Which recent documents modify the administration of current foreign exchange accounts in China?
The changes result from two recent documents:
· The People’s Bank of China Announcement, 2006, No.5 (PBOC Announcement), issued on13 April 2006 by the People’s Bank of China (PBOC), and
· The Circular on Adjusting the Management Policies of Foreign Exchange in Current Accounts (SAFE Circular), issued on the same day, with an effective date of 1 May 2006, by the State Administration of Foreign Exchange (SAFE).
The SAFE Circular implements the provisions of the PBOC Announcement.