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No Need to Apply for Ex-Approval For Delay Payment under Trading Credit Now

According to a Notice issued by the State Administration of Foreign Exchange (hereinafter referred to as the “SAFE”) on 23 May 2011, management measures for some foreign exchange transactions under capital accounts are adjusted. These adjustments relax the management on some foreign exchange transactions to certain degree by comparison with the rules before.
Lee & Lee Associates Comments: The above notice on one hand increase the competition power of domestic enterprises in responding changes on international market and on the other hand, easy rules may push the enterprises to involve in more international businesses than under tight policies and the enterprises shall make ready to handle the increased risks such as foreign exchange risk.

Relevant Rule: “Notice of the State Administration of Foreign Exchange on Canceling and Adjusting the Examination and Approval Powers and Management Measures for Some Foreign Exchange Businesses under Capital Accounts”, (Huifa [2011] No.20) .

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