Under Circular 59, what are the authorized banks?
Authorized banks are those banks authorized under Circular 59 by SAFE to settle capital funds accounts without advance approval by SAFE. The bank may be a foreign bank. To obtain SAFE authorization, a bank must (1) be qualified for converting foreign exchange; (2) in the past three years, not have violated the rules for foreign exchange conversion under the capital account; (3) have proper internal controls on FIE capital account limits and the management of capital funds; and (4) have an efficient reporting system for unusual occurrences in business operations.
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