BEIJING — China's State Administration of Foreign Exchange (SAFE) has approved the Bank of China, the official partner of the 2022 Beijing Winter Olympics to open green channels for foreign exchange business related to the event.

The launch of the green channels would facilitate the opening of foreign exchange accounts, personal consumption on mobile equipment and other foreign exchange business related to the Winter Olympics, SAFE said.

According to the regulator, bonus payment and tax refund business related to the event will also be covered by the mechanism.

SAFE will continue to facilitate foreign exchange business and ensure the smooth organization of 2022 Beijing Winter Olympics, it said.