China’s foreign exchange regulation system has been reformed to promote trade and investment facilitation.
More specifically, 17 forex regulations have been abolished because they were considered outdated and this will help market entities better understand the country’s forex policies, according to authorities.
The abolished regulations used to center on aspects including import forex payment, trade in service and foreign debt, as well as the forex management for financial institutions, companies and individuals.
The authority has also scrapped the requirements on the quota and account validity for front-end expenses of foreign direct investment in two regulations to make direct investment into China easier.
In the future, more outdated laws and regulations for trade and investment will be cleared, stated the authority.