13 Jun '11, 9pm

China eases rules on banks' forex - TODAYonline

SHANGHAI - China's foreign exchange regulator said yesterday it would relax certain rules on banks' conversion of foreign currency for their own business operations as of July 1, easing its grip on the country's tightly controlled capital account. "The new regulations will reduce the number of requirements, simplify some approval processes and allow banks to gradually develop self-management of business activities that involve foreign exchange," the State Administration of Foreign Exchange (SAFE) said. SAFE said it would also simplify the process by which banks make foreign-currency dividend payments to foreign shareholders. Foreign banks will have the added option of converting into yuan, without prior approval, an amount that they determine at the beginning of each month they will need for their normal business operations for the month, SAFE said. This estimate may rise ...

Full article: http://www.todayonline.com/Business/EDC110614-0000040/Chi...

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