Safe delegates foreign exchange approvals

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    clpstaff &clp articles

    Faster authorisation, but limited scope

    China's foreign exchange regulator has announced it will streamline approval procedures for foreign exchange business applications in an attempt to boost foreign direct investment into the country.

    Safe's local bureaus of the State Administration of Foreign Exchange (Safe)  will take over the supervision of 10 foreign exchange categories, including applications for opening capital accounts by foreign-funded enterprises, external transfer of personal property, and securities companies and fund managers which want renew or terminate their foreign exchange business licenses. The new circular (?????????????????????) was released by the regulator on May 13 2009 and will take effect on June 1.

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