BEIJING -- China's central bank on Monday announced a decision to abolish five regulations in the latest step to cut red tape for a better business environment.

The annulled items include management of foreign exchange registration of foreign-invested businesses, management of foreign currency banknote transactions of domestic institutions, and settlement of domestic letters of credit.

The revisions have been taken in accordance with government requirements to reform administrative approvals and delegate power to lower levels, said the People's Bank of China.

Facing a complicated global landscape and pressure from an economic slowdown at home, the central government has made transforming government functions a top priority.