BEIJING May 19 China's State Administration of
Foreign Exchange will reform the management of cross-border
foreign exchange guarantees, the regulator said on its website
SAFE will cancel or greatly simplify approval of
cross-border guarantees, standardise cross-border foreign
exchange guarantee management and all foreign firms will be
treated the same, it said.
The move to implement policy to support trade and ease
foreign currency transaction risk follows a government statement
last week that it would facilitate trade, as exports continue to
weaken into the second quarter.
(Reporting by Paul Carsten; Editing by Ruth Pitchford)