Regulations on individual foreign currency exchange have been revised

On February 19, the State Administration of Foreign Exchange revised its "Policies of administration of individual foreign currency exchange for pioneering business." In the revised version, the administration hopes to achieve two goals. The first goal is to consolidate the management policies. The second goal is to make personal exchange more convenient.

According to Wang Chunying, spokesman and chief economist at the State Administration of Foreign Exchange, the administration's adherence to a policy of convenient access and strict supervision leads to operating costs reduction, business environment optimization, prevents financial risks and facilitates personal currency exchange.

The new regulations mainly involve five aspects, which are simplification of administrative examinations and approvals, business process optimization, promotion of business innovations, improvements on market entry and exit mechanisms, and consolidations on operation supervision.

(With input from Xinhua)