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China tightens forex management |
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2011-4-1
China's foreign exchange regulator has further tightened rules to prevent excessive capital inflows. Starting from April 1st, Chinese banks must cut their short dollar positions by as much as 60 percent.
The State Administration of Foreign Exchange said banks whose forex positions are lower than the required minimum amount, must increase them to the threshold level before the end of September.
It also asked banks to reduce their short term foreign debt holdings. But it didn't spell out the change in quotas. Banks must also first check whether trade deals are genuine, before making any forex transactions for their clients.
While Chinese enterprises are required to cut both their advanced payments from importers and delayed payments to exporters, to 20 percent of the total forex they sold or bought over the past twelve months.
Source:Xinhuanet
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