Asian authorities relax FX controls
ASIAN FOCUS
Last week, the State Administration of Foreign Exchange (Safe) launched a new pilot programme that eases the outflow of funds for overseas investment by multinational corporations with regional headquarters in Shanghai.
Under the pilot, multinationals based in the Pudong New District in Shanghai are being permitted to open accounts at domestic banks to manage FX funds of domestic and overseas subsidiaries. The companies have been given a more flexible limit for the outflow of funds from China
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