SAFE Improves Foreign Exchange Administration, Nullifies Regulatory Documents

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Aug. 27  – The State Administration of Foreign Exchange released a circular on Tuesday announcing that 25 regulatory documents have been repealed or nullified to improve the laws on foreign exchange administration.

Of the 25 regulatory documents, 17 include the Circular on Adjusting the Examination and Approval Procedures for Financial Institutions Carrying Out Foreign Exchange Businesses and the Administrative Rules for Foreign Exchange Businesses in Banks, were repealed and replaced with new rules. Another eight documents including the Circular on Appropriately Relaxing the Foreign Exchange Transaction by Financial Institutions As Agents were nullified because the application term has expired or the regulated objects no longer existed.