Safe abolishes Chinese export reward scheme
According to the announcement, Safe has rescinded, as of July 1, a set of rules dating back to 1999 that provides incentives for exporters to exchange their foreign exchange earnings into renminbi, and outlines the consequences for those who choose not to do so.
Under the old regulations, incentives included preferential customs procedures and easier access to loans, while penalties could entail revocation of export licences.
According to David Mann, FX strategist at Standard Chartered in Hong
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