Supervision on customs forex transactions to be boosted
A statement by the State Administration of Foreign Exchange said on Wednesday it will focus more on tariff-free areas but lessen procedures in foreign exchange transactions.
Tougher measures include prohibiting financial institutions from conducting foreign exchange transactions for companies that are not registered within tariff-free areas.
It will also carry out off-site inspections on trade in the area, according to the statement.
But at the same time, it said it would remove the registration system for companies within the tariff-free area.
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