China Regulates Foreign Exchange in Chartered Plane Trade

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Last updated at: (Beijing Time) Saturday, October 26, 2002

China Regulates Foreign Exchange in Chartered Plane Trade

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A procedure for stepping up Chinese regulations on foreign exchange management in foreign trade through chartered planes was put in place Friday by the China State Administration of Foreign Exchange (SAFE).

A SAFE spokesman said the procedure on clearing foreign exchange in cargo planes chartered with Russia and other CIS states will help improve foreign exchange management and guide trade activities, thus promoting China's foreign trade industry.

According to the procedure, he said, this will be treated as normal trade.

Chartered planes have become an important means for China's exporting to Russia and other CIS states, and the exported goods mainly include garments, shots and hats, as well as small household appliances and other light industry products.

The procedure provides detailed regulations on foreign exchange management in chartered plane trade as well as convenience in foreign exchange settlement in such trade.

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