China aims for simpler forex regulations

Beijing, May 12 (IANS) China will simplify regulations on foreign exchange management to create a more convenient environment for foreign investors, authorities said.

The State Administration of Foreign Exchange (SAFE) Saturday issued a new guideline which further clarifies forex management for foreign investors and abolishes some normative documents fettering foreign direct investment.

The guideline seek to integrate and simplify the process of registering, opening account, utilizing and payment of capital with foreign exchange.

A total of 24 clauses of forex regulation will be abolished, the SAFE said.

The guideline will be put into effect May 13, 2013.

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