China aims for simpler forex regulations

BEIJING - China will simplify regulations on foreign exchange management to create a more convenient investment environment for foreign investors, the State Administration of Foreign Exchange (SAFE) said Saturday.

The SAFE issued a new guideline which further clarifies forex management for foreign investors and abolishes some normative documents fettering foreign direct investment.

The guideline urged 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 on May 13, 2013.