SAFE’s New Rule Simplifies and Clarifies Foreign
On April 28, 2013, the State Administrative of Foreign Exchange (“SAFE”) issued “The Administrative Measures for the Registration of Foreign Debt” (entitled “The Operational Guidelines for the Registration of Foreign Debt”) (Hui Fa  No.19) (collectively, the “No. 19 Circular”)1. The No. 19 Circular came into effect on May 13, 2013.
The No. 19 Circular is a major milestone in foreign exchange administration, as it combines and integrates the existing departmental regulations, and clarifies approval principles in a systematic way.
The key changes made by the No. 19 Circular are...
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