Trial Extends For Forex To Be Kept Overseas
By Maggie Zhang |
January 1, 2011, Saturday
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Print Edition
Print Edition
CHINA will expand a trial nationwide from today that allows exporters to keep foreign exchange overseas in a bid to balance the country's international payments.
Exporters with a clean record in the past two years can apply to the State Administration of Foreign Exchange to keep forex overseas, the currency regulator said yesterday on its website.
Companies can apply for a quota by registering with the SAFE that allows them to keep the forex overseas.
"The move is to make trade more convenient to cater to market demand," the SAFE said in a statement.
Previously, Chinese companies were asked to repatriate income earned overseas though they weren't required to convert all their forex into yuan.
Exporters with a clean record in the past two years can apply to the State Administration of Foreign Exchange to keep forex overseas, the currency regulator said yesterday on its website.
Companies can apply for a quota by registering with the SAFE that allows them to keep the forex overseas.
"The move is to make trade more convenient to cater to market demand," the SAFE said in a statement.
Previously, Chinese companies were asked to repatriate income earned overseas though they weren't required to convert all their forex into yuan.
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