As the PBOC sticks to 7.2-level fixing rate, Donald Trump’s administration’s decisions on tariffs will have the largest impact on the currency in 2025.
From today Chinese financial institutions no longer have to set aside 20 per cent of the value of dollar purchases. For treasurers, that means lower costs and an opportunity to hedge.
CT has compiled the key takeaways of China’s new cross-border renminbi cash-pooling policies, to give treasurers and CFOs a clear view of what’s been changed.
Oct 13, 2015
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Treasurers at MNCs, Chinese multi-nationals, and banks confirm that new measures raising the ceiling for RMB x-border sweeping transactions were welcomed .
China’s PBOC will allow cross-border renminbi pooling for multinational corporates, though the need for distinctions between onshore and offshore renminbi for corporate treasurers remains.
Twelve new free trade zones planned in China; China affiliates of largest accounting firms barred from auditing US companies; New AML laws require blocking assets related to Ministry of Public Security terrorist list.