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Last updated at: (Beijing Time) Monday, May 26, 2003

China Regulates Forex Bank Card Businesses

China's State Administration of Foreign Exchange (SAFE) issued a circular Monday on the administration of bank card businesses in foreign exchange, in a bid to standardize and encourage the growth of such businesses.


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China's State Administration of Foreign Exchange (SAFE) issued a circular Monday on the administration of bank card businesses in foreign exchange, in a bid to standardize and encourage the growth of such businesses.

A spokesman for SAFE said that forex bank cards are a safe, fast and convenient payment tool that can be used in other countries and are conducive to decreasing cash payments and effectively preventing illegal forex trading.

Forex bank card businesses have developed fast in China over the past few years.

The circular provided detailed regulations on related issues concerning forex bank cards issued by both domestic banks and foreign banks.

The circular improved the forex administration policies concerning bank cards, which could help improve China's bank card administration and promote the orderly and healthy development of forex bank card businesses, the spokesman said.


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