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China may allow multinationals to conduct internal forex trade

www.chinanews.cn 2007-04-29 09:50:27

(Source: Xinhua)

Apr.29 - China is considering allowing the subsidiaries of multinationals
to complete inter company transactions using foreign exchange, Deng
Xianhong, vice director of the country's forex watchdog has said.
The State Administration of Foreign Exchange (SAFE) said this would allow
multinationals to by-pass SAFE which now requires foreign companies to
purchase foreign exchange from SAFE, Deng said without elaborating.
China will also strengthen monitoring irregular cross-border cash flow
and illegal forex dealings, he said.
SAFE will ease restrictions on individual and company use forex as well
as broadening the scale and types institutions that can conduct overseas
financial investment, Deng said.
China has announced a series of plans aimed at trimming the country's
huge international payments surplus earlier this month.
The country's forex reserve had reached 1.2 trillion U.S. dollars by the
end of this March, up 37.36 percent year on year while its trade surplus
reached 46.44 billion U.S. dollars in the first quarter of 2007, nearly
doubling the 23.3 billion U.S. dollar surplus in the same period last
year.

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