Qingdao will be one of the cities where a trial program will be held?for simplifying the procedures for passing foreign currencies between banks and companies in the trading of goods, according to a statement on the website of State Administration of Foreign Exchange.?

According to the new rules, verification for information about prepayments for goods, payment cancellations or delays, will not be required.

The new rules will be effective from December 1?in the provinces of Jiangsu, Shandong, Hubei, Zhejiang (excluding Ningbo), and Fujian (excluding Xiamen), as well as in the city of Dalian besides Qingdao.