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Forex Repatriation System Starts Pilot Operation
China's State Administration of Foreign Exchange (SAFE) and some other departments jointly announced Sunday that the newly developed foreign exchange repatriation system will start pilot operation in Beijing as of February 8.
According to a circular issued by the SAFE, the new system, jointly developed by the SAFE and the customs, is one of the first sub-systems for China's exports that have been put into pilot operation.
Operators of export enterprises can access the system with their IC cards and accomplish related businesses through the Internet.
A SAFE official said the new system will not only help crack down on illegal practices involving evading foreign exchange with fake or forged repatriation bills, but also help improve the service quality of administrative departments, lower export enterprises' trading costs and raise their trading efficiency.
The official said that the system will also carry out pilot operations in Shanghai, Tianjin and Guangzhou, and will be extended to the whole country as soon as possible.
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