Current Foreign Exchange Reforms by SAFE

July 02, 2006 | BY

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Service-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