BEIJING, April 13 (Xinhua) -- China's central bank announced on Thursday the relaxation of controls on foreign exchange accounts, simplifying approval procedures for foreign exchange payments in the service trade, and procedures for individuals to buy foreign exchange.

    The People's Bank of China will also allow qualified banks to pool capital in Renminbi, the Chinese currency, from domestic institutions and individuals for overseas investment in products with fixed returns under an unspecified quota system.

    It will allow fund management firms and other securities institutions to invest in a combination of stocks and other overseas securities using foreign exchange currency gathered from domestic institutions and private sources. Enditem