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Enquiry: Are China-based foreign-invested enterprises (FIEs) obliged to convert foreign exchange investment capital into RMB?

Photo: Enquiry: Are China-based foreign-invested enterprises (FIEs) obliged to convert foreign exchange investment capital into RMB?
Photo: Enquiry: Are China-based foreign-invested enterprises (FIEs) obliged to convert foreign exchange investment capital into RMB?
China’s State Administration of Foreign Exchange (SAFE) requires all FIEs to convert all foreign exchange investment capital held under the capital account operation into RMB. Under the terms of the Voluntary Settlement arrangement, as sanctioned by SAFE, an FIE may specify a settlement date that best suits its operational requirements. At present, up to 100% of all such investment capital could be converted into RMB on this specified date. In line with fluctuations in the overall level of international payments and receipts, SAFE reserves the right to vary this percentage at a future date.

 

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