Domestic Foreign Exchange Loans Under Dedicated Account Management: The SAFE Notice Effective 1 October 2026
- The State Administration of Foreign Exchange Notice on Further Improving the Foreign Exchange Administration of Domestic Foreign Exchange Loans took effect on 1 October 2026.
国家外汇管理局《关于进一步完善国内外汇贷款外汇管理有关事项的通知》自2026年10月1日起施行。
- Under the Notice, domestic foreign exchange loans are subject to dedicated account management, so the account becomes the operational locus through which the loan is held and administered.
根据该通知，国内外汇贷款实行专用账户管理，账户因此成为贷款持有与管理所依托的操作载体。
- The Notice requires lenders, in accordance with the data collection standards for foreign exchange business of financial institutions, to report the various data items of domestic foreign exchange loan business in a timely and accurate manner.
该通知要求贷款人严格按照金融机构外汇业务数据采集规范要求，及时准确报送国内外汇贷款业务各项数据。
- The Notice also makes clear that the account management system is to be improved, which points to further refinement of how the accounts are structured and administered.
该通知还明确完善账户管理体系，指向账户如何设置与管理的进一步细化。
- At a State Council Information Office press conference on 17 July 2026, Xiao Sheng, Director of the Capital Account Management Department of the State Administration of Foreign Exchange, said that since 2023 the administration has rolled out “package” policies to facilitate cross-border investment and financing for three consecutive years, comprising nearly 20 measures, and that a further package is planned for 2026.
在2026年7月17日国务院新闻办公室发布会上，国家外汇管理局资本项目管理司司长肖胜表示，2023年以来外汇局连续3年推出”一揽子”跨境投融资便利化政策，先后出台近20项政策措施，并介绍2026年拟再推出一揽子政策。
- The 2026 package described three directions — facilitating direct investment, expanding the high-level opening of cross-border financing, and optimising capital account registration management — and these reform measures are to be released and implemented after the relevant procedures are completed; as of the verification date no formal document had been issued.
所述2026年一揽子政策包含三个方向——提升直接投资便利化水平、扩大跨境融资高水平开放、优化资本项目业务登记管理，这些改革措施将在完成相关工作程序后按规定发布实施；截至核验日尚未发布正式文件。
- As of the end of September 2026, China’s foreign exchange reserves stood at USD 3,400.3 billion, down USD 38.1 billion from the end of August, a decline of 1.11 percent, according to data released by the State Administration of Foreign Exchange on 7 October 2026.
据国家外汇管理局2026年10月7日发布的数据，截至2026年9月末，我国外汇储备规模为34003亿美元，较8月末下降381亿美元，降幅为1.11%。
Domestic Foreign Exchange Loans Under Dedicated Account Management: The SAFE Notice Effective 1 October 2026 | 国内外汇贷款实行专用账户管理：2026年10月1日起施行的外汇局通知
Overview
The State Administration of Foreign Exchange Notice on Further Improving the Foreign Exchange Administration of Domestic Foreign Exchange Loans took effect on 1 October 2026. The Notice concerns domestic foreign exchange loans — that is, foreign exchange lending between a lender and a borrower within China — and it addresses how such loans are held in accounts and how their data is reported.
The Notice is short in its core content. It provides that domestic foreign exchange loans are subject to dedicated account management; it requires lenders to report the various data items of domestic foreign exchange loan business in a timely and accurate manner in accordance with the data collection standards for foreign exchange business of financial institutions; and it makes clear that the account management system is to be improved.
This article sets out the official content of the Notice, the policy background of the multi-year facilitation packages, the recent foreign exchange reserve data, and the points foreign-invested enterprises may wish to examine. It stays within the official record and does not invent article numbers, account names or penalty provisions that are not part of the verified content.
What the Notice provides
The first point is dedicated account management. Domestic foreign exchange loans are to be administered through a dedicated account, so that the loan has a defined operational locus rather than being handled through accounts used for other purposes.
The second point is data reporting. Lenders are required, in accordance with the data collection standards for foreign exchange business of financial institutions, to report the various data items of domestic foreign exchange loan business in a timely and accurate manner. This places the reporting obligation on the lender and ties it to an existing data collection standard.
The third point is that the account management system is to be improved. This is a directional statement: it indicates that the arrangements for how the accounts are structured and administered are to be refined further.
For a foreign-invested enterprise that borrows in foreign exchange within China, or for a financial institution that lends to one, the practical centre of gravity is the dedicated account and the reporting that flows from it. The Notice itself does not, in the verified content, set out detailed account names or penalty provisions, and this article does not supply them.
Policy background: the multi-year facilitation packages
The Notice sits within a longer sequence of measures on cross-border investment and financing. At a State Council Information Office press conference on 17 July 2026, Xiao Sheng, Director of the Capital Account Management Department of the State Administration of Foreign Exchange, described that sequence.
According to that account, since 2023 the administration has rolled out “package” policies to facilitate cross-border investment and financing for three consecutive years, comprising nearly 20 measures. The measures described included facilitating the payment and use of funds by foreign-invested enterprises, supporting cross-border financing by science and innovation enterprises, reducing the negative list for the use of capital account income, and expanding the range of regions in which banks may handle foreign exchange registration. In terms of outcomes, some business processing times were shortened from three working days to same-day completion, and for some enterprises the number of documents required for review was halved.
Xiao Sheng also described a further package planned for 2026, in three categories. The first is to raise the level of facilitation for direct investment, including simplifying the procedures for settlement and payment under capital accounts. The second is to expand the high-level opening of cross-border financing, including expanding the range of entities to which cross-border financing facilitation policies apply, promoting the green foreign debt pilot nationwide, and optimising the macro-prudential management of cross-border financing. The third is to optimise the registration management of capital account business, including having some registration business handled directly by banks and increasing the types of capital account business that can be handled online.
It should be noted that these 2026 reform measures are to be released and implemented after the relevant working procedures are completed. As of the verification date, no formal document for the 2026 package had been issued, and it should not be treated as already in force. The Notice effective on 1 October 2026 is a separate, issued instrument.
Market context
Alongside the policy sequence, the administration publishes regular data on foreign exchange reserves. According to data released by the State Administration of Foreign Exchange on 7 October 2026, China’s foreign exchange reserves stood at USD 3,400.3 billion as of the end of September 2026, down USD 38.1 billion from the end of August, a decline of 1.11 percent.
This figure is background to the broader foreign exchange environment in which the account management rules operate. It is a data release rather than a statement about the Notice, and the two should be read separately.
Practical implications for foreign-invested enterprises
Financing arrangements. For a foreign-invested enterprise that borrows in foreign exchange within China, the dedicated account requirement bears on how the borrowing is set up and administered. Treasury and finance functions may wish to confirm that the account structure reflects the requirement.
Account operations. Because the loan is held through a dedicated account, the operational flow around drawdown, use and repayment runs through that account. Institutions that lend to foreign-invested enterprises should confirm that their own procedures align with the dedicated account arrangement.
Data reporting. The reporting obligation rests with the lender and is tied to the data collection standards for foreign exchange business of financial institutions. Lenders should confirm that the relevant data items are reported in a timely and accurate manner, and borrowers should be prepared to provide the information their lender needs.
Watching the pending package. The 2026 package described at the July press conference is not yet issued. Enterprises with cross-border financing plans may wish to follow official announcements, but should not treat the described measures as already effective.
Documentation. Because the Notice ties reporting to an existing data collection standard, keeping clean and current documentation of the borrowing and its use supports accurate reporting.
Related considerations
The Notice addresses domestic foreign exchange loans specifically. Other aspects of cross-border financing — such as the broader facilitation policies described at the July press conference, and the green foreign debt pilot and macro-prudential management mentioned in the planned package — are governed by their own instruments and timelines.
Foreign-invested enterprises may also consider how the Notice interacts with their wider financing structure, including the currency in which they borrow and the accounts they maintain. Because the verified content of the Notice is limited to dedicated account management, timely and accurate data reporting, and the improvement of the account management system, enterprises should look to the official text and to their banks for the detailed operational requirements.
Sources
- China Financial News (State Administration of Foreign Exchange data release of 7 October 2026): https://www.financialnews.com.cn/2026-10/07/content_458217.html
- Report on the State Council Information Office press conference (State Administration of Foreign Exchange package policies): http://news.gzylhyzx.com/detail.html?newsId=49805502
- The State Council of the People’s Republic of China (background on cross-border fund management policy): https://www.gov.cn/yaowen/liebiao/202610/content_7082824.htm
国内外汇贷款实行专用账户管理：2026年10月1日起施行的外汇局通知
概述
国家外汇管理局《关于进一步完善国内外汇贷款外汇管理有关事项的通知》自2026年10月1日起施行。该通知针对国内外汇贷款，即贷款人与借款人在中国境内开展的外汇借贷，就此类贷款如何在账户中持有以及数据如何报送作出规定。
通知的核心内容不长。它规定国内外汇贷款实行专用账户管理；要求贷款人严格按照金融机构外汇业务数据采集规范要求，及时准确报送国内外汇贷款业务各项数据；并明确完善账户管理体系。
本文梳理该通知的官方内容、多年便利化一揽子政策的制度背景、近期外汇储备数据，以及外资企业可能关注的要点，并严格限于官方记录，不编造不属于已核验内容的条文编号、账户名称或罚则。
通知的规定内容
第一点是专用账户管理。国内外汇贷款应通过专用账户管理，使该笔贷款有确定的操作载体，而非经由用于其他目的的账户处理。
第二点是数据报送。贷款人须严格按照金融机构外汇业务数据采集规范要求，及时准确报送国内外汇贷款业务各项数据。这把报送义务落在贷款人身上，并与既有数据采集规范相衔接。
第三点是完善账户管理体系。这是一项方向性表述：它表明账户如何设置与管理的安排将进一步细化。
对在境内借入外汇的外资企业，或对向其放款的金融机构而言，实务重心在于专用账户以及由此产生的报送。通知的已核验内容本身并未列出详细的账户名称或罚则，本文亦不补充。
制度背景：多年便利化一揽子政策
该通知处于跨境投融资措施的更长序列之中。在2026年7月17日国务院新闻办公室发布会上，国家外汇管理局资本项目管理司司长肖胜介绍了这一序列。
据该介绍，2023年以来，外汇局连续3年推出”一揽子”跨境投融资便利化政策，先后出台近20项政策措施。所述措施包括便利外商投资企业资金支付使用、支持科创类企业跨境融资、缩减资本项目收入使用负面清单、扩大银行办理外汇登记的地区范围等。从效果看，有的业务办理时长从3个工作日缩短到当日办结，有的企业审核单证的材料数量减半。
肖胜还介绍了2026年拟再推出的一揽子政策，分为三类。第一类是提升直接投资便利化水平，包括简化资本项目结汇支付手续。第二类是扩大跨境融资高水平开放，包括拓展跨境融资便利化政策适用主体范围，全国推广绿色外债试点，优化跨境融资宏观审慎管理。第三类是优化资本项目业务登记管理，包括部分登记业务改由银行直接办理，增加资本项目”网上办”业务种类。
需要指出的是，这些2026年改革措施将在完成相关工作程序后按规定发布实施。截至核验日，2026年一揽子政策的正式文件尚未发布，不应视为已经生效。2026年10月1日起施行的通知，是一项已发布的单独文件。
市场背景
在政策序列之外，外汇局定期发布外汇储备数据。据国家外汇管理局2026年10月7日发布的数据，截至2026年9月末，我国外汇储备规模为34003亿美元，较8月末下降381亿美元，降幅为1.11%。
该数据是账户管理规则所处的外汇环境的背景。它是一项数据发布，而非关于该通知的表述，两者宜分开理解。
对外资企业的实务影响
融资安排。 对在境内借入外汇的外资企业而言，专用账户要求关系到借款如何设置与管理。资金管理与财务职能宜确认账户结构已体现该要求。
账户操作。 由于贷款通过专用账户持有，提款、使用与还款的操作流程都经由该账户。向外资企业放款的机构宜确认自身流程与专用账户安排相衔接。
数据报送。 报送义务由贷款人承担，并与金融机构外汇业务数据采集规范相衔接。贷款人宜确认相关数据项已及时准确报送，借款人则应准备好向贷款人提供所需信息。
关注待发布的一揽子政策。 7月发布会所述2026年一揽子政策尚未发布。有跨境融资计划的企业宜跟进官方公告，但不应把所述措施视为已经生效。
文件留存。 由于通知把报送与既有数据采集规范相衔接，保持借款及其用途文件的清晰与更新，有助于准确报送。
相关考虑
该通知专门针对国内外汇贷款。跨境融资的其他方面——例如7月发布会所述的更广泛便利化政策，以及拟议一揽子政策中提及的绿色外债试点与宏观审慎管理——由各自的文件与时间表规范。
外资企业还可考虑该通知与自身更广泛融资结构的关系，包括借款币种与所维护的账户。由于通知的已核验内容限于专用账户管理、及时准确报送数据以及完善账户管理体系，企业应查阅官方文本并向银行了解详细操作要求。
来源
- 中国金融新闻网（国家外汇管理局2026年10月7日数据发布）：https://www.financialnews.com.cn/2026-10/07/content_458217.html
- 国新办发布会报道（国家外汇管理局一揽子政策）：http://news.gzylhyzx.com/detail.html?newsId=49805502
- 中国政府网（跨境资金管理政策背景）：https://www.gov.cn/yaowen/liebiao/202610/content_7082824.htm