Chinese regulator State Administration of Foreign Exchange (SAFE) is looking to begin a trial for simplified foreign exchange rules in goods trade, The Wall Street Journal reports. The trial process is to begin from December 1.
SAFE’s under-trial norms will not require verification for some items, including companies’ prepayments for goods, payment cancellations or delays. The trial participants include the provinces of Jiangsu, Shandong, Hubei, Zhejiang excluding Ningbo, Fujian excluding Xiamen, and the cities of Dalian and Qingdao.
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