Foreign Exchange Certificate

The Foreign Exchange Certificate ( FEC) was a 1980-1994 in circulation substitute currency for itself in the People's Republic of China foreigners residing. With her ​​state control over the foreign exchange should be facilitated.

FEC issued by the Bank of China in the denominations of 1 and 5 jiao, and 1, 5, 10, 50 and 100 yuan. The payment with FEC was required to carry out certain transactions temporarily in the People's Republic of China foreigners residing including the Chinese from Hong Kong, Macao, Taiwan and overseas, as well as by foreign diplomats. The FEC transactions subject were:

  • Hotel and Accommodation
  • Specifically, the persons named open to tourist services, such as Friendship shops etc.
  • Airfare
  • Train and boat tickets between the PRC and Hong Kong / Macau
  • International telephone calls and parcels
  • Transactions for which the State Central Authority has prescribed the use of FEC for exchange control.

Trade with FEC was forbidden under penalty. 1994 Deng Xiaoping managed from the FEC in the course of further economic opening of the country. Foreigners are now able to pay for all services with the renminbi ( yuan), which remains however limited convertible and must not be taken out of the country indefinitely.

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