To implement the requirements of the CPC Central Committee and the State Council to streamline administration and decentralization, and the administration by law, to further improve the transparency of the foreign exchange administration policies, and to promote trade and investment facilitation, the State Administration of Foreign Exchange (SAFE) has recently released the Circular of the SAFE Announcing Thirty-four Repealed and Expired Regulatory Documents on Foreign Exchange Administration (Huifa No. 44 [2014]), based on ongoing efforts to streamline effective foreign exchange administration regulations in a centralized manner. According to the Circular, thirty-four regulatory documents on foreign exchange administration will be abolished or will expire, among whicheighteen will be abolished and sixteen will expire. Such documents include five comprehensive regulations, two regulations on foreign exchange administration under the current account, nine regulations on foreign exchange administration under the capital account, ten regulations on supervision of the foreign exchange business of financial institutions, three regulations on the RMB exchange rate and the foreign exchange market, two regulations on the balance of payments and foreign exchange statistics, and three regulations on foreign exchange inspections and application of the laws and regulations.

The SAFE will next continue to engage in a long-term mechanism to clear up the laws and regulations, carry out such work on a regular basis so as to provide facilitation to banks, enterprises, and individuals to understand and utilize the laws and regulations on foreign exchange administration, carry forward foreign exchange administration according to law, and promote the facilitation of trade and investment.