SAFE Launched the Pilot Operation of Cross-Border Foreign Currency Payments to Support the Development of E-Commerce

On January 20, 2015, the State Administration of Foreign Exchange (国家外汇管理局) (“SAFE”) issued the “Notice on the Pilot Operation of Cross-Border Foreign Currency Payments to Be Conducted by Payment Agencies (关于开展支付机构跨境外汇支付业务试点的通知)”, which announced the nationwide launch of the pilot operation of cross-border foreign currency payments. The pilot program will be conducted by select payment agencies that are authorized to provide foreign exchange payment and settlement for parties to a cross-border e-commerce transaction.