Lin-gang rolls out forex pilot reforms
The Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone on Feb 14 launched a pilot foreign exchange management reform, in order to help push forward with the opening up of its cross-border trade and investment.
The pilot will feature nine capital account reform initiatives and four current account facilitation measures, in a move expected to further bring about financial regulation in line with international rules.
The forex pilot program is being undertaken in four special regions in the country. In Lin-gang it involves the further lowering of the thresholds for certain policies.
At the opening ceremony, the Shanghai branch of the State Administration of Foreign Exchange, or SAFE, signed a memorandum of understanding with the Lin-gang Special Area Administration. Representatives of 12 banks signed letters of cooperation with key customers of the pilot project.
The Shanghai branch of SAFE and the Lin-gang Special Area Administration sign a memorandum of understanding for the pilot of the foreign exchange management reform, on Feb 14. [Photo/WeChat account: shlgguanweihui]
Moving forward, plans are for the Lin-gang Special Area Administration to jointly establish working groups with the Shanghai branch of SAFE.
They will carry out regular publicity activities with the banks and industrial parks there, to ensure the delivery of policies.
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