May 19, 2014 / 1:46 PM / 4 years ago

China's SAFE to reform cross-border foreign exchange guarantee management

BEIJING, May 19 (Reuters) - China’s State Administration of Foreign Exchange will reform the management of cross-border foreign exchange guarantees, the regulator said on its website on Monday.

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

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