The Corporate Treasurer reports that “China’s State Administration of Foreign Exchange (SAFE) revoked and replaced 34 foreign exchange rules on September 16 to ease documentary requirements on foreign exchange.” - see.
Apparently, the agency released two documents outlining 18 revisions of rules that will be kept, and 16 documentation rules that have been abolished entirely. The eliminations should make it easier for treasurers and transaction bankers to be sure of what documents and customer information will be required for particular transactions.
New FX rules catalogue by year end
SAFE have stated that a new catalogue to codify foreign exchange rules will be available by the end of the year.
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