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一.Financial leasing,Allocation of Multinational Corporations' Funds Pools Use the domestic and foreign holding structure of the financial leasing company to funds dealings convenience Realization of capital outbound ,or use the funds pool allocation of multinational companies to facilitate the realization of capital outbound.However, non-real transactions or investments in non-real projects are susceptible to compliance risks. In addition, the current cross-border RMB two-way fund pool is also subject to strict supervision. The cross-border RMB two-way fund pool structure has the following two types: The first kind: Without setting up cash sweep account of overseas fund pools, the funds of overseas member enterprises are directly collected into the main account of domestic fund pools. The second kind: There is a fund pool both at home and abroad and then cross-border fund transfer is carried out. In terms of historical evolution, the cross-border two-way RMB fund pool business originated in the Shanghai Free Trade Zone, which is February 2014.The PBC Shanghai Headquarters issued the Notice on Supporting the China (Shanghai) Pilot Free Trade Zone to Expand the Cross-border Use of the Renminbi (Bank Headquarters [2014] No. 22). Ⅱ.The total operating income of domestic member enterprises participating in fund cash sweep in the previous year shall not be less than 500 million yuan and the total operating income of overseas member enterprises in the previous year shall not be less than RMB 100 million, and the operating hours of domestic and foreign member companies shall be More than 1 year. Ⅲ.Cross - border two-way RMB capital pool business in the region is subject to two-way ceiling management, Net cross-border capital inflow ( outflow ) ceiling = accrued owner's equity of domestic member enterprises x macro-prudential policy coefficient ( this coefficient is tentatively set at 1 ). In addition, other matters involved in cross-border two-way RMB fund pool business in the region,The relevant provisions of the Notice of the People's Bank of China on Further Facilitating the Transnational Enterprise's Cross-border Two-way RMB Fund Pool Business (Yinfa [2015] No. 279) are still applicable. 二.Domestic guarantee overseas loan Ⅰ.After the guarantor directly deposits the cash in the domestic branch (or provides other collateral), the domestic branch provides a letter of guarantee or a standby letter of credit to the overseas branch, and the overseas branch provides the borrower with the loan.It is understood that under the current "control of outflow" regulatory situation, the examination and approval of Overseas Lending Secured By Domestic Guarantee, also subject to strict supervision. Ⅱ.The guarantor and the borrower need to have an associated relationship, preferably 100% hold controlling interest.However, at present some operations do not have an associated relationship, and a surface relationship is created by signing an entrusted shareholding. Ⅲ.Exchange Rate Risk Avoidance: Forward Foreign Exchange Locking ( Forward Foreign Exchange Settlement and Sale ). In the case of frequent exchange rate fluctuations,The bank handles the operation of locking the exchange rate for the enterprise.The bank through signs a foreign exchange settlement and sales agreement with the customer, and stipulates the foreign exchange currency, amount, term and exchange rate of future foreign exchange settlement or sale.When it is due, it shall conduct settlement and sale of foreign exchange in accordance with the currency, amount and exchange rate indicated in this agreement .On the day of settlement, foreign exchange is not settled at the exchange rate of the day, but is settled at the rate determined before, in order to avoid the exchange rate risk. Ⅳ.Cost description (1)Overseas interest:240bp+3 months libor=2.4%+ about 0.6%=3%. (2)Letter of guarantee cost:Low 1/1000 (such as Xiamen bank), 2% of high (such as ICBC). (3)Service charge:Some banks are not, some banks 1%-2%. (4)Capital Entry Fee ( Passage Fee ):1%-5%. (5)Exchange rate difference and Locked Exchange Rate: The exchange rate difference is calculated based on the offshore RMB exchange rate, and Forward Foreign exchange purchasing cost is about 3%. Ⅴ.Purpose of funds The funds use of Domestic deposits guarantee overseas loans,According to the provisions of Article 11 of the Regulations on Foreign Exchange Control of Cross-Border Guarantees: 「“"The use of funds under Domestic deposits guarantee overseas loans shall meet the following requirements: (1) The funds under the Domestic deposits guarantee overseas loans shall be used only for the relevant expenses within the normal business scope of the debtor.It shall not be used to support the debtor to engage in related transactions other than the normal business scope, nor to arbitrage under fictitious trade background, or to engage in other forms of speculative transactions.」 Therefore,Through fictitious trade backgrounds and other means carry out Speculative arbitrage, in order to achieve capital outbound,There is a compliance risk. Ⅵ.Limitation analysis (1)According to the Notice of the State Administration of Foreign Exchange on the Administration of Foreign Guarantees by Domestic Institutions (State Administration of Foreign Exchange issued [2010] 39).「二.The State Administration of Foreign Exchange carries out the remaining sum management or the One by one approval management method for the foreign guarantee provided by domestic institutions.The State Administration of foreign exchange put into practice the remaining sum management for the domestic banks providing financing external guarantee; Providing external guarantees to non-banking financial institutions and enterprises shall be One by one approval is the main, and remaining sum management may be implemented if certain conditions are met.」It can be seen that in the case of domestic banks providing financing guarantees, Domestic deposits guarantee overseas loans occupy the bank's balance indicators.For「 Domestic deposits guarantee overseas loans」 business, the amount of financing guaranteed by the bank shall not exceed 50% of the bank's own net assets.Small and medium-sized joint-stock banks are often in a state of full use of the Domestic deposits guarantee overseas loans quota. And can only wait for enterprises to repay their loans to free up new quotas.Large state-owned banks are also often very nervous. (2)Domestic deposits guarantee overseas loans are mostly used for liquidity replenishment, and the cycle is relatively short (e.g. one-year), So the various problems caused by repayment can not be avoided, repayment or not directly affects the bad debt rate of banks. 三.Domestic deposits guarantee overseas loans, Domestic deposits guarantee offshore loans Domestic deposits guarantee overseas loans Refers to the deposit of funds by domestic companies in domestic banks as RMB security deposit with a maturity of 2-3 years.The bank's overseas bank provides loans to the company's overseas subsidiaries or special purpose companies, and the overseas loans are due to be repaid on time.If foreign loans cannot be repaid, the domestic company will prestore the deposit pre-existing in the domestic bank as the profit of the enterprise and realize the profit from the group level;The overseas bank treats the overseas loan as bad debts, and the domestic bank can handle its collateral by auction, sale, etc .And earn the income as profit.Such operations are more common inbank with foreign capital banks. 四. Offshore fund channel Offshore funds are funds registered outside the host country and usually established in offshore jurisdictions such as the Cayman Islands, the British Virgin Islands, Mauritius, Bermuda, etc.These areas are relatively lax in their regulation of the fund, where local governments exempt the fund from taxes on non-local income, some of which can be publicly issued globally. Due to the flexibility of SPC, such funds currently established in Cayman are more common.When making capital leave the country declaration, it can be declared as a company to be established in Cayman for equity acquisition or industrial investment.Cayman company is mainly used as a channel for fund payment in the entire structure, and it is delivered to the target company through Cayman company.According to the agreement, the equity acquired overseas is held by Cayman company or held by domestic entities. 五.Funds outbound under operating items With 「import」 as the keynote, external payments can be realized by means of supply chain and other trade channels. The passageway enterprise has a large amount of funds (or a pool of funds), it may adopt domestically received RMB, and abroad direct release foreign currency, both sides hedge.Less powerful trade enterprises can complete external payments through trade.First, it is possible to use overseas high selling form to pay externally.Second, it may be circulation in the form of pure notes (false trade).
⑨Hong Kong companies controlled by the actual controller of the mainland company pay the remaining 80% of thePayment for goods to the Hong Kong subsidiary of the supply chain company.
Ⅲ.Payment of service fees and dividends, etc At present, the regulatory attitude toward the leave the country of funds under recurrent conditions is the principle of authenticity.In accordance with the provisions of the guidelines on Foreign Exchange Administration of Trade in Services, the outbound of funds under trade in services should be realized by means of service charges, etc.Need to provide the bank with the elements of the Transaction target, the main body, etc Such as Contract (agreement), invoice (notice of payment) or the subject matter of the transaction, subject matter, amount, etc., the settlement list of these elements (payment list) document.Banks should examine the authenticity and reasonableness of transactions according to Three principles of banking industry.Under the current situation of strict supervision of capital outbound, financial institutions may submit to the higher-level banking institutions for review when large-scale external payments are involved. 六.Derivative mode Domestic banks can directly sign contracts for derivatives with foreign banks without the need for basic transactions.If the entity enterprise has the basic creditor's rights or the transaction can sign the derivative agreement .Through special arrangements, domestic investors can indirectly participate in the cross-border derivative transactions of banks and "risk participation" in overseas base assets, and obtain the corresponding cross-border asset management income, and actually achieve the purpose of capital outbound. |