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China eases forex rules for banks

07-06-2010 08:49 BJT

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China is relaxing foreign exchange regulations slightly, to make it easier for domestic banks to make direct investment overseas.

Under the new requirements, banks will no longer have to apply to the State Administration of Foreign Exchange for currency to fund overseas investments. These include the establishment of new branches, mergers and acquisitions. The administration has also simplified and improved the procedure for domestic banks to make investments overseas.

The change will take effect in September. But banks expanding overseas still need to obtain other approvals and provide the Administration of Foreign Exchange with relevant information.

Editor:Xiong Qu |Source: CCTV.com

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