China Revises Its Exchange Control Rules

29 Oct 2019 ChinaWatch

On 23 October 2019, the State Administration of Foreign Exchange (“SAFE”) of the People's Republic of China ("PRC") promulgated the Notice Regarding Further Facilitation of Cross Border Trade and Investment (关于进一步促进跨境贸易投资便利化的通知) (“Facilitation Notice”), which changed several regulatory controls regarding cross border trade and investment. The Facilitation Notice comes into force upon its promulgation on 23 October 2019.

This update sets out a short summary of the salient terms of the Facilitation Notice.

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