To further enhancethe policy transparency regarding foreign exchange administration, the State Administration of Foreign Exchange (SAFE)continued toreinforce legislations in key areas and sort out regulations, and improved regulations on administration of foreign exchange sales and settlement by banks and foreign exchange administration for overseas listingin the second half of 2014. Meanwhile, the SAFE rescinded and announced invalid some foreign exchange administrative regulations as the foreign exchangeadministration reform proceeded. To facilitate public enquiry and application, the SAFE then upgraded the Catalogue of Major Existing Laws and Regulations in Effect on Foreign Exchange Administration (Catalogue) and released it at its official website.

The upgraded Catalogue contains 259 policies, laws and regulations on foreign exchange administration released as of December 31, 2014, which fall into 8 categories including general foreign exchange administration, foreign exchange administration under the current account, foreign exchange administration under the capital account, regulation of the foreign exchange business of financial institutions, the RMB exchange rate and the foreign exchange market, balance-of-payments and foreign exchange statistics, foreign exchange inspections and application of the laws and regulations, and the scientific administration of foreign exchange, and several sub-categories by specific business type.

The SAFE will make further efforts to build and improve a long-term mechanism for sorting out laws and regulations, and streamline and upgrade the Catalogue regularly to enhance policy transparency, facilitate banks, companies, and individuals to understand and apply foreign exchange administrative regulations and promote law-basedforeign exchange administration.