SAFE reduces Forex control over service transactions

The year of 2013 can be seen as a remarkable year for the State Administration of Foreign Exchange (SAFE) as it takes steady steps to consolidate its rules and reduce control over foreign exchange transactions.

After several sets of new rules liberalising control in the FDI and foreign debt control areas, SAFE further introduced the Guidelines for the Administration of Service Trade Foreign Exchange and its implementing rules (Circular 30) on 18 July, 2013. Circular 30 cleans up 49 sets of out-of-date rules and greatly streamlines control over cross-border foreign exchange payment for service transactions. It will take effect on 1 September 2013, and set out below is a snapshot of the major developments brought by Circular 30.

The most striking liberalisation brought by Circular 30 is the complete cancellation of SAFE approval for all cross-border service transactions…

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