Yes. Foreign exchange can be transferred between the current accounts of same nature.
Generally speaking it’s not allowed. But this can be approved upon application and filing of proper documents.
The foreign exchange income under the approved quota can be retained in the account or transferred to other current account. But the portion exceeding the approved quota should be sold to the bank.
Generally speaking, the approved quota is 20% of prior year foreign exchange income. If there is no foreign exchange income last year, the maximum amount shall be decided by SAFE with a principal of not more than 100 thousand US dollars.
a) Application letter to open a foreign exchange current account b) Original and photocopy of the business license or non-government organization registration license c) Original and photocopy of approval for doing foreign exchange business issued by competent government body, Foreign Exchange Registration Certificate, or foreign exchange income documents d) Original and photocopy of organization code […]
The foreign exchange current account can receive the income of foreign exchange classified as current account items. On the other hand, it can be used to pay current account items or approved capital account item.
To open a foreign exchange current account, a domestic institution should either a) have been approved or registered with competent government bodies to do foreign business, or have foreign exchange income under current account, or b) have foreign exchange income from donation, assistance, international post and those with specific purpose.
The financial institution where the current account is opened shall report to SAFE each January. The account shall be closed.
Foreign exchange administration represents a series of administration measures adopted by the state currency and finance administration authority or other government bodies as entrusted by the state to implement control upon foreign exchange regarding its income and expenditure, purchase and sales, borrowing and lending, transfer, settlement of international balance, foreign exchange rate and foreign exchange […]
No, it’s illegal.
