Tuesday, 26 August 2014

China Updates- State Administration of Foreign Exchange (SAFE)

A new State Administration of Foreign Exchange (SAFE) circular (Circular 36 on "Relevant Issues Concerning the Pilot Reform in Certain Areas of the Administrative Method of the Conversion of Foreign Exchange Funds by Foreign-invested Enterprises") came into effect on 4th August 2014. Circular 26 allows increased flexibility to foreign-invested enterprises (FIEs) in some locations in China to convert the foreign exchange in their capital account into RMB (i.e. for use as working capital in the business).

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