What are the general principles of the PBOC Announcement and the SAFE Circular?

· Enterprises may establish, change or close their foreign exchange current accounts directly with foreign exchange banks without prior approval;
· Enterprises may retain higher amounts of foreign exchange in current accounts;
· Enterprises may make advance purchases of foreign exchange when there is a genuine need;
· For services-related foreign exchange purchases and payments, approval procedures will be relaxed and simplified, and
· For domestic individuals, procedures for purchasing foreign exchange will be simplified and the amount they may purchase will be increased.

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