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New developments in Forex Administration for trade in goods - Huifa [2017] No.3

On January 26, 2017, the State Administration of Foreign Exchange (SAFE) issued the "Circular on Further Advancing the Reform of Foreign Exchange Administration and Improving Examination of Authenticity and Compliance" ("Huifa [2017] No.3"). There are three main aspects regarding changes in forex administration for trade in goods as follows:

- Allowing settlement of domestic forex loans with goods for export;
- Enhancing examination of forex collections and payments as well as the authenticity of trading transactions; and
- Improving management and accounting of forex income derived from the trade of goods stored overseas.

Objectives of the new circular include:

- Facilitating short-term financing for export trade transactions; and
- Strengthening controls and examination of forex collection and payment compliance for trade in goods

To download Trade & Customs Circular, please click here.

Source: PwC China - GAI





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