要中也同样提出:“加强金融宏观审慎管理制度建设,加强统筹协调,改革并完善适应现代金融市场发展的金融监管框架,明确监管职责和风险防范处置责任,构建货币政策和审慎管理相协调的金融管理体制。健全符合中国国情和国际标准的监管规则,实现金融风险监管全覆盖”。

The nation's 13th Five-Year Plan (2016 – 2020) also contained this theme, asserting that strengthening the financial macro-prudential management system required more coordination as well as improvement in the financial regulatory framework.

2016年,人民银行相继发布了《关于扩大全口径跨境融资宏观审慎管理试点的通知》(银发[2016]18号)和《关于在全国范围内实施全口径跨境融资宏观审慎管理的通知》(银发[2016]132号),在跨境融资项下实现了本外币一体化管理,构建了基于微观主体资本或净资产的跨境融资约束机制,并在人民银行和外汇局之间进行了合理分工,是我国以市场化手段探索跨境资金本外币一体化管理新方式的突破。尽管只解决了境内主体从境外融资的本外币一体化管理,但仍开创了跨境资金一体化管理的先河,也为本外币一体化管理框架的建立提供了参考基础和借鉴思路。

In 2016, the People's Bank of China issued its Notice on Expanding the Pilot Project for Macro-prudential Management of Cross-border Financing (PBOC, No. [2016]18) and the Notice on the Implementation of Macro-prudential Management of Cross-border Financing (PBOC, No. [2016]132). These policy initiatives realized the management of an integration of domestic and foreign currencies under the cross-border financing account, built a cross-border financing constraint mechanism based on capital or net assets regarding micro players and divided the responsibilities between the central bank and the foreign exchange bureau in a reasonable manner. These were only part of a pilot program but they constituted a regulatory breakthrough, facilitating the integration of domestic and foreign currencies for domestic players as to overseas financing.

在人民币国际化进程加快的必然趋势下,人民币已成为跨境资金流动的重要组成部分,2015年下半年以来受美联储加息预期和国内金融市场震荡等多重因素影响,人民币汇率出现较大波动,金融市场也受到一定的冲击;同时在当前境内外汇差利差较大的背景下,不少企业利用政策差异的空间,通过虚假转口贸易进行跨境资金购结汇差价套利的行为影响了跨境人民币各项指标的真实性,不利于跨境人民币业务长远发展。在此形势下,防范跨境资金流动冲击,完善本外币跨境结算一体化宏观审慎管理框架的必要性和重要性开始被越来越多的人提出并认可,今后随着监管体系的不断统筹完善,人民币跨境资金行为处罚不明确的监管区域将不复存在,对银行和企业跨境人民币业务的合规经营要求也势必会越来越严格。

The renminbi has become an important part of cross-border capital flows. Since the second half of 2015 the renminbi exchange rate has seen significant fluctuations and domestic financial markets have come under pressure. This is partly a result of widespread expectations that the US Federal Reserve will quicken the pace of its interest rate hikes, the domestic financial market shocks and other factors, at the same time, in the current large margin difference between the domestic and foreign exchanges, many companies exploit the differences of these policies with arbitrage activities in the purchase and settlement of foreign exchange. This could harm the long term development of cross-border renminbi business. Under such circumstances, more attention has been paid to the prevention of shocks from cross-border capital flows. It is increasingly important to improve the framework for macro-prudential management of domestic and foreign currencies. With the ongoing improvement of the regulatory system, there would be no unclear regulatory area for the punishment of the illegal cross-border renminbi behavior, and there would be more and more stringent requirements for compliance on cross-border renminbi business.

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