China's State Administration of Foreign Exchange (SAFE) allowed qualified franchise institutions to conduct Renminbi (RMB)-foreign currency exchange transactions via the Internet, according to a circular posted on its website on Tuesday.
The move aims to uplift the country's service on RMB-foreign currency exchange, promote and regulate the business conduction, said the circular. Franchise institutions which boast good credit condition, have no major irregular behaviors in the past two years, possessing necessary administration measures, software and hardware settings and personnel should submit materials to related authorities for record keeping before conducting such business.
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