Restrictions on sending money to and from China
Below is a table outling the restrictions which you must be aware of when making payments using CNY.
Please be sure to follow these guidelines carefully as failure to do so could result in your payment being delayed or returned.
It would be advisable to check with your beneficiary to ensure that they are able to accept payments in this currency before sending your payment.
Transaction |
Transaction permitted under RMB (CNY) trade settlement scheme |
| EU importer wishes to pay their supplier in China in CNY | Yes. Exporters in China must be Pilot Enterprises (i.e. approved by the PRC regulatory authorities) in one of the 20 provinces and cities in China to participate in the RMB trade settlement pilot scheme) |
| EU exporter invoices their buyer in China in CNY - buyer pays UK exporter in CNY | Yes. |
|
EU Corporate wishes to pay salary of employees based in China in CNY
|
Yes, but the funds must be paid to UK Corporate account with a bank in China. Corporate then has to arrange for payment to be made from their a/c in China to the employee |
|
EU Corporate wishes to pay dividends to shareholders based in China in CNY
|
Yes, but the funds must be paid to UK Corporate account with a bank in China. Corporate then has to arrange for payment to be made from their a/c in China to shareholders |
| EU importer wishes to pay their supplier in China in another currency e.g. USD |
These transactions fall outside the RMB (CNY) trade settlement scheme's scope but are permitted
|
|
EU exporter invoices their buyer in China in another currency e.g. USD. Buyer pays in USD
|
These transactions fall outside the RMB (CNY) trade settlement scheme's scope but are permitted |
| Personal client wishes to send CNY payment to family/friends in China in CNY |
No. Personal remittances other than those listed below are not permitted. |
|
Personal client wishes to send CNY payment to own account in China in CNY
|
Yes, subject to:
|
| Personal client wishes to send money to Chinese Corporate in CNY e.g. to buy shares |
No. Personal remittances other than those listed above are not permitted. |
