May 2024 - Measures to further optimize the management of foreign exchange business were announced
To promote high-quality development of trade and effectively enhance the ability to serve the real economy, the State Administration of Foreign Exchange (“SAFE”) has announced several measures to further optimize the management of trade foreign exchange business.
Optimizing the registration management of the list
- Enterprises engaged in foreign exchange receipts and payments for goods trade shall register before handling their first receipts and payments
- Currently, SAFE manages the list of “Register of Enterprises for Foreign Exchange Receipts and Payments for Trade”, and shares this list with domestic banks
- Going forward, this list will be handled by domestic banks directly
Increasing the standard for special refund of goods trade
- SAFE shall implement registration and management of special refund for goods trade of Class A enterprises in the list with an equivalent value exceeding USD 50,000 (non-original refunds or refunds with a time interval exceeding 180 days)
- The standard for special refund of goods trade of Class A enterprises exempted from registration will be increased from USD 50,000 to USD 200,000
This policy will be implemented from 1 June 2024.
Points of attention
- Small and micro cross-border e-commerce enterprises are exempted from this registration requirement when handling foreign exchange transactions in goods trade based on electronic transaction information
- Enterprises shall apply for the changes at domestic banks within 30 days from the date of any changes in basic information, such as company name, registered address, etc.
Please do not hesitate to reach out to your Mazars point of contact should you have any questions.
