Foreign credit card business available in China
2009-November-2 Source: National Bureau of Tourism website
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Currently, business of the following foreign credit cards is available in China:

1. Master Card

2. Visa Card

3. American Express Card

4. JCB card

5. Diners Card

Regulations for the Control of Foreign Exchange of "Foreign Visitors"

Article 17 of the Regulations on the Foreign Exchange System of the People's Republic of China: Foreign exchange sent or carried in by foreign entities and foreign nationals in China can be held at their own disposal, deposited in designated banks or sold to the designated foreign exchange banks. Such foreign exchange can also be remitted or taken abroad upon the presentation of valid documents. This article implies that:

1

The foreign exchanges of foreign organizations stationed in China and individuals visiting China received or taken from abroad can be kept by themselves, deposited or sold to banks designated to handle foreign exchange businesses on the principle of free will. They can also be remitted or carried abroad by showing the original customs declaration form.

2

Foreign organizations stationed in China and individuals visiting China must pay all expenses in RMB after arriving in China. If the converted RMB notes are not used out, they may be converted into foreign currency within the period of validity of six months before the date of departure and then taken or remitted out of China.

3

Foreign organizations stationed in China and individuals visiting China are not allowed to buy or sell foreign exchanges privately in China.

Viewing from existing foreign exchange control regulations in China, there are only two legitimate means for the transaction between foreign currency and RMB: the banks providing foreign exchange transaction business and the China Foreign Exchange Trading Centre and its system.

Transactions between foreign currency and RMB completed in a channel other than the above two means are all private foreign exchange transactions, regardless of their exchange rate. Private foreign exchange transactions are illegal behaviors disturbing financial orders and are prohibited by China's laws. According to Article 45 of the Regulations on the Foreign Exchange System of the People's Republic of China, those engaging in foreign exchange transaction without permission shall be given a warning by foreign exchange management authority, and imposed the conversion of foreign exchange, and their illegal incomes shall be confiscated, and they shall be fined an amount more than 30% but less than 3 times of the illegal foreign exchange amount.

Editor: Miranda
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