China unveils new measures to streamline foreign exchange business processes

BEIJING - The State Administration of Foreign Exchange (SAFE) released a circular on Sunday, announcing the introduction of six measures aimed at optimizing foreign exchange business processes.

According to the circular, these newly-introduced measures are designated to further boost trade facilitation and enhance the ability to serve the real economy.

The policies mainly involve moves in optimizing the registration of foreign trade enterprises, facilitating cross-border trade settlement and payment for enterprises, and streamlining regulations regarding foreign exchange for goods trade, according to the SAFE.

The circular will take effect from June 1, 2024.