New steps as SAFE reforms forex running
Print Edition
MORE e-commerce companies will be allowed to offer cross-border payment services in Shanghai’s pilot free trade zone, while a study will be done on letting authorized firms transport foreign currency in cash from abroad, the city’s foreign exchange regulator said yesterday.
The regulator will undertake the measures as it reforms foreign exchange management this year, the Shanghai bureau of the State Administration of Foreign Exchange said in a statement yesterday.
Allowing organizations to transport foreign currency directly from abroad and offering wholesale services could cut exchange costs for both individuals and institutions.
The local SAFE will also support banks in the FTZ to offer yuan and foreign currency wealth-management services and allow more eligible companies to participate in a centralized operation and management of foreign exchange capital.
SAFE this year will facilitate foreign exchange management under capital accounts and study how to improve a registration system for foreign direct investment, the statement said.
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