China's foreign exchange regulator said Wednesday that it will liberalize foreign exchange use for company employees as of December 15.

Employees going on overseas business trips will be allowed to exchange the equivalent of 3,000 US dollars for a 30-day or shorter trip. The figure climbs to 5,000 dollars for a trip to last more than 30 days, the State Administration of Foreign Exchange (SAFE) said in a circular.

For a long period of time the country's foreign exchange policy only provided for those from the Chinese Communist Party, government and military organs, social groups and non-communist parties to facilitate their official tours overseas.

Now other units -- besides the above mentioned -- will also enjoy the same foreign exchange policies, the SAFE said.

It noted the move will especially satisfy the need of private enterprise staff since these businesses have been seeking to expand overseas.

Foreign exchange control has helped China accumulate more than 500 billion US dollars in foreign currency reserves, partly due to some developed countries urging China to appreciate its currency, the renminbi.

Source: Xinhua