China to relax forex control over services trade

China Daily

China will expedite foreign exchange transactions in the services trade by streamlining administrative procedures, the State Administration of Foreign Exchange (SAFE) announced Wednesday. Under the new rules, which will be effective from Sept 1, a forex payment or settlement transaction in the services trade that is equivalent to $50,000 or less can proceed without having to verify its transaction documents, the SAFE said in an online statement. The simplified procedure is expected to benefit about 88 percent of China's services-trade-related forex transactions, according to SAFE data.

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