ANNOUNCEMENT 11 May 2013In May 2013, the government of China announced a rule change for commercial cross-border financial flows.
NUMBER OF INTERVENTIONS
State Administration of Foreign Exchange, Chinese version available:
On 11 May 2013, the State Administration of Foreign Exchange (SAFE) released the Measures on the Administration of Foreign Exchange in Foreign Direct Investments, clarifying the administration of foreign exchange and the promotion of foreign direct investment.
The SAFE abolished the governmental review and approval requirements for foreign exchange settlement. Instead the review shall be carried out directly by designated banks.