Foreign-invested firms can send profits abroad

Updated 2017-03-01 09:27:27 Shanghai Daily

Profits of foreign-invested companies in China can be repatriated overseas normally even as authorities have beefed up efforts to monitor capital flows, the Chinese central bank reassured the market yesterday.

Genuine and legal international payments and transfers out of China are not restricted as convertibility is already allowed under the current account, the People's Bank of China said in a statement.

International payment and transfers of dividend, trade of goods and services can be made at commercial banks with proper documents, the statement said.

The central bank also included e-mail addresses in the statement to help foreign-invested companies report problems they encountered when they transfer profits overseas.

The PBOC statement was issued after various posts on social media platforms alleged that foreign-invested companies were not allowed to transfer their profits overseas.

A month ago, the State Administration of Foreign Exchange, the country's forex regulator, released new rules to enhance inspection on the authenticity and compliance of foreign exchange operations.

SAFE allowed companies to use foreign currencies borrowed from overseas to be used domestically, while banks and companies were urged to strictly follow regulations when handling cross-border money movements.

SAFE said after the release of the new rules that curbs have not been placed on foreign-invested companies transferring profits overseas.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 22 2018 08:21:15

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 22 2018 08:21:15

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 22 2018 08:21:15

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords