China to facilitate int'l e-commerce forex settlement

Date: 22 May 2020

China announced May 21 eased rules on foreign exchange settlement and purchases amid efforts to support cross-border e-commerce and other new trade industries.

Banks are allowed to offer foreign exchange settlement services for market entities of cross-border e-commerce and other new trade industries upon provision of relevant electronic transaction information, according to a guideline released by the State Administration of Foreign Exchange.

With relevant certificates or electronic transaction information, foreign exchange settlement and purchases are allowed for individual market entities of international e-commerce, without taking up their annual foreign exchange purchase quotas.

The rules, with immediate effects, aimed to ease foreign exchange-relevant policies, improve services and streamline procedures to support new industries of foreign trade, said the administration's spokesperson Wang Chunying.

This came after the administration announced last month to streamline or ease some rules to facilitate cross-border trade and investment, part of the country's efforts to boost trade as the COVID-19 pandemic hobbles global demand and weighs on trade growth.

Source: The China Internet Information Center

Click here to view the original article.

The information on this page may have been provided by a contributor to ChinaGoAbroad, and ChinaGoAbroad makes no guarantees about the accuracy of any content. All content shall be used for informational purposes only. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting such content (including texts, pictures, photos and diagrams) to ChinaGoAbroad for publication. ChinaGoAbroad disclaims all liability arising from the publication of any content/information (such as texts, pictures, photos and diagrams that infringe on any copyright) received from contributors. Links may direct to third party sites out of the control of ChinaGoAbroad, and such links shall not be considered an endorsement by ChinaGoAbroad of any information contained on such third party sites. Please refer to our Disclaimer for more details.