News + Events
Greater China Practice - Amendment to PRC Foreign Exchange Regulations - State Council - 中华人民共和国外汇管理条例 (修订) - 国务院
September 19, 2008
Released on August 5, and effective as of the same date
This amendment specifies changes to the regulation of foreign currency transactions in both the current and capital accounts. Key changes include: (i) allowing foreign exchange income to the current account to be repatriated or deposited abroad, where previously such income was required to be deposited in China; (ii) requiring increased examination of foreign exchange transactions more detailed reporting of liabilities; and (iii) establishing administrative mechanisms to deal with severely mismatched international assets and liabilities.