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Enforcing forex rules not currency control

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 · Instead of currency control, China's foreign exchange regulator is closing some of the loopholes in law enforcement and responding to capital osef-team-fr.tk

Departmental Rules Area of Law: This set of provisions for trial implementation has been formulated with a view to protecting the economic interests of the State and the people and maintaining the order and stability of the financial market under the development of the socialist market economy, by strengthening the control of forex futures transactions. It includes hedge forex futures trading and risk trading. Forex futures transactions must be handled by a financial organization or a forex futures trading brokerage company as a joint equity venture of the financial organization permitted to handle foreign exchange transactions as agents by the State Administration of Exchange Control SAEC.

Traders that can engage in forex futures transaction must be wholly foreign owned enterprises, domestic private enterprises and residents within the territory of the People's Republic of China. State-and collectively-owned enterprises and Sino-foreign joint equity ventures can only conduct a hedge dealing to offset a buy contract with a sell one or vice versa in carrying out a spot cash transaction.

Enterprises or individuals must trade the forex futures with foreign exchange of their own. In handling forex futures transactions, financial organizations or forex futures trading brokerage companies must observe this set of provisions.

SAEC is the supervisory organ for forex futures transactions, responsible for the examination and approval, termination, control, guidance, coordination, supervision and checkup of forex futures transactions. Financial organizations or forex futures trading brokerage companies as joint equity ventures of the financial organizations must be subject to examination and approval by SAEC in handling or terminating the transactions.

An application may be filed for handling forex futures transactions if the following requirements are met: Other conditions as required by SAEC. If you are already a subscriber, please login to enjoy access to our databases. Visit to Yasukuni Shrine. Abe's visit to Pearl Harbor. Should college education be more career-oriented? Mastering English still an uphill struggle. From 'small goal' to 'primal force', memes spark imagination.

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