The State Administration of Foreign Exchange (SAFE) has allowed Chinese exporters to keep their foreign-currency earnings overseas instead of changing them to yuan, The Wall Street Journal reports. The program started as a trial plan on Oct.1, 2010, allowing 60 exporters in four cities and provinces to keep their hard currency abroad.

Each export company, which will be allowed to hold up to five overseas accounts, will be free to decide on the length of time that it wanted to keep its income offshore or when to return the funds to China, adds Xinhua. The move will help balance China’s international payments as Chinese exporters get almost all their revenue in dollars and other foreign currencies.

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