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.
- In Thursday's Papers: Dongguan Sees Slower Growth after Sex Trade Crackdown, Another China Resources Executive Investigated for Graft
- The 'Ifs' that Could Prevent Tragedies in Regulators' Offices
- Tencent's Deal for SK Entertainment Firm Has Star Potential, Investor Says
- Slashing Sand
- All (European) Politics Is National
- Northwestern Chinese City Counts Cost of Major Water Pollution Scandal
- Privilege Gap
- In Wednesday's Papers: Shenzhen Police Raid Offices of Video Streaming Firm, Gov'ts Made 4.2 Tln Yuan on Land Sales in 2013
- Does U.S. electric car maker Tesla Motors have a bright future in China?
- Budget Law Revision Proposes Letting Local Gov'ts Issue Bonds
- Sign up to receive our free daily newsletter
- The Long Goodbye
- Officials in Shanxi Scramble to Sort out Steelmaker's Debt Mess
- How Telecom Graft in China Tripped Up Telstra
- Shiller: What We Can Learn from Past Crises
- Jack Ma's 6.5 Bln Yuan Bachelor Party
- Stephen Roach: China, U.S. Headed in Opposite Directions
- Detective Work by Group in 'Black Jail' Claim Leads to Trial
- Graft Inquiry at CNPC Uncovers Shady Deal Involving Productive Oil Block
- The Search for the Chinese Workers Who Helped Build America
- P2P Lenders Heading into Dangerous Waters, Critics Say