Since the beginning of 2018, the State Administration of Foreign Exchange (SAFE) has implemented the spirit of the 19th CPC National Congress, the Central Economic Work Conference and the National Financial Work Conference, with a focus on deepening reform in key areas and working on legislation and files consolidation in key areas. To make it easier for the public to inquire and use, the SAFE has recently updated the Catalogue of Effective Laws and Regulations on Foreign Exchange Administration (Catalogue).

The Catalogue classifies 220 policies, laws and regulations on foreign exchange administration released as of June 30, 2018 into eight major categories, namely, Comprehensive Foreign Exchange Administration, Foreign Exchange Administration under the Current Account, Foreign Exchange Administration under the Capital Account, Regulation of the Foreign Exchange Business of Financial Institutions, RMB Exchange Rate and Foreign Exchange Market, BOP and Foreign Exchange Statistics, Foreign Exchange Inspections and Applicable Regulations, and Foreign Exchange Technical Management, and into several sub-items further by type of business. The files added to the Catalogue this time around involve statistical survey of trade credit, domestic securities investments of qualified foreign institutional investors, onshore guarantees for offshore loans by insurance institutions, improvement of foreign exchange administration related to forward foreign exchange sales and settlements, statistical system of FDI, and assessment of the implementation of foreign exchange administration regulations among banks.

Going forward, the SAFE will continue to carry out the arrangements of the CPC Central Committee and the State Council, with a focus on deepening the reform of foreign exchange administration, and advancing legislation and files consolidation in key areas, so as to facilitate the understanding and use of foreign exchange administration regulations by banks, companies and individuals, promote liberalization and facilitation of trade and investment and improve the service level for the real economy.