OREANDA-NEWS. July 28, 2014. CNY can only be used to settle cross-border trades (to pay for the contracted goods and services). Under the existing regulations in the People’s Republic of China, only legal entities (enterprises) may send and receive payments in CNY from overseas.

Transferring Chinese yuans (CNY), in the payment order have to be surely specified:

(Beneficiary Bank)
Beneficiary Bank’s SWIFT/BIC code
Beneficiary Bank’s CNAPS* code
Beneficiary Bank’s Name
Beneficiary Bank’s Address

*CNAPS (China National Advanced Payment System) code – Beneficiary bank, China National Payment System participant, 12-digit code.

(Beneficiary)

Beneficiary Account number
Full and correct Beneficiary Name (in English)
Full and correct Beneficiary Address

(Payment Details)
Complete and correct purpose of the payment, including:
Specific purpose codeword**(should be filled in format: /codeword/)
Good or service type
Number and date of contract
Number and date of invoice.
** Specific codeword should be used to represent the business category when issuing payment:
/GOD/ - cross-border goods trade – cross-border settlement conducted for trade in goods, including general merchandise, goods for processing, goods required for repairing, goods procured in ports by carriers, non-monetary gold import and export, etc.
 
/PRGOD/ - partial return for cross-border goods trade

/RGOD/ - full return for cross-border goods trade

/STR/ - cross-border service trade – cross-border settlement conducted for trade in services, including services or fees relating to transportation, travel, communications, construction services, installation projects and their subcontract services, insurance, financial services, computer and information services, royalties and license fees, sports and entertainment, government services not mentioned above and other commercial services, etc.
 
/PRSTR/ - partial return for cross-border service trade
/RSTR/ - full return for cross-border service trade

Important!
China Yuan – partially convertible currency therefore we kindly ask you to observe the following conditions, making FX deals in CNY:

CNY can be bought to facilitate further outgoing trade-related payments only.

In case the trade-related payment is not effected within 3 (three) months time after the FX deal with CNY, the CNY funds in your account will be exchanged back into the original currency according with currency exchange rate fixed by AS „NORVK BANKA” at the day of transaction for which you irrevocably and unconditionally give rights to AS „NORVK BANKA” by exchanging currency into CNY. Please take into account that in a result of such money exchange back to original currency the amount could differ from original amount and also in negative side for the client. AS „NORVK BANKA” shall not be liable for any client’s loses which may occur in a result of mentioned exchange.