China’s State Administration of Foreign Exchange (SAFE) has rolled out new rules governing online and other electronic trading of foreign exchange, The Wall Street Journal reports. The regulator will review electronic foreign-exchange services for illegal transactions and put the names of those involved on a watch list.
The users will be allowed to sell or purchase forex via e-banks, self-service terminals, telephone banking and mobile banking under certain banks authorized by SAFE. Bank of China, China Merchants Bank and Industrial and Commercial Bank of China have so far been approved by SAFE to open individual forex purchase businesses.
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