【双语】跨境人民币合规运营

发布:2017-06-16 13:35 来历: 我国Betway体育网
不断完善的监管系统,对银行跨境人民币事务的合规运营提出了更高的要求。

跨境人民币合规运营

Regulatory Compliance in Cross-border Renminbi Trade

 

 

跨境人民币事务监管遵从“低沉务实有用推动、尊重商场习惯需求、按部就班危险可控”的准则,在监管流程、监管方法和监管结构方面与Betway体育处理有所不同。而跟着监管系统的不断完善,也对银行跨境人民币事务的合规运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,人民币作为我国的辅币,跨境人民币事务处理一直采纳商场化处理方法,立足于世界货币系统的现状,按照运用辅币结算更便当的准则,鼓舞商场主体在跨境生意中优先运用人民币,淡化事前行政批阅,相关方针以准则性规矩为主,辅以过后监管、“负面清单”和信息同享等手法。

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.

在跨境交易结算的主体挂号及企业分类处理、外商直接出资结算的账户处理及前期费用处理、外债处理额度及展期账户处理、NRA账户处理等方面,本外币要求不尽相同,跨境人民币事务从常常项目到本钱项目均存在必定的方针优势。

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.

 

 

在货品交易、服务交易、外商直接出资、境外直接出资、交易融资等范畴,运用跨境人民币结算不受准入资历束缚,没有事前的挂号和报批,也不进行规划处理,银行和企业可依据商业意图自主展开跨境人民币事务。

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.

 

 

在监督处理方面,本外币跨境资金活动处理也存在必定差异,跨境人民币方针相对独立,归口人民银行货币方针二司直接处理,侧重于促进人民币世界化,按人民银行的相关规范性文件进行核对;而外币事务主要由Betway体育处理局担任,以促进世界出入平衡为处理方针,按照《中华人民共和国Betway体育处理条例》对Betway体育违规违法行为进行查办,过后核对、查看办罚力度较辅币更为严厉。

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.

 

 

事例剖析

在推动人民币世界化的布景下,跟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运用,逐步构成了在岸和离岸汇率两个商场、两种价格。交易项下,跨境人民币方针较为敞开,而离岸商场人民币利率,汇率比较境内动摇较大,部分内地银行与香港分行联动开发了一系列套利产品,包含方针套利,如在银行短期外债目标严峻时推出人民币错币转告诉信用证、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。这些套利行为的呈现,搅扰跨境资金活动,不利于微观审慎处理,也引起了跨境人民币处理部门的高度注重。现经过事例进一步阐明。

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.

事例一:

某公司在香港注册两家相关公司,别离作为其上下流。2016年2至9月间,该公司经过付出货品价格1‰份额的费用,向境外一公司购买提单,随即依据提单内容,虚拟合同发票,并据此处理“先收后支”离岸易手生意事务。经过从下流公司收入人民币货款,购汇后向其上游公司付出美元货款的“内购外结”方法,违规获取人民币差价。一起套作“近端购汇、远端结汇”衍生产品,获取美元定期存款利息和Betway体育升水收益。该公司经过两种套利方法,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.

 

 

在人民币价值降低预期下,企业运用转口交易进行人民币和外币的错币种套利行为活泼,经过结构交易布景处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法,进行无危险套利。在事例中,该企业没有对冲Betway体育危险敞口的需求,操作并不以躲避汇率危险为意图,单纯依托人民币和外币间的利率差套取收益,归于无交易布景的人民币跨境出入。

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.

 

事例2:

2008年-2014年,人民币处于稳步增值的布景下,某企业每个年度均在香港以低息融资港币的方法进行分红派息,而将每年应汇出的赢利留置境内运用,以完成“财物辅币化,负债外币化”;进入2015年8月后,人民币汇率走势呈现拐点,价值降低预期渐浓,该企业则将之前8个年度留置在境内的赢利分两次大额会集汇出,名义上是赢利汇回,实质上是用于提早偿还以前年度境外的赢利融资款。企业挑选经过人民币汇出一方面躲避了Betway体育局对大额购付汇净流出的监管,另一方面也加重了跨境资金大幅净流出的压力,导致微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.

前几年的人民币继续增值促进外商出资企业在分配赢利时挑选了留存境内,以获取人民币增值和出资的两层收益,很多留存赢利构成了巨额隐形外债。外商出资企业对归属外方的赢利在分配、币种挑选、汇出等环节具有自主权,只要向银行供给与资金用处相关的真实性资料,经审阅后即可汇出,在当时人民币价值降低预期局势下,外商出资企业躲避Betway体育监管,运用跨境人民币结算途径,短期会集大额赢利汇出的现象将会对我国Betway体育储藏构成必定冲击。

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.

当时投机性资金假借交易等名义在我国进出是跨境人民币结算面对的一大危险,一些本钱项下的资金经过交易途径流入流出,这种投机方法的人民币跨境活动,假如呈现大幅动摇就可能对我国货币商场构成冲击,对我国货币方针独立性构成影响,不利于我国微观经济的平稳工作。此外,投机性跨境人民币流入后可能会涌入房地产范畴或证券商场,导致财物价格快速上涨,从而构成泡沫。而在泡沫见顶后又敏捷流出,导致财物价格敏捷跌落,严峻时乃至导致泡沫幻灭和金融危机,涉及实体经济,使经济开展呈现阻滞。

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日就保护国家金融安全进行第四十次团体学习。中共中央总书记习近平在掌管学习时着重,金融安满是国家安全的重要组成部分,是经济平稳健康开展的重要根底。保护金融安全,是联系我国经济社会开展大局的一件带有战略性、根本性的大事。习近平就保护金融安全提出了6项使命,其间一项便是要加强金融监管,统筹监管系统重要性金融组织,统筹担任金融业归纳计算,保证金融系统良性工作,保证处理部门把住要点环节,补齐监管短板,防止监管空白。

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.

这次金融安全说话为当时我国防备金融危险、促进金融服务实体经济指明晰方向,开释出了重要信号,金融监管往后将愈加注重“统筹”,跟着金融立异,呈现很多跨行业、跨商场的金融产品,监管部门往后势必会加强和谐,构成监管合力,构成全国一盘棋的金融危险防控局势。

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”规划大纲中也相同提出:“加强金融微观审慎处理制度建造,加强统筹和谐,变革并完善习惯现代金融商场开展的金融监管结构,清晰监管职责和危险防备处置职责,构建货币方针和审慎处理相和谐的金融处理体制。健全契合我国国情和世界标准的监管规矩,完成金融危险监管全掩盖”。

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微观审慎处理试点的告诉》(银发[2016]18号)和《关于在全国范围内施行全口径跨境融资微观审慎处理的告诉》(银发[2016]132号),在跨境融资项下完成了本外币一体化处理,构建了根据微观主体本钱或净财物的跨境融资束缚机制,并在人民银行和Betway体育局之间进行了合理分工,是我国以商场化手法探究跨境资金本外币一体化处理新方法的打破。虽然只处理了境内主体从境外融资的本外币一体化处理,但仍创始了跨境资金一体化处理的先河,也为本外币一体化处理结构的树立供给了参阅根底和学习思路。

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.

在人民币世界化进程加速的必然趋势下,人民币已成为跨境资金活动的重要组成部分,2015年下半年以来受美联储加息预期和国内金融商场震动等多重要素影响,人民币汇率呈现较大动摇,金融商场也遭到必定的冲击;一起在当时境内Betway体育差利差较大的布景下,不少企业运用方针差异的空间,经过虚伪转口交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目标的真实性,不利于跨境人民币事务久远开展。在此局势下,防备跨境资金活动冲击,完善本外币跨境结算一体化微观审慎处理结构的必要性和重要性开端被越来越多的人提出并认可,往后跟着监管系统的不断统筹完善,人民币跨境资金行为处分不清晰的监管区域将不复存在,对银行和企业跨境人民币事务的合规运营要求也势必会越来越严厉。

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.