Chinese Central Bank Calls for Supporting New Forms of International Trade via Unified Regulation of Foreign and Domestic Currency Settlement

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The People’s Bank of China (PBOC) has issued a new directive on regulation of domestic and foreign currency settlement as part of efforts to drive the growth of Chinese foreign trade.

PBOC and the State Administration of Foreign Exchange (SAFE) recently issued the draft version of the “Notice Concerning Issues in Relation to the Development of New Forms of Offshore International Trade” (中国人民银行 国家外汇管理局关于支持新型离岸国际贸易发展有关问题的通知) for the solicitation of opinions from the public.

The Notice stipulates that PBOC and SAFE will “implement integrated domestic and foreign currency regulation of cross-border funds settlement for new forms of offshore international trade, and support the development of offshore trade.”

“[PBOC] will provide focused support to the innovative development of the real economy and the transformation and upgrade of the manufacturing sector; upgrade the completeness and modernisation level of the industrial supply chain, and develop new forms of offshore international trade,” said PBOC.

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