CHINA PROMOTES FURTHER CAPITAL ACCOUNT CONVERTIBILITY

BEIJING - The People’s Bank of Chine has issued a detailed notification to simplify the rules on RMB cross-border settlement business to promote RMB cross-border transactions. The notification broadly covers five major areas - RMB cross border settlement under the current account; Bank card RMB account clearing business; Onshore non-financial institution outbound RMB lending; Onshore non-financial institutions issuance of offshore RMB denominated bonds; and Onshore agency banks’ RMB account management with offshore participation banks.