Revised foreign exchange regs roil China copper market
Apr 20, 2011 | 12:00 PM
| Shi Lili
BEIJING The Chinese government has dealt another blow to coppers function as a financing tool as it seeks to contain the economic risks posed by cross-border capital flow.
Businesses that rely heavily on intermediary trade will be severely affected by the policy, which promises to deter Chinese companies from seeking overseas resources such as copper metal.....
Chinas State Administration of Foreign Exchange (Safe) has moved to reinforce foreign currency management for transboundary trade, stipulating that foreign currency income can only be settled down or transferred when companies complete payment for the intermediary trade.
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