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:the beneficiary’s and remitter’s name being the same andmax. CNY 80K per day andremitter being a Hong Kong ID holder (remitter must quote HK ID no. in the payment)
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.

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Why use RationalFX?

With over 14 years’ experience delivering international payments for private and corporate clients, it’s safe to say that we’re payments experts. We understand that our clients have varying needs, which is why we place an emphasis on creating bespoke solutions to cater to their individual requirements. Whatever your reason for making overseas payments, we’re confident our currency specialists can save you time and money while providing peace of mind.

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