China delegates foreign exchange approvals

Author: | Published: 20 May 2009

China’s State Administration of Foreign Exchange (Safe) has announced it will streamline approval procedures for foreign exchange business applications. But the move appears to be more symbolic than substantive.

The changes, which are part of an attempt to boost foreign direct investment (FDI) into the country, will see Safe’s local bureaus take over 10 foreign exchange categories, including applications for opening capital accounts by foreign-funded...