China prepares for currency flexibilit
The new set of rules to be introduced by the State Administration of Foreign Exchange (Safe), allows firms to retain more FX earnings. Coming into effect on March 1, the rules are an attempt to ease the pressure of renminbi appreciation, said Jun Ma, chief economist, Greater China at Deutsche Bank in Hong Kong.
Regulations will allow firms to keep foreign exchange above the official limits for 90 working days. Previously firms could only retain above-limit foreign exchanges for 10 working days.
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