Voluntary FX Settlement System to be Piloted in CDHT

Authors: Go Chengdu

2014-08-15

The Chengdu Hi-tech Industrial Development Zone (CDHT) was recently approved to try out a voluntary foreign exchange settlement system for foreign-invested companies registered in the Zone, sources from the CDHT were quoted as saying on August 6.
The Chengdu Hi-tech Industrial Development Zone (CDHT) was recently approved to try out a voluntary foreign exchange (FX) settlement system for foreign-invested companies registered in the Zone, sources from the CDHT were quoted as saying on August 6.
The system was put into effect on a trial basis on August 4. In accordance with it,the amount of FX and time of settlement are unrestricted for all the foreign-funded companies in the Zone. After the settlement, the companies can make equity investments using the capital fund.
The proportion of the FX settlement for the companies is tentatively set at 100%, and the State Administration of Foreign Exchange will make a timely adjustment according to the international balance of payment.

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