China Adopts Information System for Forex Accounts

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Last updated at: (Beijing Time) Friday, September 27, 2002

China Adopts Information System for Forex Accounts

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The China State Administration of Foreign Exchange (SAFE) announced Thursday that starting this month, a new information system for the administration of foreign exchange accounts will be adopted nationwide.

A spokesman for the SAFE said the method is aimed at changing administrative functions and strengthening off-the-spot foreign exchange supervision following China's accession to the World Trade Organization.

It will improve electronic supervision, curb money laundering, reduce the risk of capital flow, and coordinate the reform of the forex account system, he said.

The spokesman said the new system is an electronic information platform combining information and statistical data collection and supervision, alarm and analysis. It enables the two banks involved to report forex information to the SAFE, and makes the SAFE supervise forex accounts more efficiently.

In addition, the system can assist in recording enterprises' normal forex income and expenditure and lower their business cost, he added.

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