by David Olsson King & Wood Mallesons’ Melbourne office.
Over the last few years, the opportunities for investing internationally and domestically in RMB have continued at pace. RMB’s longer-term potential has been recently further reinforced by its inclusion into the basket of currencies that constitute the International Monetary Fund’s Special Drawing Rights.
The expanded role
By Jack Wang, Chen Yun King & Wood Mallesons’ Banking Regulation & Compliance Group
In the midst of its rapid economic development, the People’s Republic of China (PRC), the second largest economy and the largest trading nation in the world, has finally determined to change its domestic currency market, which used to be pretty much closed to foreign investors over a long period of time and accordingly, promulgated a series of laws and regulations to ease the previously tight foreign exchange (FX) control in the mainland. These laws and regulations were put in place to propel the internationalisation of Chinese Renminbi (RMB) by expanding the use of RMB under both current and capital accounts for the purpose of ultimately achieving an international status for the RMB matching the economic status of the PRC in the global economy. This chapter endeavours to outline a legislative landscape of RMB internationalisation from the following main aspects:
Continue Reading The PRC Legislative Landscape for RMB Internationalisation
