Q&A on Policies for Cross-border Renminbi Services for Individuals

来源: 《CHINA FOREX》2017年第3期 作者:Yang Qi

Q: Individuals can participate in cross-border e-commerce by using Amazon or other platforms,collecting export income through third-party payment services. Should these individuals or small firms be required to meet some form of import and export standards? Can individuals who lack such qualifications but use Taobao and third-party payment services be allowed to collect small sums on export transactions? How should financial institutions deal with this kind of business?

A: In accordance with the People's Bank of China's Guidance on Opinions of the General Office of the State Council on Supporting the Stable Growth of Foreign Trade (PBOC [2014] No. 168) and the Announcements of the State Administration of Foreign Exchange on Development of Cross-border Foreign Exchange Payment Services Provided by Payment Institutions (SAFE [2015] No. 7),domestic individuals may collect such payments directly through a personal renminbi settlement account in the name of the individual foreign trade operator,and may also receive renminbi payments through cross-border business pilot payment institutions.

Banking institutions can help customers conduct cross-border trade on the basis of the three principles of "understanding your customers,understanding the business and carrying out due diligence." They need to ensure valid identification documents and industrial or commercial business licenses. Moreover,if necessary,banks should require their customers to submit relevant business credentials.

Banks may cooperate with payment agencies that have obtained an internet payment business license to provide renminbi settlement services for enterprises and individuals in cross-border trade in goods and services. Financial institutions need to sign a cross-border e-commerce renminbi settlement business agreement with the payment agency and file a report with the local arm of the People's Bank of China.

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