State Administration of Foreign Exchange

China eases restrictions on the currency control system

On March 30, 2015, the Chinese State Administration of Foreign Exchange (SAFE) issued Circular 19 related to the currency controls system. The measures will come into effect on June 1, 2015. The new regulation facilitates restrictions on the currency control system which is likely to boost foreign investments.

Major updates:

Companies will be able to inject capital with a qualified bank in the area where the business is incorporated without registering with the local SAFE bureau before.

China eases control over overseas remittance

A further and encouraging step was taken by the State Administration of Taxation (SAT) jointly with the State Administration for Foreign Exchange (SAFE) to ease the process of dealing with overseas remittances. The new regulation was issued on July 09, 2013 and implemented and put into force on September 01, 2013.

Controls on Foreign Investment Tightened

--New measures aimed at controlling hot money flows--

The State Administration of Foreign Exchange (SAFE) and the Ministry of Commerce (MOFCOM) have issued a new regulation governing the supervision of foreign investment companies in China, according to an announcement on the MOFCOM website this Monday.

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