What is NRA Account and What is It for?

NRA (NON-RESIDENT ACCOUNT) is an account opened by an institution which was legally incorporated and registered overseas (including Hong Kong, Macao and Taiwan) with good business records and is in normal operation. An NRA account is a must for overseas institutional client to conduct futures and options trading in China.

In 2009, the SAFE unveiled the Notice Regarding the Administration for Forex Accounts Held by Foreign Institutions with Domestic Banks ([2009], No 29), allowing all banks in China to open foreign exchange accounts for overseas entities.

Funds in an NRA account can be used for merchandises and services trade settlements as well as capital investment (approved by Chinese authorities on a case by case basis). Transfers to/from NRA accounts are managed by banks and authorities as cross-border transactions. As a result, NRA account holders should provide the bank with supporting documents each time when they conduct transaction with domestic entity.

Procedures:

Step 1: Client submits application documents to the bank for account opening.

Step 2: The bank goes through the formalities for company inspection (to check the legal status and validity of the enterprise)

Step 3: The bank examines the account-opening documents and goes through relevant formalities.

Step 4: the application will be submitted to local PBC branch for approval (if necessary)

Step 5: The NRA account is opened after the approval.

You can reach out to your bank account manager for more information.

RMB Margin Deposit & Withdrawal Bank Accounts of MINMETALS FUTURES 

USD Margin Deposit & Withdrawal Bank Accounts of MINMETALS FUTURES 

For overseas clients to trade international products only