Banks will no longer need the approval of the State Administration of Foreign Exchange for the conversion of foreign exchange funds and the switching of foreign exchange currencies in the future

The State Administration of Foreign Exchange is currently soliciting opinions on the draft "Provisional Measures for the Administration of Banks' Own FX Conversion Business" (shortened as "Measures"). According to the draft, banks will not need the approval from SAFE to convert the FX funds they hold (including FX capital) into other FX denominations.