03-09-2019

On 28 August 2019, the Shenzhen branch of the State Administration of Foreign Exchange launched a trial scheme to facilitate payments using foreign exchange earnings under capital accounts.  Highlights are as follows:

    1. eligible enterprises may use foreign exchange earnings for domestic expenditure directly at designated banks, without providing certifying documents before each transaction;
    2. foreign exchange earnings refer to foreign exchange, foreign exchange funds in domestic accounts, funds in domestic reinvestment accounts, foreign currencies, external debts and transferred funds from overseas listings; and
    3. when providing such service, designated banks will make payment first then conduct sampling inspection later, instead of conducting inspection before payment under the existing arrangement.

For details, please see:
“Notice of Trial Scheme to Facilitate Payment Using Foreign Exchange Earnings under Capital Accounts” (Chinese Version Only)
https://www.hkstp.org/en/about-us/press-room/hkstp-launches-idm-2-micro-electronics-node-hong-kong-s-first-fpga-based-electronics-accelerator/

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