China moves to simplify forex settlements and make cross-border business easier
Draft measures would expand forex services, ease compliance requirements and simplify overseas trade payments, Safe says
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China plans to expand foreign exchange settlement services and streamline cross-border trade payments, in a move to lower transaction costs and facilitate international commerce.
The State Administration of Foreign Exchange (Safe) on Monday released a draft notice for public consultation outlining nine measures to facilitate current-account foreign exchange transactions. The proposals aimed to “broaden the applicable scenarios, scope and types of services” and “further reduce businesses’ fund settlement and transaction costs”, according to the regulator.
Among the key measures is a plan to roll out nationwide, from January 1, a scheme facilitating foreign exchange receipts and payments for cross-border trade. The programme has so far operated on a pilot basis.
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