In order to promote administration in accordance with the law and to guarantee the uniformity and solemnity of the foreign exchange administration regulations, the State Administration of Foreign Exchange (SAFE) recently issued the Circular on Announcing the List of Repealed and Expired Regulatory Documents on Foreign Exchange Administration (hereinafter referred to as the Circular).
During the past years, the foreign exchange administration authorities, in compliance with the overall planning of the Party Central Committee and the State Council, have been dedicated to deepening the reform of the foreign exchange administration system and strengthening the institutional building of foreign exchange administration, which have played a significant role in fostering the countrys reform and opening-up, maintaining an equilibrium in the balance of payments, and preventing foreign-related economic and financial risks. In recent years there has been a rapid development of the national economy and profound changes in international economic circumstances. The foreign exchange administration system has undergone remarkable changes in terms of context, content, and form. Some regulations are becoming increasingly inapplicable to the needs of economic development, some of which have been replaced by new regulations, some have expired, and some have ceased to function as the revised object no longer exists.
In response to the circumstances in foreign exchange administration, the Circular cancels 91 regulations on foreign exchange administration, of which 57 are repealed and 34 are declared to have expired. These regulations fall into four categories:
1. Some foreign exchange administration regulations dealing with statistics declaring identification and trading codes for the balance of payments, foreign exchange accounts, management of highlighted enterprises, sale and payment of foreign exchange under the current account, deferred foreign exchange payments for imports, international postal remittances, settlement of import L/C issuances, joint annual inspections of foreign investment, acquisitions by foreign investment as well as real estate market management are repealed or declared invalid since they are inapplicable to the needs of economic and financial development.
2. The Regulations on Foreign Exchange Administration revised in 2008 are put into effect. Some rules and regulations regarding application of the articles of the Regulations on Foreign Exchange Administration issued in 1996 and administrative punishment are repealed or declared invalid.
3. Some foreign exchange administration regulations applicable during special or trial periods have expired and are repealed or declared invalid, including regulations applicable during the start-up and transition period of the euro in 1999, the SARS prevention and treatment period in 2003, the implementation period for the Administrative Licensing Law in 2004, the Olympics Games and their preparation in 2008, the period for combating the Wenchuan earthquake in 2008, as well as those applicable to offshore financial business trials, and pilot operations of foreign exchange purchases under the non-trade account in bonded logistics zones.
4. Eleven foreign exchange administration regulations which were suspended and have been proven to be unnecessary are repealed.
The promulgation and enforcement of the Circular will be conducive for enterprises and banks to better exercise foreign exchange administration policies. The perfection of foreign exchange administration laws and regulations and reinforcement of non-the-spot supervision will enable the administration to achieve a smooth policy transition and to realize balanced management of inflows and outflows of cross-border funds. 
The Circular shall come into effect as of the date of promulgation. (End)