Forex rules scrapped to stem liquidity
By Xin Zhiming | China Daily | Updated: 2007-07-10 06:58
The government has scrapped rules that forced exporters to bring home foreign currency.
The State Administration of Foreign Exchange (SAFE) said that effective July 1, it had withdrawn the rules - drafted in the late 1990s - that required exporters to exchange all their foreign exchange earnings with banks in a stipulated period.
Preferential treatment was given to exporters with good records in converting their foreign exchange and punishment for those that did not.
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