China -  Chinese law firm

What are the general principles of the PBOC Announcement and the SAFE Circular?

 Enterprises may establish, change or close their foreign exchange current accounts directly with foreign exchange banks without prior approval;
 Enterprises may retain higher amounts of foreign exchange in current accounts;
 Enterprises may make advance purchases of foreign exchange when there is a genuine need;
 For services-related foreign exchange purchases and payments, approval procedures will be relaxed and simplified, and
 For domestic individuals, procedures for purchasing foreign exchange will be simplified and the amount they may purchase will be increased.

RSS Feeds