Banking

China to regulate individual forex settlement through e-banking

(Xinhua)
Updated: 2011-03-16 10:46

BEIJING - China will implement interim provisions to regulate individual forex settlement via e-banking since April 1 this year, said a statement Tuesday.

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Individuals from home and abroad could sell or purchase forex via e-banks, self-service terminals, telephone banking and mobile banking under certain banks authorized by SAFE, said the statement posted on State Administration of Foreign Exchange (SAFE) website.

SAFE has approved Bank of China, China Merchants Bank, and Industrial and Commercial Bank of China to open individual forex purchase businesses since the beginning of 2010.

The statement said forex purchasers should guarantee the authenticity, integrity and accuracy of their input information. SAFE will track and monitor the transactions to crack down on illicit operations, it said.