China will begin a trial program for simplifying the procedures for passing foreign currencies between banks and companies in the trading of goods, said the State Administration of Foreign Exchange.

Effective from December 1, the new rules will not require verification for information about prepayments for goods, payment cancellations or delays.

The trial program will be launched in Jiangsu, Shandong, Hubei, Zhejiang (excluding Ningbo), and Fujian (excluding Xiamen) provinces, and in Dalian, Liaoning Province and Qingdao, Shandong Province.