FX Week

LOOSE CHANGE

LOOSE CHANGE

China has relaxed its tight FX controls by allowing domestic companies involved in foreign trade to keep about 15 per cent of their hard currency earnings and to hold foreign currency in their own accounts. The move was given official approval in mid-October by the People's Bank of China following talks with China's State Administration of Foreign Exchange over the past year. The change will mainly impact import-export businesses with large business volume to open FX settlements, according