REGULATIONS ON FOREIGN CURRENCY DEPOSITS AND SPECIAL RENMINBI DEPOSITS BY THE BANK OF CHINA

(Issued by the Bank of China on January 1, 1983)

I. BANK OF CHINA REGULATIONS FOR FOREIGN CURRENCY DEPOSITS (CATEGORY A)

II. BANK OF CHINA REGULATIONS FOR FOREIGN CURRENCY DEPOSITS (CATEGORY B)

I. BANK OF CHINA REGULATIONS FOR FOREIGN CURRENCY DEPOSITS (CATEGORY A)

   Article 1. Deposits under these regulations are handled by the Banking Department of the Head Office of the Bank of China and the bank’s domestic
branches and sub-branches.

   Article 2. An account for deposits may be opened by the following bodies, enterprises and organizations:

(1) Foreign diplomatic, consular and commercial missions, organs of international bodies and offices of non-governmental organizations
stationed in China;

(2) Chinese and foreign enterprises and organizations set up in foreign countries or the Hongkong and Macao regions;

(3) Enterprises operating in China with overseas Chinese capital or foreign capital or joint Chinese and foreign capital;

(4) State organs, organizations,schools, state-owned enterprises and establishments and collective urban and rural economic bodies
in China;

(5) Others with the approval of the Bank of China.

   Article 3. Foreign exchange of the following kinds may be deposited in the aforesaid account:

(1) Foreign exchange in convertible currency remitted brought, or sent into China from abroad or the Hongkong and Macao regions.
Where the foreign exchange is in foreign bank-notes, the banknotes shall have to be first sold to the bank at its current buying
rate and the proceeds converted into foreign currency as its current selling rate before the account can be credited. Where a foreign
currency bill is not payable immediately, the amount can be credited to the account only after collection by the bank;

(2) Foreign exchange funds of enterprises operating with overseas Chinese capital or foreign capital or joint Chinese and foreign
capital;

(3) Foreign exchange kept by Chinese state organs, enterprises, establishments and organizations with the approval of the government
department in charge of foreign exchange control;

(4) Other kinds of foreign exchange which the Bank of China has agreed to accept for deposit.

   Article 4. Deposits are of two types, namely, fixed deposit and current deposit. Interest shall be paid at the rates published by the Head
Office of the Bank of China.

(1) A fixed deposit takes the form of a deposit certificate issued in the name of the depositor and must be established and withdrawn
in its entirety in one lump sum. Maturity may be of 3 months, half a year, 1 year or 2 years. The initial deposit must not be less
than the equivalent of RMB 10, 000. Where the interest rate changes prior to maturity, interest on the deposit shall still be paid
at the rate originally fixed at the time of deposit. If the deposit is renewed after maturity, the interest rate ruling on the date
of renewal is to apply.

(2) A current deposit takes two forms, namely, deposit book and current account. The initial deposit must not be less than the equivalent
of RMB 1, 000. Withdrawals may be made at any time either by presentation of the deposit book or by a withdrawal slip, but no overdraft
is allowed. Approval must be obtained from the bank in case the holder of a current account in China wishes to use cheques because
of special need, but no interest is allowed for current accounts using cheques.

Deposits are restricted to 5 kinds of currencies, namely, the US dollar, Pound sterling, Hongkong dollar, Deutsche mark and Japanese
yen. Deposits in other currencies shall be credited to the account only after the currency concerned has been converted into one
of the aforesaid 5 currencies at the ruling exchange rate.

   Article 5. A request for opening an account for deposit must be accompanied by an identification document, a letter of application and a specimen
signature. If what is established is a fixed deposit, the bank shall issue to the depositor a fixed deposit certificate in depositor’s
name, whereas if it is a current deposit, the bank shall issue to the depositor a deposit book or an advice notifying it of the opening
of the account.

   Article 6. The Use of Deposits:

(1) Funds in a deposit may be remitted to place within or outside China.

(2) Funds in a deposit may be converted into Renminbi at the ruling exchange rate.

(3) Funds in a deposit may be transferred to another foreign currency account kept with the bank.

(4) With the approval of the bank, foreign banknotes may be sold to the personnel of the depositor to meet the needs of their departure
from China. In principle, transfers abroad should be made in the same kind of currency as that deposited. If transfers are made
in any other foreign currency, they shall be dealt with as where foreign exchange is bought and sold by the bank.

The use of a deposit by state organs, organizations, schools state-owned enterprises and establishments, collective urban and rural
economic bodies and enterprises operating with joint Chinese and foreign capital in China shall be in conformity with the foreign
exchange control regulations of the country.

   Article 7. On maturity, a fixed deposit may be withdrawn against the deposit certificate and the specimen signature previously left with the
bank or according to a pre-arranged procedure. A current deposit may be withdrawn against the deposit book and a withdrawal slip
or according to a pre-arranged procedure.

   Article 8. A fixed deposit may be renewed on maturity by presenting the deposit certificate and furnishing the specimen signature to the bank
or according to the pre-arranged procedure. In case a fixed deposit is not withdrawn or renewed on maturity, interest for the period
after maturity shall be calculated at the rate for current deposits ruling on the date of maturity. Where a fixed deposit is withdrawn
before maturity because of special need, the interest paid shall be that for current deposits ruling on the date of withdrawal.

   Article 9. In case of loss of the deposit certificate, deposit book, cheques or signature stamp (seal), the depositor shall immediately file
a written request for stop-payment with the bank against a certificate issued by the depositor’s unit or other documents originally
agreed upon. Upon the bank’s approval, a new deposit document may be issued to the depositor or a new specimen signature allowed
to replace the old one. If a deposit has been withdrawn by other persons prior to receipt by the bank of the request for stop-payment,
the bank shall not bear any responsibility.

   Article 10. On closing an account, the depositor shall return to the bank the deposit book, certificate or unused cheques together with other
related documents, if any.

   Article 11. The bank has the responsibility for the confidentiality of the deposit of the depositor.

   Article 12. These regulations are promulgated and put into force by the Head Office of the Bank of China.

II. BANK OF CHINA REGULATIONS FOR FOREIGN CURRENCY DEPOSITS (CATEGORY B)

   Article 1. Deposits under these regulations are handled by the Banking Department of the Head Office of the Bank of China and the bank’s domestic
branches and sub-branches.

   Article 2. An account for deposits may be opened in their own names by foreign nationals, foreign nationals of Chinese descent, overseas Chinese
and Hongkong and Macao compatriots resident abroad or in the Hongkong and Macao regions, persons making short visit in China, foreign
personnel of foreign diplomatic and consular missions and of foreign representations stationed in China, foreign technicians, correspondents,
scholars, experts, seamen, students and trainees resident in the country, and Chinese nationals who are allowed by state regulations
to retain foreign exchange for themselves.

   Article 3. Foreign exchange of the following kinds may be deposited in the aforesaid account:

(1) Foreign exchange in convertible currency remitted or brought into China from abroad or from the Hongkong and Macao regions;

(2) Where the foreign exchange brought in is in foreign bank-notes, the bank-notes shall have to be first sold to the bank at its
ruling buying rate and the proceeds converted into foreign currency at its ruling selling rate before the account can be credited.
Where a foreign currency bill is not payable immediately, the amount can be credited to the account only after collection by the
bank;

(3) Overseas Chinese remittances for buying houses;

(4) Other kinds of foreign exchange which the Bank of China has agreed to accept for deposit.

   Article 4. Deposits are of two types, namely, fixed deposit and current deposit. Money can be freely credited to or withdrawn from them. Interest
shall be paid at the rate published by the Head Office of the Bank of China. The principal and interest may be remitted abroad on
maturity.

(1) A fixed deposit takes the form of a deposit certificate issued in the name of the depositor and must be established and withdrawn
in its entirety in one lump sum. Maturity may be of 3 months, half a year, 1 year or 2 years. The initial deposit must not be less
than the equivalent of RMB50. Where the interest rate changes prior to maturity, interest on the deposit shall still be paid at
the rate originally fixed at the time of deposit. If the deposit is renewed after maturity, the interest rate ruling on the date
of renewal is to apply.

(2) A current deposit takes the form of a deposit book. Withdrawals may be made at any time by presentation of the deposit book. The
initial deposit must not be less than the equivalent of RMB20.

(3) Deposits are restricted to 5 kinds of currencies, namely,the US dollar, Pound sterling, Hongkong dollar, Deutsche mark and Japanese
yen. Deposits in other currencies shall be credited to the account only after the currency concerned has been converted into one
of the aforesaid 5 currencies at the ruling exchange rate.

   ARticle 5. A request for opening an account for deposits must be accompanied by a letter of application and a specimen signature. If what
is established is a fixed deposit, the bank shall issue to the depositor a fixed deposit certificate in the depositor’s name, whereas
if it is a current deposit, the bank shall issue to the depositor a deposit book. Persons resident abroad or in the Hongkong and
Macao regions may contact the bank by post and an account for deposits will be opened for them according to arrangements. In such
a case the deposit certificate or deposit book may be kept in the custody of the bank and a certificate of custody shall be issued
to the depositor.

   Article 6. On maturity, a fixed deposit may be withdrawn against the deposit certificate and the specimen signature previously left with the
bank or according to a pre-arranged procedure. A current deposit may be withdrawn against the deposit book and a withdrawal slip
or according to a pre-arranged procedure.

   Article 7. The Use of Deposits

(1) A deposit may be transferred abroad.

(2) A deposit may be converted into Renminbi at the ruling exchange rate to be used in China or remitted to relatives in the country
with the special privileges accorded to overseas Chinese remittances according to regulations.

(3) A deposit may be used to pay the travelling expenses of visitors in China;

(4) When a depositor leaves China, foreign banknotes may be sold to him according to circumstances upon his application and with the
approval of the bank. The currency to be remitted abroad shall, in principle, be of the same kind as that deposited. If another
kind of currency is remitted, the case shall be dealt with as where foreign exchange is bought and sold by the bank.

   Article 8. If a fixed deposit is not withdrawn on maturity, the bank may renew it for another similar period.

Where withdrawal is made before maturity because of special need, the interest on the amount drawn shall be paid at the rate for current
deposits ruling on the date of withdrawal, while the amount remaining undrawn shall continue to bear interest at the rate allowed
at the time of deposit.

   Article 9. In case of loss of the deposit book, deposit certificate or signature stamp (seal), the depositor shall file a written request with
the bank for stop-payment against his identification certificate or other documents originally agreed upon. Upon the bank’s approval,
a new deposit document may be issued to the depositor or a new specimen signature allowed to replace the old one. If the deposit
has been withdrawn by fraud prior to receipt by the bank of the request for stop-payment the bank shall not bear any responsibility.

   Article 10. On closing an account, the depositor shall return to the bank the deposit book or deposit certificate together with other related
documents, if any.

   Article 11. The bank has the responsibility for the confidentiality of the deposit of the depositor.

   Article 12. These regulations are promulgated and put into force by the Head Office of the Bank of China.

   Article 1. Deposits under these regulations are handled by the Banking Department of the Head Office of the Bank of China and the bank’s domestic
branches and sub-branches.

   Article 2. An account for deposits may be opened by the following bodies, enterprises, organizations and individuals:

(1) Foreign diplomatic, consular and commercial missions, organs of international bodies and offices of non-governmental organizations
stationed in China;

(2) Enterprises and organizations set up abroad or in the Hongkong and Macao regions;

(3) Enterprises operating in China with overseas Chinese capital or foreign capital or joint Chinese and foreign capital;

(4) Foreign nationals, overseas Chinese and Hongkong and Macao compatriots resident in or outside China;

(5) Chinese nationals who are allowed by state regulations retain foreign exchange for themselves.

(6) Others with the approval of the Bank of China.

   Article 3. Foreign exchange of the following kinds may be converted into Renminbi at the ruling exchange rates and credited to the aforesaid
account:

(1) Remittances from abroad or the Hongkong and Macao regions in favour of a depositing unit or individual;

(2) Where the foreign exchange brought or sent into the country from abroad or from the Hongkong and Macao regions is in foreign bank-notes,
the account shall be credited only after the bank-notes have been converted into Renminbi at the ruling buying rate for foreign bank-notes.
A foreign currency bill which is not payable immediately shall be credited to the account only after collection by the bank;

(3) Other kinds of foreign exchange with the approval of the bank.

   Article 4. Deposits are kept in the name of the depositor and are of two kinds, namely, current deposit and deposit book. Interest shall be
calculated at the rate for current deposits published by the People’s Bank of China. Where the depositing unit or individual requires
the use of cheques because of special need, approval must be obtained from the bank, but no interest is allowed for current deposits
using cheques. The initial deposit shall not be less than RMB 1,000 for representative bodies, enterprises and organizations, and
RMB 20 for individuals.

   Article 5. To open an account, the depositor must provide the bank with an identification document a letter of application and a specimen signature
or follow procedures already agreed upon.

   Article 6. The Use of Deposits

(1) The principal and interest of a deposit may be converted into foreign currency at the ruling exchange rate to be remitted abroad;

(2) Funds in a deposit may be transferred to a Renminbi account or withdrawn in Renminbi banknotes with the special privileges accorded
to overseas Chinese remittances according to regulations. The funds so transferred or withdrawn are not allowed to be re-deposited
in the account.

(3) A deposit may be transferred to another special Renminbi account kept with the bank.

The use of a deposit by enterprises operating with joint Chinese and foreign capital in China shall be in conformity with the foreign
exchange control regulations of the country.

   Article 7. In case of loss of the deposit book or signature stamp (seal), the depositor must notify the bank in writing to stop payment against
an identification certificate or other documents, originally agreed upon. Upon the bank’s approval, a new deposit document may be
issued to the depositor or a new specimen signature allowed to replace the old one. If the deposit has been withdrawn by other persons
prior to receipt by the bank of the stop-payment notice, the bank shall not bear any responsibility.

   ARticle 8. On closing an account, the depositor shall return to the bank the deposit book and unused cheques together with other related documents,
if any.

   Article 9. The bank has the responsibility for the confidentiality of the deposit of the depositor.

   Article 10. These regulations are promulgated and put into force by the Head Office of the Bank of China.