China's State Administration of Foreign Exchange (SAFE) issued a circular Monday on the administration of bankcard businesses in foreign exchange, in a bid to standardize and encourage the growth of such businesses.
A spokesman for SAFE said that forex bankcards are a safe, fast and convenient payment tool that can be used in other countries and are conducive to decreasing cash payments and effectively preventing illegal forex trading.
Forex bank card businesses have developed fast in China over the past few years.
The circular provided detailed regulations on related issues concerning forex bankcards issued by both domestic banks and foreign banks.
The circular improved the forex administration policies concerning bankcards, which could help improve China's bankcard administration and promote the orderly and healthy development of forex bankcard businesses, the spokesman said.
(People's Daily May 27, 2003)
