Current Foreign Exchange Reforms by SAFE
July 02, 2006 | BY
clpstaff &clp articlesService-related foreign exchange payment procedures are simplified. Domestic entities and domestic individuals benefit from procedure simplification for contracts below US$5,000 and an increased foreign exchange purchase limits to US$20,000.
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Current account foreign exchange retention, conversion from renminbi, and outbound remittance as payment for goods and especially for services by individuals as well as by companies and other entities have been further liberalized with effect from May 1 2006.
By Neal A. Stender and Yan Zeng,
Orrick, Herrington & Sutcliffe LLP, Hong Kong;
Lei Cui and Nicholas Sheets,
Coudert Brothers LLP, Beijing and Shanghai