China to Simplify Foreign Exchange Rules

BEIJING, Oct. 26 (China Dailly) -- China will begin a trial program for simplifying the procedures for passing foreign currencies between banks and companies in the trading of goods, the country's foreign exchange regulator said Monday.

Effective from Dec 1, the new rules will not require verification for information about prepayments for goods, payment cancellations or delays, the State Administration of Foreign Exchange said in a statement on its website.

The trial program will be held in the provinces of Jiangsu, Shandong, Hubei, Zhejiang (excluding Ningbo), and Fujian (excluding Xiamen), as well as in the cities of Dalian and Qingdao, it said.