SAFE Circular No. 36 Liberalizes Foreign Invested Enterprises’ Capital Conversion in 16 Pilot Areas


On July 15, 2014, the Chinese foreign exchange regulator, the State Administration of Foreign Exchange (“SAFE”) promulgated the Notice on the Pilot Reform of the Management of the Conversion of Registered Capital in Foreign Currencies of Foreign-Invested Enterprises in the Relevant Areas (the “Circular No. 36”). The Circular No. 36 liberalizes the foreign exchange regulation over foreign-invested enterprises (“FIEs”) in 16 designated pilot areas on their conversion and use of share capital paid in foreign currencies.

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