On July 15, 2014, China's State Administration of Foreign Exchange (“SAFE”) issued the Circular of the State Administration of Foreign Exchange on Issues Concerning the Pilot Reform of the Administrative Approach to the Settlement of Foreign Exchange Capital of Foreign-invested Enterprises in Certain Areas (Hui Fa [2014] No. 36) (“Circular 36”). Circular 36 promotes discretionary settlement of foreign exchange capital in 16 pilot areas. They are Tianjin Binhai New Area, Economy Group of Shenyang, Suzhou Industrial Park, Donghu National Independent Innovation Demonstration Zone, Guangzhou Nansha New Area, Hengqin New Area, Chengdu High-tech Industrial Development Zone, Zhongguancun Science Park [in Beijing], Chongqing Liangjiang New Area, the border development and opened regions in Heilongjiang Province where pilot foreign exchange administrative reform is implemented, Wenzhou Comprehensive Financial Reform Pilot Area, Pingtan Comprehensive Experimental Area, China-Malaysia Qinzhou Industrial Park, Guiyang Comprehensive Bonded Zone, Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone and Qingdao Comprehensive Wealth Management and Financial Reform Pilot Area1.