China is moving to expand foreign exchange settlement services and streamline cross-border trade payments, aiming to lower transaction costs and facilitate international commerce.
The State Administration of Foreign Exchange (SAFE) released a draft notice for public consultation on Monday outlining nine measures designed to facilitate current-account foreign exchange transactions. The proposals seek to “broaden the applicable scenarios, scope and types of services” while “further reducing businesses’ fund settlement and transaction costs,” according to the regulator.
A key measure includes the nationwide rollout, effective January 1, of a scheme facilitating foreign exchange receipts and payments for cross-border trade. The program has previously operated on a pilot basis.
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