China has unveiled new measures aimed at improving foreign exchange operations to streamline cross-border trade more effectively. These measures will come into effect on 1st June.
According to China Central Television, the State Administration of Foreign Exchange (SAFE) has announced six new measures across three areas. These include enhancing the registration management for foreign trade enterprises, simplifying the process for settling foreign exchange transactions related to cross-border trade, and consolidating regulations concerning foreign exchange in goods trading.
The foreign exchange regulator stated that additional steps will be implemented to enhance the quality and efficiency of foreign exchange services, providing better support to the real economy. This move aims to further enhance the business environment and contribute to the stability and quality of foreign trade, according to WAM.
China’s foreign exchange reserves, as reported by SAFE data on Sunday, reached $3.2457T in March, marking a $19.8B increase or 0.62 percent from February.
