Good News For Small Exchanges With China

Law360, New York (November 14, 2013, 6:30 PM EST) -- Until quite recently, China’s foreign exchange controls meant significant delays and red tape for anyone trying to remit or receive payment overseas for services rendered to a business in China (including to a subsidiary or affiliate of the service provider). New regulations have made most of these difficulties a thing of the past.

On July 18, 2013, China’s State Administration of Foreign Exchange (“SAFE”) released a Circular Regarding Foreign Exchange Administration of the Service Trade (Huifa [2013] No. 30) ("circular"), which includes Guidelines for Administration of...
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