Money

China simplifies overseas forex lending procedures

(Agencies)
Updated: 2010-06-30 13:37

BEIJING - China is streamlining procedures for overseas lending in foreign currencies, the State Administration of Foreign Exchange said on Tuesday.

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SAFE, the currency regulator, said it would devolve to its regional bureaux the scrutiny of applications by companies for permission to make overseas forex loans beyond their set limits.

Local SAFE branches would also be given responsibility for setting annual short-term foreign debt limits for Chinese companies in their jurisdictions, it said.

The purpose was to facilitate trade and investment, SAFE said in a statement on its website.

The rules are in keeping with the policy trend in recent years to make it easier, at the margin, for money to leave China.