State Administration of Foreign Exchange, Circular on Revising the Examination and Approval Authority for Certain Capital Account-related Foreign Exchange Transactions

国家外汇管理局关于调整部分资本项目外汇业务审批权限的通知

June 06, 2009 | BY

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Safe delegates its approval authority over capital account items to lower authorities.

Issued: May 6 2009
Effective: June 1 2009

Main contents: The State Administration of Foreign Exchange shall revise the examination and approval authority for certain capital account-related foreign exchange transactions to simplify the administrative procedures for examination and approval and facilitate investment and trade.

Applications of foreign-invested enterprises (FIEs) for opening a funds account in a place outside its locality shall be examined and approved by the foreign exchange branch of the place where the enterprise is located (Article 1).

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