Trapped FX cash is over in China!
Well, not quite. But a recent SAFE announcement has made the movement and centralisation of foreign currency in China considerably easier.
As of the June 1, companies based anywhere in China will have the opportunity to set up centralised foreign currency cash management programmes. China’s State Administration of Foreign Exchange (SAFE) recently issued rules confirming that requests need now be made only to local SAFE branches, the regulator announced on the 25 of April.
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