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exchange control |
Also found in: Financial, Wikipedia | 0.03 sec. |
exchange controlGovernmental restrictions on private transactions in foreign money or claims on foreign money. Residents are required to sell foreign money coming into their possession to a central bank or specialized government agency at exchange rates set by the government. The chief function of most systems of exchange control is to maintain a favourable balance of payments. See also foreign exchange. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Foreign exchange controls will be eliminated April 1. However, with the Chinese government continuing to impose domestic sales quotas, local procurement requirements, and foreign exchange controls, these vendors have requested component suppliers set up factories in China too so as to reduce production cost. On the other hand, the foreign exchange controls so far appear to have had a limited impact on banks as these have continued to honour foreign exchange liabilities, which are mostly limited to letters of credit and correspondent banks, using pre-existing foreign currency assets. |
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