In order to implement the spirit of the 20th National Congress of the Communist Party of China, promote the reform of foreign exchange management, and further improve the facilitation of cross-border trade, investment and financing, the State Administration of Foreign Exchange has continued to strengthen the review of foreign exchange management laws and regulations in accordance with routine work arrangements. The Notice of the State Administration of Foreign Exchange on Abolishing and invalidating 15 normative Documents on Foreign Exchange Control and Adjusting the provisions of 14 normative Documents on Foreign Exchange Control (hereinafter referred to as the "Notice") was recently issued and will come into effect as of the date of promulgation.

The "Notice" abolished a total of 11 foreign exchange management normative documents, declared invalid 4 foreign exchange management normative documents, the main content of these documents has been replaced by new documents, is not consistent with the current management reality, or is applicable to a certain stage of the policy is no longer implemented. The "Notice" deletes or modifies some provisions of 14 foreign exchange management normative documents, mainly to implement the requirements of the above law, and further optimize the bank's foreign exchange business such as settlement and sale of foreign exchange, trade in goods, domestic insurance and foreign loans.

In the next step, the State Administration of Foreign Exchange will fully implement the spirit of the Party's 20th Congress, promote the long-term cleaning up of regulations, further improve the transparency and rule of law of foreign exchange management, and serve the high-quality development of the real economy.

Managing Editor: Yang Xiting