The renminbi was made convertible on the current account in 1996. Since that watershed policy shift，current account foreign exchange management has been guided by the principles of convertibility and business facilitation. Authorities have also sought to spur innovation and improve their management measures to provide sufficient freedom and convenience for cross-border fund settlements. China Forex interviewed Sun Jianbo，general manager of the international business department at China Construction Bank，to assess these policies and review their impact on day to day operations. According to the bank executive，efforts to facilitate current account transactions have kept pace with market requirements. These efforts also demonstrate how foreign exchange management supports the development of the real economy by streamlining administration，delegating authority，providing proper management and optimizing service. Commercial banks still need to adopt modern technology and strengthen their ability to serve the real economy in order to play an active role in maintaining the stability of foreign trade. They must also improve their internal management mechanism and ensure foreign exchange regulatory compliance.

China Forex: For many years，foreign exchange management related to the current account has been guided by the principle of upholding convertibility and facilitating legitimate business transactions. How effective has China's current account management been in achieving these objectives?

Sun Jianbo: Reforms in the goods trade in 2012 and the service trade in 2013 were major initiatives that promoted easier policies on the current account. Banks have increasingly become aware of the effects of these reforms in their daily business operations. The revamping of current account regulations has provided a clearer basis for financial institutions to handle daily transactions. At the same time，the rules clarify the responsibilities of financial institutions and strengthen due diligence requirements for  reviews by financial institutions. In addition，import and export verification will be integrated to enhance convenience for enterprises. At present，current account facilitation is moving ahead with the times along with a deepening of the reform program，and this has achieved remarkable results.

China Forex: There is a new business model for foreign trade. Innovation in foreign trade，such as cross-border e-commerce，opens up new areas of potential in international business for commercial banks. In your opinion，what should commercial banks do to actively explore new possibilities in these areas? What has China Construction Bank (CCB) done in response to the facilitation measures of the State Administration of Foreign Exchange (SAFE) in support of the development of new formats for foreign trade?