State Administration of Foreign Exchange, Provisions on the Pilot Reform of the System of Verification of Foreign Exchange Payments for Imports

国家外汇管理局进口付汇核销制度改革试点规定

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Forex verification procedure simplified for importers.

Issued: April 6 2010

Main contents: Beginning from May 1 2010, pilot reform of the system of verification of foreign exchange payments for imports will be implemented in seven provinces (municipalities): Tianjin, Jiangsu, Shandong, Hubei, Inner Mongolia, Fujian and Qingdao. The procedures for foreign exchange payments for imports will be much simplified after the reform: the majority of import work units will no longer be required to handle the procedures for on-the-spot verification of foreign exchange payments for regular imports, and banks shall not need to conduct examination via the network when handling foreign exchange payments for imports (Article 1).

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