BEIJING (XFN-ASIA) - The State Administration of Foreign Exchange said Chinese insurance companies will now be allowed to take premium or pay compensation either in yuan or in foreign currencies, relaxing the existing rules.

Currently, Chinese insurers are only allowed to accept premium or pay compensation in foreign currencies.

In a statement on its website, the forex regulator also said it has abolished the limits on foreign exchange purchases by Chinese insurers for their overseas re-insurance business operations.

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