China to step up supervision on foreign debt
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E-mail China.org.cn, May 3, 2013
China's State Administration of Foreign Exchange (SAFE) Thursday announced new rules on foreign debt registration to tighten monitoring of debts and prevent potential risks.
The State Administration of Foreign Exchange (SAFE) said in a statement that the rules optimized and streamlined the procedures of registering foreign debts.
The administration and its local branches will be responsible for the management and supervision of foreign debt registrations, how debts will be used and repayments, according to the new rules.
The rules require debtors, including financial departments and commercial banks, to report their foreign debts to the SAFE.
The administration said it aims to strengthen the monitoring and inspection of foreign debts to ward off potential risks.
The rules will take effect on May 13.
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