China to Allow More Exporters to Keep Revenues Overseas
China's foreign exchange regulator recently announced that it would spread a program from previously trial regions to the entire nation, allowing exporters, beginning January 1, 2011, to keep their revenues overseas. The program started as a trial plan on October…
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1, and was only applied to Beijing Municipality, Guangdong, Shandong and Jiangsu provinces, the State Administration of Foreign Exchange (SAFE) said in a statement on its website. Under the program, qualified Chinese exporters would be allowed to hold their foreign currency earnings in overseas accounts, SAFE said. Each export company can hold up to five overseas accounts and was free to decide on the length of time that it wanted to keep its income offshore or when to return the funds to China.