In order to actively support cross-border e-commerce development and prevent foreign exchange payment risks of Internet channels, since 2013, the State Administration of Foreign Exchange has launched pilot projects for cross-border e-commerce foreign exchange payment services in five regions including Shanghai, Beijing, Chongqing, Zhejiang and Shenzhen. The pilot situation is good. On this basis, a few days ago, the State Administration of Foreign Exchange issued the "Notice of the State Administration of Foreign Exchange on Launching a Pilot Program for Cross-border Foreign Exchange Payment Services of Payment Agencies" (Huifa  No. 7, hereinafter referred to as the "Notice"), nationwide Piloting cross-border foreign exchange payment services for some payment institutions, allowing payment institutions to provide foreign exchange fund collection and payment and foreign exchange settlement services for cross-border e-commerce transactions.
The main contents of the Notice include: First, increase the single business limit. The online shopping single transaction limit was raised from the equivalent of 10,000 US dollars to 50,000 US dollars, relaxing the restrictions on the number of foreign exchange reserve accounts opened by payment institutions. The second is to standardize the pilot process. In order to obtain the pilot qualification, the payment institution shall go to the foreign exchange bureau of the registered place to register the “Trade Foreign Exchange Income and Expenditure Business Directory”. The third is strict risk management. The payment institution is required to strictly perform the transaction authenticity review duties, retain relevant information for 5 years for future reference, and timely report relevant business data and information. The SAFE will conduct off-site verification and on-site verification of the pilot business and conduct prudential supervision.