The Shanghai Branch of the State Administration of Foreign Exchange recently issued the Circular on Issuing Implementing Rules for Foreign Exchange Control to Support the Construction of the China (Shanghai) Pilot Free Trade Zone , which sets out the administrative procedures in relation to the simplified formalities for foreign exchange related to direct investment, the relaxation of foreign debt management, the improvement of the centralised management of foreign currency by headquarters of multinationals, as well as foreign currency cash pool and international trade settlement centre etc. These new measures will create a better environment for foreign-invested enterprises to conduct cross-border trading and investments in China.