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China Eases Foreign Exchange Restrictions to Encourage FDI Inflow
China’s State Administration of Foreign Exchange (SAFE) simplifies foreign exchange rules relating to foreign direct investment to attract foreign investment into China.
Activities such as opening of a foreign currency bank account, buying foreign exchange, sales and settlement, and transfer of foreign exchange between onshore bank accounts, which earlier required administrative reviews and approvals, will now only need registration, saving on time and reducing administrative burden.
CPAs (Certified Public Accountant) will not require obtaining a physical approval document from SAFE. Certain activities such as application materials and approval processes will be eased. Specific activities, however, will continue to require approval.
There will be no restriction on foreign-invested entities lending foreign currency to foreign companies; however, there will be restrictions on the amount.
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