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.
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