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Article: China's Foreign Exchange System to Cover Overseas-funded Firms
- Article from:
- Xinhua News Agency
- Article date:
- June 20, 1996
CopyrightCopyright 1996 Xinhua English Newswire. Provided by ProQuest LLC. (Hide copyright information)
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China will give equal treatment to overseas-funded enterprises in
regard to selling and buying foreign exchange from July 1, the State
Administration of Exchange Control announced this afternoon.
The administration said that from July 1, overseas-funded
enterprises can sell their hard currency earnings to, or buy foreign
exchange from authorized foreign exchange banks on a voluntary basis,
basically like their Chinese counterparts.
The only difference is that domestic Chinese enterprises are
mandated to sell all their foreign exchange earnings to the
authorized banks, while overseas-funded enterprises are free to keep
them in their settlement accounts if they wish to.
Also they can continue ...