On April 18 2014, the State Administration of Foreign Exchange (SAFE) issued the Provisions for the Administration of the Centralised Operation of Foreign Exchange Funds by Multinational Corporations (Trial Implementation) (国家外汇管理局跨国公司外汇资金集中运营管理规定 (试行)) (Provisions) which became effective on June 1 2014.
Opening up foreign exchange
A new cash-pooling system allows multinational corporations to centralise their foreign exchange funds and eases flow between their onshore and offshore accounts. But quantitative control remains and the full potential of the system is yet to be realised
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