The state administration of foreign currencies supports prudent and compliant banks
China’s foreign exchange regulator decided to launch a pilot project to facilitate foreign exchange revenues and payments in the Greater Guangdong-Hong Kong-Macao Bay area, in Shanghai and in the Zhejiang province.
The state administration of foreign currencies supports prudent and compliant banks that further loosen the measures in the management of commercial receipts and payments for credible businesses.
These measures include the optimization of the examination of documents and the reduction of red tape on commercial revenues in foreign currency. For real and legitimate trade income, companies can directly transfer money to their current accounts or choose to complete exchange agreements.
The results of the pilot project will be reviewed during the project
The passage of the electronic verification of information for the import declaration can be omitted if payments in foreign currency can be confirmed by the banks. The results of the pilot project will be reviewed while the foreign exchange regulator continues to promote the liberalization of trade and investment and facilitation.
In this way, China will broaden and significantly facilitate access to the market, as emerged from experts during the annual conference on central economic work held in Beijing in December.
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