Further reforms to liberalise the onshore remittance of foreign debt

On 26 January 2017, the State Administration of Foreign Exchange ("SAFE") published its Notice to Further Promote the Reform on Foreign Exchange Administration and Improve the Verification of Authenticity and Compliance (国家外汇管理局关于进一步推进外汇管理改革完善真实合规性审核的通知 (汇发【20173)) (the "SAFE Notice 3") as well as its responses from the Q&A session (国家外汇管理局有关负责人就进一步推进外汇管理改革完善真实合规性审核有关问题答记者问) (the "Q&A") held in connection with the SAFE Notice 3.

In addition, on 11 January 2017, the People’s Bank of China ("PBOC") published the Notice on Matters relating to the Macro-prudential Management Policy of Overall Cross-border Financing (中国人民银行关于全口径跨境融资宏观审慎管理有关事宜的通知(银发【20179)) (the "PBOC Notice 9").

The SAFE Notice 3 and the PBOC Notice 9, both which have immediate effect, implement further measures to reform and liberalise the onshore remittance of foreign debt.

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