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China Currency Regulator Scraps Some Foreign Investment Rules

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May 11 (Bloomberg) -- China’s foreign exchange regulator will abolish 24 regulations on the administration of funds for foreign direct investment, in line with State Council orders to cut red tape and increase transparency.

The rules cover matters including the re-investment of yuan by foreign companies and property purchases by overseas individuals, according to statements released in a circular on the website of the State Administration of Foreign Exchange today.

The changes, effective May 13, are part of China’s efforts to reform the policy framework on foreign direct investment, outbound investment and the monitoring of capital, the regulator said. “It will make the regulations on FDI simpler, standardized and systematic,” it said.

The circular follows a revamp announced by the regulator in December on currency management related to foreign investment. The latest changes simplify and consolidate the registration of foreign currencies, opening and use of accounts, receipt and disbursement of capital and settlement, SAFE said.

In December, China scrapped a ceiling on investments by overseas sovereign wealth funds and central banks in its capital markets to encourage long-term foreign ownership and shore up slumping equities.

To contact Bloomberg News staff for this story: William Bi in Beijing at wbi@bloomberg.net

To contact the editor responsible for this story: Stanley James at sjames8@bloomberg.net

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