Qingdao to simplify foreign exchange rules in trading of goods
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From December 1, Qingdao will begin a trial program that exempts local importers and exporters from writing off foreign exchanges on-site for goods transactions at the local Administration of Foreign Exchange, Qingdao central branch of the People's Bank of China said. The Administration will instead carry out an off-site assessment of the value of each company's total foreign exchange. They will then be classified into different categories, making the process more efficient and easier to manage. A senior member of the Administration said that they will start training programs on the reform for banks, importers and exporters. The Administration will also compile a directory of all trade companies in Qingdao with foreign exchange receipts and payments. Foreign trade companies can also download a brochure detailing the reform from the official website of the State Administration of Foreign Exchange. Copies can also be obtained in person at the State Administration. Besides Qingdao, the trial program will also be carried out in the provinces of Jiangsu, Shandong, Hubei, Zhejiang (excluding Ningbo), and Fujian (excluding Xiamen), as well as in the city of Dalian, according to a statement published by the State Administration on its website.
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