China in Major Expansion of Yuan Conversion Pilot Program

(Beijing) – China has relaxed restrictions on foreign exchange conversions involving incidental expenses for all mainland-based non-financial companies, greatly expanding a pilot program that is part of the nation's plans to internationalizing its currency and integrate its financial system with the rest of the world.

The State Administration of Foreign Exchange (SAFE) announced the move involving companies' capital accounts on its website on June 15, boosting a program that was previously limited to foreign-invested enterprises and firms inside China's four free trade zones in Shanghai, Tianjin and the southern provinces of Guangdong and Fujian.