SAFE Hands Banks, Trading Companies Tough Forex Rules
(Beijing) – The State Administration of Foreign Exchange (SAFE) has imposed tougher requirements on banks and trading companies regarding their forex-related operations.
It made the move to combat the risk of hot money inflows as suggested by an unusual surge in exports and imports this year.
Trading companies with a severe mismatch between their fund flows and reported exchanges of goods and services with foreign entities are required to explain their situation to SAFE within ten days, the administration said on May 5.
- Holiday Days
- The China Boom: Why China Will Not Rule the World
- One Point Two Billion
- Ailing Northeast Struggles to Keep Young Talent
- Much Has Changed Since Short Sellers Last Attacked HK Dollar
- Day of Play
- Software Firms Accuse Alibaba Health Subsidiary of Profiteering
- Inquiry into Guangdong Official 'Linked to Helping Sex Industry'
- Medical Fees Proposal Jolts China's Pensioners
- Sign up to receive our free daily newsletter
- China Now Learning It Has 'Environmental Migrants'
- Internet Company Treats 2,000 Employees to Cruise as Holiday Present
- Alibaba Gets Bitter Pill as Gov't Said to Scrap E-Drug System
- Government Edges toward Promised Tax Reform
- Tough Times Call for Tougher Reform Push
- Caixin OnlineAnother Official Tied to Zhou Yongkang Is Handed Jail Term
- Carmaker BYD Fares Well in Hometown, Struggles Elsewhere
- U.S. Venture Capital Firm Is Still Betting on China
- More Insiders Said to Be Linked to Agricultural Bank Scandal
- Terror in Mali and New Chinese Perspectives