20 February 2014
Client Alert | China - Foreign Exchange | February 2014
On January 24, 2014, the State Administration of Foreign Exchange (“SAFE”) released the Circular on Further Improving and Adjusting Foreign Exchange Policies for Capital Accounts (Hui Fa [2014] No.2) ( “Circular 2”). Circular 2, which went into effect on February 10, 2013, removes or streamlines certain regulatory checks on capital accounts that existed under previous laws.