Since the beginning of 2013 the SAFE has further intensified efforts to simplify administrative procedures, institute decentralization and sort out the laws and regulations, and thereafter it updated  the directory of major laws and regulations in effect on foreign exchange administration. The updated Directory of Major Laws and Regulations in Effect on Foreign Exchange Administration (as of July 31, 2013, hereinafter referred to as the “Directory”) has been posted on the official website of the SAFE.

Including 315 policies, laws, and regulations with respect to foreign exchange administration, the Directory consists of eight categories, namely, Comprehensive Foreign Exchange Administration, Foreign Exchange Administration under the Current Account, Foreign Exchange Administration under the Capital Account, Supervision of the Foreign Exchange Business of Financial Institutions, the RMB Exchange Rate and Foreign Exchange Market, the BOP and Foreign Exchange Statistics, Foreign Exchange Inspections and the Applicable the Laws and Regulations, and Technical Management of Foreign Exchange, and, to facilitate use by the public, these are classified into several sub-items based on the category of the specific business.

The SAFE will devise and improve long-term mechanisms to sort out the laws and regulations and to straighten out and update the Directory on a regular basis to further facilitate efforts by banks, enterprises, and individuals to understand and use the foreign exchange administration laws and regulations, and to advance law-based foreign exchange administration.