Trial aims to smooth forex deals

Source: Xinhua | 2019-01-04

China’s foreign exchange regulator has decided to launch a pilot project to facilitate foreign exchange receipts and payments in the Guangdong-Hong Kong-Macau Greater Bay Area, Shanghai and neighboring Zhejiang Province.

The State Administration of Foreign Exchange supports prudent and compliant banks further easing measures in handling trade receipts and payments for creditable enterprises, Shanghai Securities News reported.

These measures include optimizing examination of documents and cutting red tape on trade foreign exchange receipts. For real and legitimate foreign exchange income of trade in goods, enterprises can directly transfer the money to their current accounts or choose to complete foreign exchange settlements.

The banks will no longer ask enterprises for registration.

Electronic verification for import declaration is no longer needed if foreign exchange payments can be confirmed by banks.