Safe to implement trial FX reforms in China
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The State Administration of Foreign Exchange (Safe) will use the trial to develop new ways of moving towards capital account renminbi convertibility by loosening controls over FX, said Kelu Wu, editor of Safe’s China Foreign Exchange magazine. "These new regulations will allow FX trades between foreign lenders, borrowers and investors," Wu told FX Week. "Banks will be able to develop offshore finance in Tianjin, and the regulations would allow residents and enterprises to buy and sell FX on a
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