Supervision on customs forex transactions to be boosted

A statement by the State Administration of Foreign Exchange said on Wednesday it will focus more on tariff-free areas but lessen procedures in foreign exchange transactions.

Tougher measures include prohibiting financial institutions from conducting foreign exchange transactions for companies that are not registered within tariff-free areas.

It will also carry out off-site inspections on trade in the area, according to the statement.

But at the same time, it said it would remove the registration system for companies within the tariff-free area.