--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
SPORTS
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Chinese Women
Film in China
War on Poverty
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar
Trade & Foreign Investment

Hot Links
China Development Gateway
Chinese Embassies

Pilot Reform on MNC's Forex Management

The State Administration of Foreign Exchanges (SAFE) announced on Sunday that pilot reforms concerning MNCs' (multinational corporations) forex management will be firstly implemented in the Pudong New Area in Shanghai.

Those regional headquarters of MNCs that have set up finance centers in Pudong are allowed to open account in domestic banks, so as to concentratively manage the forex fund of overseas and domestic subsidiaries, according to the SAFE.

The reform loosens the limit on forex fund outflow of Chinese-funded MNCs, so as to encourage the overseas investment of Chinese companies.

The reform simplifies the procedure concerning forex payment, supporting qualified corporations to enter inter-bank forex market.

The SAFE said it would improve the evaluating and monitoring system on foreign exchange management of MNCs' regional headquarters.

The pilot reform follows the principles of "independent initiative, controllability and gradual progress," said the SAFE.

Among the 60 regional headquarters set up by MNCs in Pudong, six are headquarters for China, and 10 are headquarters for the Asia-Pacific region.

(Xinhua News Agency October 24, 2005)

Measures to Contain Increase in Foreign Debt
Watchdog to Loosen Forex Restrictions
China to Expand Forex Trading
Dollar Decline Won't Lead to Forex Sale
Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688