Regulatory Development in China on Relaxation of cross-border RMB capital account

Asia-Pacific Tax Newsalert

On August 17, 2011, China's Vice Premier Li Keqiang announced that the Chinese central government will actively support the growth of the RMB market in Hong Kong and its drive to become an offshore RMB centre. To expedite this process, both the State Administration of Foreign Exchange and the Ministry of Commerce have respectively issued notices regarding the implementation policies of using RMB for settlement of cross-border capital account transactions.

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