Open Governance
Sichuan FTZ launches innovative foreign exchange businesses

  On July 16, the reporter learned from the Chengdu Branch of the People's Bank of China that in response to the Official Reply of the State Administration of Foreign Exchange on Carrying out Foreign Exchange Innovation in 12 Pilot Free Trade Zones including China (Tianjin) Pilot Free Trade Zone, the Chengdu Branch of the People's Bank of China and the State Administration of Foreign Exchange (SAFE) Sichuan Branch decided to carry out foreign exchange innovation in the China (Sichuan) Pilot Free Trade Zone to further enhance support for the development of the free trade zone from various aspects such as simplifying foreign exchange registration management, improving investment and financing facilitation and helping enterprises hedge against exchange rate risks.

  Specifically, it includes allowing capital projects in the zone to pilot the foreign exchange earnings payment facilitation business; allowing enterprises in the zone to register, change and cancel the basic information of domestic direct investment in any bank under the jurisdiction of SAFE Sichuan Branch; allowing non-investment enterprises by foreign investors in the zone to use their foreign exchange earnings from capital projects or RMB funds from foreign exchange settlement for domestic equity investment according to the actual investment scale on the premise of authenticity and compliance; allowing enterprises in the zone that have decided to choose the model based on "the difference between investment and registered investment" to borrow foreign debts to adjust the model to that of macro prudential administration of cross-border financing which cannot be changed after adjustment, etc.

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