State Administration of Foreign Exchange issues policy on centralised foreign currency management ...

State Administration of Foreign Exchange issues p...

China Tax Alert - Issue 13, May 2014

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State Administration of Foreign Exchange issues policy on centralised foreign currency management for multinational corporations

State Administration of Foreign Exchange issues policy on centralised foreign currency management for multinational corporations

The State Administration of Foreign Exchange (SAFE) recently issued the Notice of provisions on the centralised foreign currency management for multinational corporations. The Circular further explains the policy for expanding financing and investment activities from the Free Trade Zone (FTZ) to a nationwide level, and sets out the administrative procedures regarding how multinational corporations can centralise their operations to manage the foreign currency (forex) of their domestic and foreign member companies. These new measures intend to create the same innovative environment for foreign-invested enterprises residing outside of the FTZ as those within the FTZ with respect to cross-border forex flow.

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